OROBTC (OP)
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March 05, 2014, 02:37:22 AM |
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... Newb here, but I really enjoy the time spent here today. I recall reading *somewhere* (maybe three months ago?) about counterfeit BTC, perhaps on some site talking about the "Dark Net", etc. These counterfeits were going at something like 50% off of market price, I am sorry I do not have a link. I just "googled" counterfeit bitcoin and got some links that do not seem to be what I read before, here is one, but "quora" wants your info...: http://www.quora.com/Bitcoin/Wont-it-be-easy-for-hackers-to-create-counterfeit-Bitcoins ![Angry](https://bitcointalk.org/Smileys/default/angry.gif) Here is another link from Google search, but this (while perhaps answering my question) is NOT related to what I read...: http://bitcoin.stackexchange.com/questions/181/can-bitcoins-be-counterfeited*** My understanding (I have done about 10 transactions with BTC, and watched them go through via Multibit) is that if your BTC are not accepted by the peers, then the transaction does not go through. So, it is not clear to me that BTC could be counterfeited successfully at all. Yet, I DID read something about "counterfeit Bitcoin" somewhere and am curious.
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DeathAndTaxes
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Gerald Davis
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March 05, 2014, 02:42:16 AM Last edit: March 05, 2014, 03:33:07 AM by DeathAndTaxes |
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You probably have read a lot of things online which are completely untrue. Bitcoins can't be counterfeited. Every node of the network is aware of every confirmed transaction and all transactions can be traced back to their minting. Any coin created from thin air (outside of the authorized and limited amount in block creation subsidy) would be immediately recognizable as invalid.
Bitcoin can be stolen, lost, double spent (under some conditions), and even mined out of existence but they can't be counterfeited.
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SirWilliam
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March 05, 2014, 02:45:51 AM |
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Absurd and mathematically impossible. The concept doesn't even make sense... Like saying someone has created a counterfeit solution to an equation ![Grin](https://bitcointalk.org/Smileys/default/grin.gif)
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Soros Shorts
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March 05, 2014, 02:49:39 AM |
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Absurd and mathematically impossible. The concept doesn't even make sense... Like saying someone has created a counterfeit solution to an equation ![Grin](https://bitcointalk.org/Smileys/default/grin.gif) More like saying that somebody knows a shortcut method to solving a block.
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jl2012
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March 05, 2014, 02:54:41 AM |
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Absurd and mathematically impossible. The concept doesn't even make sense... Like saying someone has created a counterfeit solution to an equation ![Grin](https://bitcointalk.org/Smileys/default/grin.gif) More like saying that somebody knows a shortcut method to solving a block. A shortcut will still require time and energy to calculate. The difficulty will increase and the block creation rate will remain 10 minutes/block. All known shortcuts in SHA256 are already implemented in ASIC so everyone are still equal
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Donation address: 374iXxS4BuqFHsEwwxUuH3nvJ69Y7Hqur3 (Bitcoin ONLY) LRDGENPLYrcTRssGoZrsCT1hngaH3BVkM4 (LTC) PGP: D3CC 1772 8600 5BB8 FF67 3294 C524 2A1A B393 6517
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OROBTC (OP)
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March 05, 2014, 03:00:09 AM |
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... DeathAnd Taxes: Yes, I have read a LOT of things about BTC that are untrue! SirWilliam: OK, roger that. Would that be like "Less is more?" (smile,,,) Soros Shorts: If you can solve a Block more quickly, DO let me know how. Oh, wait, I don't mine. (But, I know someone who does. You tell me that little secret someday, I promise I will only let him know. Honest. Really. ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) ) EDIT: Thanks to you as well Jl2012.
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tokeweed
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Life, Love and Laughter...
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March 05, 2014, 04:10:05 AM |
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counterfeiting btc? good luck with that genius.
