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You do have to squash down slightly the inner tube with a pair of long nose pliars to retain the iron
What I noticed on the one I got with the Bakon, which looks the same as that but in black, the design is just slightly off. Maybe the blue one is different. I have heard they revised it, once, so YMMV.
There are two concentric ridges on the T12 tips, forward and back. Then there are many longitudinal ridges molded in the handpiece which are a press fit to the two ridges on the cartridge. The problem is the front of the longitudinal plastic ridges in the handpiece are beveled/rounded over too deep on the front end. So they hardly touch the front ridge on the cartridge. The cartridge bottoms out just a hair too early, leaving that front ridge resting in the over-sized beveled area.
So there is potentially a better fix than squishing the plastic down to egg the ID. If you unscrew the two halves of the handle about 1/16th of an inch, it makes the handpiece slightly longer. And the ridges have full contact. I milled a little plastic washer to take up that gap between the two halves. This improved the grip enough to remove the tendency of a non-symmetric tip to spin around when pressing it just so, and it removed a bit of the lateral wiggle when pressing. YMMV.
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Here's a pic. You can see the white washer/spacer between the two halves of the iron. I also shortened the back of the handpiece as much as humanly possible, and that was a much less elegant mod. There's a strip of coke bottle plastic over the butt, used as heatshrink for structural support.