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Author Topic: Can fake bitcoins be created?  (Read 11412 times)
Bodywowoya
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May 20, 2017, 06:59:31 PM
 #81

As we all know that everything have a blueprint. It's not that much difficult to make fake money if you have blueprints(in case of real cash). I was wondering if anyone found blueprints(algorithm/code) of bitcoins.

Is it possible to duplicate bitcoins?
No it is totally impossible to create fake bitcoin. I think nobody can found blueprints of bitcoin. its almost impossible.

It is possible however you need to make it recognized by the blockchain. This can be done by controlling 50%+ of the network.
Something no group or person has till today so unless that happens, there is nothing to worry about.
You are really right because until today, no information about this has spread, and so I think I should not worry either

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May 20, 2017, 07:04:46 PM
 #82

to be thinking this idea must be ridiculous, even if you have the blueprint you cant really make this thing exactly same as bitcoin
because the algorithm cant be find even if you search into the blockchain, bitcoin is virtual item that cant be found easily where the roots
so making the fake bitcoin is almost impossible
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May 20, 2017, 07:39:38 PM
 #83

first of all bitcoin is a open source crypto currency so the code is already available and anyone can use it to make another crypto currency(altcoins) , can integrate cryptocurrencies with their app or web pages. and so on. you can already see so many altcoins in the market already. and secondly no bitcoin can not be dublicated because every miner is constantly checking the bitcoin network for a new block and all the existing balance so if anyone tryes to make fake coins the network will instantly detect them and make them invalid


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May 20, 2017, 07:52:13 PM
 #84

As we all know that everything have a blueprint. It's not that much difficult to make fake money if you have blueprints(in case of real cash). I was wondering if anyone found blueprints(algorithm/code) of bitcoins.

Is it possible to duplicate bitcoins?

This is not possible, because of the complicated encryption on the system of bitcoin it is not possible to duplicate it, that is why there are several Altcoins that are not initially related to bitcoin but they are all Cryptocurrency, but not as stable and bigger as bitcoin and I guarantee that bitcoin is more safe that other altcoins out there! 

other cryptocurrencies basis were bitcoin, they were created in a idea on how bitcoin built and grow, they are followers of bitcoin for they can't completely copy at create a fake that seems really alike in bitcoin.

Will never be able, because all hash and transaction details are very transparent, if falsified also will not be able to transact, this is nothing more than just a failed discourse. Unless they are able to create fake systems that can use fake bitcoins for transactions, but still this is hard to expect.

yup! expecting a fake to simply show up out of thin air is not really able to do by any, and no one can simply falsified bitcoin because of it's complicated aspect and build a very complicated algorithm that no one can simply copy and if people are thinking about Altcoins as a copy of bitcoin you can say it is a copy but not a fake because Altcoins will definitely will have a value just like bitcoin, I think bitcoin can not be copied and that's a good thing about it and not like fiat money that can be copied.

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May 20, 2017, 10:08:31 PM
 #85

The situation you are naming is :
- double spend / mavability issue people can give you tax ID of some transaction and rebordcast it later so you won't get money since today sometimes you want days till BTC will be moved those  kind of people have ways to develop nice scamming techniques. so be aware of risk when fee is low.

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May 20, 2017, 10:40:13 PM
 #86

You cannot duplicate the coins when you can trace each and every tokens created with the help of blockchain and the only thing you can do is double spend,be careful dealing with unknown people if you are not aware of that when doing a deal,other than that you really cannot do anything with the blueprint.You can try creating an alternative ,like everyone doing these days  Grin everything is transparent with bitcoin.

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May 20, 2017, 11:10:47 PM
 #87

Actually, I can not understand How you can make a craft of your man, who can not even hold in his hands. But this time we understand that if we exclude them, then it's better to hide, so that no one would think of using them.

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May 20, 2017, 11:25:34 PM
 #88

It's impossible i mean in order to get bitcoin we either have to buy it or mine it. And bitcoins which are already mined circulate around the network and in order to add a new coin the person has to mine it. So to create a fake bitcoin it won't be possible at all.

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May 20, 2017, 11:51:47 PM
 #89

Fake bitcoins cannot be generated or created because if this is possible then it is already have been done by the programmers around the internet world but i think there is no available cases for this so it is very clear that bitcoin cannot be recreated or create fakes of its because it is very secured on its algorithm.

Fake Bitcoins is not possible as bitcoins needs the whole blockchain to Run and it is not possible to clone the blockchain first and then develop the bitcoin and transfer it to the fake created blockchain. This might be similar to hard fork. I think this is a strong point of digital currency that we are confident that it is non-copy-able.

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May 21, 2017, 12:35:59 AM
 #90

In my opinion, it is impossible, with the value of the present BTC, many people want to fake than you, but perhaps too difficult or impossible! In general, spending time and effort building a new coin is more likely to be successful.

