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Author Topic: FAKE or STOLEN Bitcoins  (Read 1806 times)
iGROWyourBiz
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April 13, 2014, 05:39:15 AM
 #1

Is it possible for someone to give me fake or stolen bitcoins?

How long do I wait to make sure a BTC is "legit" and truly mine?

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sumana
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April 13, 2014, 05:49:11 AM
 #2

fake bitcoins ?  Huh  Tongue

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7Priest7
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April 13, 2014, 05:51:28 AM
 #3

Is it possible for someone to give me fake or stolen bitcoins?

How long do I wait to make sure a BTC is "legit" and truly mine?

The closest known way is to double spend bitcoins.
As far as stolen bitcoins, you will almost certainly touch them.
With Mt.Gox having stole so many and the silkroad bust having stole many, LOTS of stolen bitcoins.
It would be wise to wait for at least one confirmation.
Rulishix
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April 13, 2014, 05:52:22 AM
 #4

What the fuck is this guy talking about?

Stolen bitcoins exist but if you're paranoid then use a mixer or gamble them and get clean coins back.

Fake bitcoins would be no fee bitcoins which are basically fake since you never get them cause the miner fee wasn't paid.

I hope this helped?
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April 13, 2014, 05:53:57 AM
 #5

What the fuck is this guy talking about?

Stolen bitcoins exist but if you're paranoid then use a mixer or gamble them and get clean coins back.

Fake bitcoins would be no fee bitcoins which are basically fake since you never get them cause the miner fee wasn't paid.

I hope this helped?

You are wrong, fake bitcoins doesn't mean bitcoins without fee. There is nothing such like fake bitcoins, only way would be double spending. Just wait for confirmation, and it would be fine.
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April 13, 2014, 05:57:26 AM
 #6

What the fuck is this guy talking about?

Stolen bitcoins exist but if you're paranoid then use a mixer or gamble them and get clean coins back.

Fake bitcoins would be no fee bitcoins which are basically fake since you never get them cause the miner fee wasn't paid.

I hope this helped?

You are wrong, fake bitcoins doesn't mean bitcoins without fee. There is nothing such like fake bitcoins, only way would be double spending. Just wait for confirmation, and it would be fine.

They would be fake because he sees the transaction but it doesn't confirm. That's fake in the sense they're not real. You get it?
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April 13, 2014, 06:14:29 AM
 #7

Is it possible for someone to give me fake or stolen bitcoins?
How long do I wait to make sure a BTC is "legit" and truly mine?

Are you afraid that someone would give you dirty coins (i.e coins stolen from someone else)? Not much can be done about that. Stolen Bitcoins are extremely difficult to track.

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iGROWyourBiz
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April 13, 2014, 06:37:26 AM
 #8

so many virtual wallets etc.

i am just thinking purloined or counterfeited.

It just math right?  What stops the evil genius 8 year old from hacking his xbox1 and pc to figure a way to "steal" coins.

Is it only improbable or is it truly impossible?

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April 13, 2014, 06:44:43 AM
 #9

so many virtual wallets etc.

i am just thinking purloined or counterfeited.

It just math right?  What stops the evil genius 8 year old from hacking his xbox1 and pc to figure a way to "steal" coins.

Is it only improbable or is it truly impossible?

Truly impossible until someone actually does it.  Cheesy

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April 13, 2014, 06:56:44 AM
 #10

I suppose if you are using Bitcoins on a third party website like an exchange, gambling site, etc... You could have a Bitcoin balance higher than the actual coins owned by the website.

As far as sending fake Bitcoins across the Bitcoin network; no. It will not happen. If you were to look at the mathematical statement of 1+1=2 you would know that this is correct. When you add 1+1 you will always get 2.

Every Bitcoin in the Bitcoin network exists within the blockchain and not within any wallet. They don't move anywhere...
When you send coins, you aren't sending the coins. You're updating the private key for those coins. The coins never moved; the private key to those coins was simply changed and the owner of the new private key is the recipient.

So you can't send fake coins anywhere. You can't assign a private key to a non-existent or undiscovered coin... 

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April 13, 2014, 08:09:06 AM
 #11

Is it possible for someone to give me fake or stolen bitcoins?

How long do I wait to make sure a BTC is "legit" and truly mine?

You just need to wait until the Bitcoins are fully confirmed. Then they're yours to spend or keep as long as you want. And yes, somebody could send you stolen Bitcoins, but there's probably some fiat coins or notes in your physical wallet right now that have been stolen or got 'dirty' somewhere down the line.

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April 13, 2014, 08:46:09 AM
 #12

What does that guy mean ?  Huh

It's like people giving you stolen cash to pay for products?
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April 13, 2014, 08:49:16 AM
 #13

What does that guy mean ?  Huh

It's like people giving you stolen cash to pay for products?

Yeah, I think he just means if someone hacks somebodies wallet or scans them then he ends up buying the coins somewhere down the line.

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April 13, 2014, 08:56:22 AM
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It is rare and hard to fake transactions so I wouldn't even bother going there. As far as stolen coins - you're bound to get some at some point and just like stolen cash back in the system you can't tell the difference.
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April 13, 2014, 09:07:15 AM
 #15

There won't be any fake BTC, its my opinion

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April 13, 2014, 09:37:41 AM
 #16

Is it possible for someone to give me fake or stolen bitcoins?

How long do I wait to make sure a BTC is "legit" and truly mine?


Yes, as allready said, it is possible. Same as it is possible that the person in front of you at the supermarket line stole the cash and the cashier gives it to you as change. But even IF you get stolen coins, as long as you got the legitimately, you dont have to fear anything.

Now how long do you have to wait. While bitcoin core suggests you to wait for 6 confirmations in the network, Im usually fine with only 2 when I get payment <1 bitcoin. If you feel insecure about this, wait for 6 confirmations.

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April 13, 2014, 10:04:40 AM
 #17

Is it possible for someone to give me fake or stolen bitcoins?

How long do I wait to make sure a BTC is "legit" and truly mine?

Since Bitcoin is a currency that was designed to change hands often, there is always a chance of receiving stolen Bitcoins. That shouldn't be a problem though, provided that you didn't steal them yourself. Bitcoin is money in digital form -- that's all it is. As for "fake Bitcoins," that's not even a real thing. An unconfirmed transaction doesn't make a Bitcoin fake. Just wait until the transaction is confirmed, and barring the possibility of a double spend attack resulting from a forked blockchain, then those Bitcoins should be yours until you spend them. The general rule of thumb is to wait for 6 confirmations (roughly 60 minutes) before considering the transaction as fully confirmed.
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April 13, 2014, 03:50:32 PM
 #18

don't worry, bitcoin is more or less anonymous and no one will do anything bad to you if you accidently acquire some coins with a dirty past Cheesy

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April 13, 2014, 05:33:01 PM
 #19

You cant do anything about receiving stolen coins, but they can't be faked as that's one of the benefits.
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April 13, 2014, 07:13:28 PM
 #20

You can't assign a private key to a non-existent or undiscovered coin... 


so i can't (purposefully/randomly) determine the "next key" or stumble on an undiscovered coin?  or rather "soon-to-be" discovered coin?


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