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June 07, 2013, 05:42:00 AM |
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I heard a mention of fake Casascius coins somewhere the other day. I figured it was only a matter of time til some factory in China thought up the idea. If they can flood the precious metals market with fake products, I bet they can easily make a fake Casascius coin. I would imagine they buy a number of legitimate coins and then use the firstbits on those to create fake ones. The question is how long do they wait to redeem it? It'd have to be a while if they wanted to create any sort of business. If you plug-in the first bits on a coin you think is brand-new and you see its redeemed, you might realize you got scammed. Another thing though is what happens if someone tries to redeem one they don't know is fake? I imagine they would insert a fake private key in case of this.
Undoubtedly Casascius Coins will be harder to fake (because of the first bits/redeeming function) than a Morgan Dollar or something, but where there is a will, there is a way. There's a lot of money to be made, and mark my words-its just a matter of time until these things start to surface.
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