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Author Topic: Bitcoin Counterfeit?  (Read 598 times)
skorupi17
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May 17, 2017, 05:02:58 PM
 #1

I've read a thread in this forum that asks if Bitcoin can be counterfeited and all of the responds states that it cannot. Suddenly, a question was formed in my mind and I cannot even answer it on my own. I would like to have your inputs about this topic. All opinions are welcome. So here goes: Do you think that Altcoins are in fact a form of counterfeited Bitcoin?

Altcoins have the characteristic of bitcoin, anonymous, volatile, unpredictable, used as a mode of payment, etc. So what do you guys think?

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May 17, 2017, 05:05:29 PM
 #2

i don't think that is the case because altcoin have their own value, and not the one from bitcoin, for me they ar enot counterfeit bitcoin and it doesn't make much sense don't you think? altcoin are only a good alternative to bitcoin, the very good example that give you an idea about altcoin, is comparing them with fiat money, bitcoin is the dollar, litecoin is the euro, and all the other altcoin are all the other currency



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skorupi17
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May 17, 2017, 05:13:18 PM
 #3

i don't think that is the case because altcoin have their own value, and not the one from bitcoin, for me they ar enot counterfeit bitcoin and it doesn't make much sense don't you think? altcoin are only a good alternative to bitcoin, the very good example that give you an idea about altcoin, is comparing them with fiat money, bitcoin is the dollar, litecoin is the euro, and all the other altcoin are all the other currency

Yes they are good alternative to bitcoin, but think about this, if you remove bitcoin from the picture then an altcoin overtakes. Then it will be like bitcoin but with a new name. Seems a duplicate/counterfeit to me.

Regardless of what value they reflect, bitcoin to dollar and litecoin to euro, this does not justify that they are different since we can clearly convert dollar to euro and vice versa, even to other currency.

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May 17, 2017, 05:25:22 PM
 #4

No, because they're not sent on the same blockchain.  Even if they're exactly identical to Bitcoin in every way (which some shitcoins are or nearly are) they're not counterfeit Bitcoin, they're just worthless [insert shitcoin here].

And in the case of altcoins which change significant parts of the code, they're even less similar to "counterfeit Bitcoin", as they're not related to Bitcoin but just take inspiration from it instead.

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May 17, 2017, 05:29:23 PM
 #5

I don't think "counterfeit" is the right term. There is no attempt to pretend that alts are bitcoin. Just as Euros are not counterfeit dollars.

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May 17, 2017, 05:32:52 PM
 #6

That is the one more good part of it.
There is no counterfeit. They might try to clone it but they will make another name just for the sake of making a blast about their new coin that has been created.  That is pride there. Fame whores who wants their own to be popular and get the profits that it will have.
I believe more to those who can say they have different ways of being an alt rather than recreating bitcoin itself.

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May 17, 2017, 05:42:13 PM
 #7

So here goes: Do you think that Altcoins are in fact a form of counterfeited Bitcoin?

Altcoins have the characteristic of bitcoin, anonymous, volatile, unpredictable, used as a mode of payment, etc. So what do you guys think?
Altcoins are for the most part useless copies with zero new or unique features or are aimed for useless niche i.e ConCoin.
But they are not counterfeit bitcoin, first of all they don't pretend to be something they are not, altcoin X are exactly that.

Compare this situation to video games terminology Dota is considered to be first major MOBA game and then we had more games similar to DOTA but slightly different:
League of Legends, Heroes of Newerth, Heroes of the Storm, Panzar, Smite, Paragon etc.

None of these games are direct copy, but they belong to the same genre - it is the same with altcoins.

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May 17, 2017, 06:01:16 PM
 #8

Altcoins are sidechains of bitcoin.

Bitcoin + Altcoins = Total crypto currency supply available.

Bitcoin draws FIAT out of people, so do altcoins. As a result, the whole crypto currency world gains value. Bitcoin's code is open source, because of that it is no rocket science to create another bitcoin. If that bitcoin copy is also valued by the people, then it is also bitcoin under a different name.
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May 17, 2017, 06:08:15 PM
 #9

No. Altcoins are not counterfeit of bitcoin. Counterfeit means an exact imitation. There's is no exact imitation of bitcoin in the altcoin market.They may have copy some of the features of bitcoin and improved it, but an exact copy, I doubt it. Altcoin is there just an alternative coins, hence alt-coin. They can't and will not have the same distinctive attribute as bitcoin.

