Its not actually -that- dangerous.
I've worked with it before in a non-civvy capacity as well as "for fun". Termite used to be employed in rail-way tie jointing, as well as some special ground wire bonding applications for antennas and Faraday cages.
Its not rocket science. The main concern is splashing of molten steel really .. but aside from that, its not explosive - it just burns really, really hot.
If you -really- are going to experiment with it, just do some research at your local library and be sure you are comfortable with what you are doing. Safety considerations would be to use a crucible (clay pot) to contain the reaction and/or direct the slug, remote ignition (or fused) using magnesium strip or the preferred barium nitrate, and experiment location.
Having said all that, you of course take all responsibility for your actions. Just because people say its not as dangerous as some make it out to be doesn't absolve you of your own responsibility.
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