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May 21, 2017, 04:10:50 PM
 #91

As we all know that everything have a blueprint. It's not that much difficult to make fake money if you have blueprints(in case of real cash). I was wondering if anyone found blueprints(algorithm/code) of bitcoins.

Is it possible to duplicate bitcoins?
  I don’t think it is possible incase if it was possible the hackers and programmers would have made the copy of the Bitcoin instead of hacking and stealing the bitcoin from wallets. As it would be easier for them to generate a copy bitcoin and use it in market instead of stealing the coins.

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May 25, 2017, 06:20:12 AM
 #92

I don't think that it is possible. it is same like that someone ask us, can anyone hack the gambling sites, and than majority persons said that it is impossible, and few members said that may be it is possible, So same like this, some people think that not possible and some people think that may be it is possible but it is hard.
In my view, think positively than everything will be fine.
It might be possible but it would be even more difficult than making counterfit fiat currency. The way the bitcoin network is setup with all the confirmations and miners and the amount for each block it would be a miracle to get it to work. And that’s a good thing because it upholds the integrity of the currency as a valuable asset.

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May 25, 2017, 06:24:07 AM
 #93

As we all know that everything have a blueprint. It's not that much difficult to make fake money if you have blueprints(in case of real cash). I was wondering if anyone found blueprints(algorithm/code) of bitcoins.

Is it possible to duplicate bitcoins?
This is an erroneous thought, bitcoin does not create the fraud, it creates security, the absolute security. It is used only by bad guys to cheat.

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May 25, 2017, 06:44:19 AM
 #94

It is already widespread that 50% attack on the network, many people who use OP to argue against bitcoin Unlimited to find bitcoin fork and even coins added then it is "fake".
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May 25, 2017, 06:47:42 AM
 #95

As we all know that everything have a blueprint. It's not that much difficult to make fake money if you have blueprints(in case of real cash). I was wondering if anyone found blueprints(algorithm/code) of bitcoins.

Is it possible to duplicate bitcoins?
base of my understanding its impossible to duplicate bitcoin like make your 1 bitcoin to 2 or more
the security of bitcoin is not that simple to be cheated
if you copy the source and make it work it will only look similar but diffirent blockchain
if you try to send coin to your bitcoin address from the new bitcoin coin will only run to its own chain

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May 25, 2017, 09:57:28 AM
 #96


It is possible however you need to make it recognized by the blockchain. This can be done by controlling 50%+ of the network.
Something no group or person has till today so unless that happens, there is nothing to worry about.
It is IMPOSSIBLE to duplicate Bitcoins. Bitcoins are created from the mining of the block and for now, if you have the difficulty that matches the current difficulty, nodes will only accept it if all the protocol rules are met. For example, all transactions has to be referenced from another transaction in the blockchain and the block reward is 12.5BTC+fees collected from all the transaction fee in the block. If these aren't met, the block is invalid as per the Bitcoin reference nodes. Hence, it is impossible to create Bitcoins out of thin air since you need a valid block and every transaction will be referenced to a transaction before it.

When a transaction is sent to the node, the node will check for the input to match against an UXTO (unspent transaction output) in their list. If it doesn't exist, the transaction is immediately REJECTED. If it does exist, the inputs in their UXTO will be removed and new UXTOs will be created.

And no, 51% attacks ARE NOT the silver bullet to the security of Bitcoin. In a 51% attack, the attacker can create blocks faster than the other miners. Hence, they can prevent confirnations of transactions and double spend their own transaction as they can create a chain to outpace the chain and replace it. However, all the network rules HAS TO BE FOLLOWED. You CANNOT create Bitcoins out of thin air. It simply doesn't work unless you can change the network rules by modifying every node in the world.

Hope this clears up any confusion. But knowing the forum members, I wouldn't be surprised to see claims that 51% attacks cam create Bitcoins out of thin air because you don't bother to read or at least google before spreading misinformation.














 

 

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Ayiranorea
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May 25, 2017, 10:02:58 AM
 #97

Fake bitcoin cannot be created that easy same as that people generating value assets, digital assets or ICO currency. If this has the possibility then the supply and demand will be managed by the fake coins that get into the circulation causing the degradation of the bitcoin value. So it is simply impossible.



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May 25, 2017, 10:04:37 AM
 #98

fake bitcoins can be created, its called Bitcoin Unlimited  Grin
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May 25, 2017, 07:44:29 PM
 #99

I think this is not possible,it cannot be duplicated. Because no one can  duplicate blockchain..

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May 25, 2017, 09:08:20 PM
 #100

This coins would be refused by the blockchain so its not possible.

I prefer to live a day like a wolf than a hundred years as a lamb.

BUY / SELL bitcoins  --->  https://bit2me.com/?r=ryOV8xZNb
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