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May 17, 2017, 06:12:32 PM
 #10

Definition: Counterfeit - made in exact imitation of something valuable with the intention to deceive or defraud.

They are not a "counterfeit" of bitcoin, each and every individual altcoin operates under its own microeconomy and has a different purpose, anything from enhanced security, transaction speed, industry relation, the list goes on.... if they where counterfeit they would directly and drastically effect the performance of the bitcoin.

For them to be counterfeit the altcoins that you have would have to be able to be directly layered and merged into a bitcoin blockchain and this is not the case, they operate under separate blockchains, nodes, miners and ledgers.
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May 17, 2017, 06:15:22 PM
 #11

Altcoins are sidechains of bitcoin.

Bitcoin + Altcoins = Total crypto currency supply available.

Bitcoin draws FIAT out of people, so do altcoins. As a result, the whole crypto currency world gains value. Bitcoin's code is open source, because of that it is no rocket science to create another bitcoin. If that bitcoin copy is also valued by the people, then it is also bitcoin under a different name.

So as far as I comprehend, you are claiming that altcoins are in fact a Bitcoin?

If you are, then another question may arise from this which is: what makes Bitcoin Bitcoin? or what does it takes to say that a cryptocurrency is a Bitcoin? If being valued by the people would make an altcoin be a Bitcoin then the top altcoins (but not limited to) are Bitcoin but they just have different name. It is like having the same appearance and traits but with different labels.

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May 17, 2017, 06:16:06 PM
 #12

Bitcoin cannot be counterfeit , it is in many videos on youtube , mostly on the parody videos but still a truth. Altcoins have their own protocol and chain where they store transactions so they cannot be merged or associated to the bitcoin blockchain. Altcoins remain altcoins and very little persons accepts them as form of payment and they are normally pump and dump coins so no worries from them regarding Bitcoin.




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mindrust
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May 17, 2017, 06:26:30 PM
 #13

Altcoins are sidechains of bitcoin.

Bitcoin + Altcoins = Total crypto currency supply available.

Bitcoin draws FIAT out of people, so do altcoins. As a result, the whole crypto currency world gains value. Bitcoin's code is open source, because of that it is no rocket science to create another bitcoin. If that bitcoin copy is also valued by the people, then it is also bitcoin under a different name.

So as far as I comprehend, you are claiming that altcoins are in fact a Bitcoin?

If you are, then another question may arise from this which is: what makes Bitcoin Bitcoin? or what does it takes to say that a cryptocurrency is a Bitcoin? If being valued by the people would make an altcoin be a Bitcoin then the top altcoins (but not limited to) are Bitcoin but they just have different name. It is like having the same appearance and traits but with different labels.

It is the original. The others all do the same thing as bitcoin but bitcoin is special because it was the first one. While every other people was too busy with other shit, satoshi has taken action and created bitcoin. It existed from nothingness.

Because satoshi was clever enough to create something like this, it will always have a value. If satoshi had't done what he did, we were still trading stocks, hoarding gold, investing in Real Estate probably. (we still do it, but less) He and Bitcoin simply has unlimited credit.

Altcoin devs do no hardwork like satoshi did, they take the existing stuff, they brush it another color and try to sell us again. Some people like it too, i can't deny that.
Catmony
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May 17, 2017, 06:45:05 PM
 #14

I would rather call most of the alts as clone of bitcoin, bitcoin source code is open source so anybody can come up with their own version and that is how altcoins were developed in early stages of bitcoin boom. However what we are seeing these days is quite different because Ethereum based token are being used rather than new clone of bitcoin.

Mometaskers
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May 18, 2017, 01:48:36 AM
 #15

They're more an alternative rather than counterfeit. Don't mistake bitcoin for fiat, there's no counterfeiting it. Some might misrepresent themselves to take advantage of crypto newbies but otherwise it's hard to mistake them for bitcoins.

I haven't really looked into any alts' technical details since I don't do trading but that's really just what I see them to be good for - something for people to lose/earn money.

They don't have the same saturation of bitcoins, some are just made for pump and dump and many don't  have any redeeming unique feature.
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