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R |
▀▀▀▀▀▀▀██████▄▄ ████████████████ ▀▀▀▀█████▀▀▀█████ ████████▌███▐████ ▄▄▄▄█████▄▄▄█████ ████████████████ ▄▄▄▄▄▄▄██████▀▀ | LLBIT | | | 4,000+ GAMES███████████████████ ██████████▀▄▀▀▀████ ████████▀▄▀██░░░███ ██████▀▄███▄▀█▄▄▄██ ███▀▀▀▀▀▀█▀▀▀▀▀▀███ ██░░░░░░░░█░░░░░░██ ██▄░░░░░░░█░░░░░▄██ ███▄░░░░▄█▄▄▄▄▄████ ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ | █████████ ▀████████ ░░▀██████ ░░░░▀████ ░░░░░░███ ▄░░░░░███ ▀█▄▄▄████ ░░▀▀█████ ▀▀▀▀▀▀▀▀▀ | █████████ ░░░▀▀████ ██▄▄▀░███ █░░█▄░░██ ░████▀▀██ █░░█▀░░██ ██▀▀▄░███ ░░░▄▄████ ▀▀▀▀▀▀▀▀▀ |
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mysidia
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March 05, 2014, 04:52:39 AM |
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A shortcut will still require time and energy to calculate. The difficulty will increase and the block creation rate will remain 10 minutes/block. All known shortcuts in SHA256 are already implemented in ASIC so everyone are still equal
Hey... just for fun... let's say we discover a mechanism that allows us to find a SHA hash within a range of our choosing, with no increase in computational difficulty -- if the size of the target range is decreased ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif)
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BTC: 1FbuJxZCeJUqrP7EpUkgMKWAmAA1M8gUBd LTC: LbvomgbwKnqk47mWzALCDEoV8ydjxYYYpF
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HeroCalls
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March 05, 2014, 06:26:05 AM |
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Don't think it is actually possible, unless you are able to find another equation that makes that equation true?? I don't know what I just said, but all I know is that I think it's extremely difficult, probably almost impossible.
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CryptoPanda
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March 05, 2014, 07:33:53 AM |
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More like saying that somebody knows a shortcut method to solving a block.
I dunno, BFL made a killing convincing people of just that a year in advance! ~BCX~ I've solved quite few blocks with them by the way
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98koshop
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March 05, 2014, 12:02:36 PM |
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It's impossible to counterfeit bitcoin and this is it's one of the most important advantages
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RaTTuS
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March 05, 2014, 12:08:49 PM |
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well gox coins weren't real .....
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In the Beginning there was CPU , then GPU , then FPGA then ASIC, what next I hear to ask ....
1RaTTuSEN7jJUDiW1EGogHwtek7g9BiEn
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lorix
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March 05, 2014, 02:31:40 PM |
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So, it is not clear to me that BTC could be counterfeited successfully at all. Yet, I DID read something about "counterfeit Bitcoin" somewhere and am curious.
As it stands the protocol will not allow it and the multi-petahash mining network enforces it. More likely they were referring to fake Casascius Coins which are physical coins with a public key on one side, and a "tamper-proof" holographic label on the other that can be removed to reveal a private key. Check this thread for more info: https://bitcointalk.org/index.php?topic=49817.0
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Proud family man, futurist and all-round Bitcoin fanatic! ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) 1KBN5gTzX3ECSu9XHrsZJPsMn7vjT67ciF
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MikeMark
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Bitcoin: money chosen by the market.
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March 05, 2014, 04:06:35 PM |
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So, it is not clear to me that BTC could be counterfeited successfully at all. Yet, I DID read something about "counterfeit Bitcoin" somewhere and am curious.
As it stands the protocol will not allow it and the multi-petahash mining network enforces it. More likely they were referring to fake Casascius Coins which are physical coins with a public key on one side, and a "tamper-proof" holographic label on the other that can be removed to reveal a private key. Check this thread for more info: https://bitcointalk.org/index.php?topic=49817.0Yes, Likely it was fake Casascius Coins. Mike discusses it here: Beware of Fakes on EbayEnjoy, ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif) -MikeMark
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The Path of the Just is as the Shining Light...
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Coins4life
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March 05, 2014, 04:10:04 PM |
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You probably have read a lot of things online which are completely untrue. Bitcoins can't be counterfeited. Every node of the network is aware of every confirmed transaction and all transactions can be traced back to their minting. Any coin created from thin air (outside of the authorized and limited amount in block creation subsidy) would be immediately recognizable as invalid.
Bitcoin can be stolen, lost, double spent (under some conditions), and even mined out of existence but they can't be counterfeited.
Very well said.
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cloverleaf
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March 05, 2014, 04:56:34 PM |
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Impossible. The only "counterfeits" are scam alternate coins.
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Magic8Ball
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March 05, 2014, 05:04:48 PM |
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A fork may be considered as a counterfeit in some sense. Impossible. The only "counterfeits" are scam alternate coins.
Just because you do not like does not make alternate coins scams.
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