Counterfeit Bitcoin?

[OROBTC]

...

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

 

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

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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.

[DeathAndTaxes]

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.

[SirWilliam]

Absurd and mathematically impossible. The concept doesn't even make sense... Like saying someone has created a counterfeit solution to an equation 

[Soros Shorts]

Absurd and mathematically impossible. The concept doesn't even make sense... Like saying someone has created a counterfeit solution to an equation 

More like saying that somebody knows a shortcut method to solving a block.

[jl2012]

Absurd and mathematically impossible. The concept doesn't even make sense... Like saying someone has created a counterfeit solution to an equation 

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

[OROBTC]

...

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.   )

EDIT:

Thanks to you as well Jl2012.

[tokeweed]

counterfeiting btc?  good luck with that genius.

[mysidia]

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

[HeroCalls]

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.

[CryptoPanda]

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

[98koshop]

It's impossible to counterfeit bitcoin and this is it's one of the most important advantages 

[RaTTuS]

well gox coins weren't real .....

[lorix]

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

[MikeMark]

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

Yes, Likely it was fake Casascius Coins. Mike discusses it here:

Beware of Fakes on Ebay

Enjoy, 

-MikeMark

[Coins4life]

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.

[cloverleaf]

Impossible. The only "counterfeits" are scam alternate coins.

[Magic8Ball]

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.