Counterfeit Cryptocurrency in OpenLedger

brekyrself

hero member

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Quote from: netcoord99 on November 16, 2016, 09:06:02 AM

I noticed in one of the Open Ledger trading areas that bots (automated buying/selling tool) are appearing.

Does anyone know if it is possible to create counterfeit currency whereby a bot could then sell them at a lower price than everyone else and mess up the market of that currency?

The bots in particular I am looking at are demo.btsbots, yao-bots, wildman-tradebot, zdbz, etc.. trading lots of different cryptocurrencies.

What do you think guys?

thanks

This could be some of the bots your seeing: https://bitsharestalk.org/index.php/topic,23457.0.html

Look up what OpenLedger is and you will realize its the most transparent "exchange." OpenLedger is simply a GUI allowing users to access the BitShares blockchain. They host the blockchain and you use your browser to login. Your wallet file and password never leave your browser and you are always in control of your funds.

You DO need to watch out for user issued assets. They are created by individual's or businesses and can be traded on the blockchain. Some are legit, while others may be dead ends.

Lots to learn as it's a very complicated system.
www.bitshares.org

mbbtc01

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Free Just Ask

Quote from: unamis76 on November 16, 2016, 09:57:47 AM

It's not possible to "fake" cryptocurrencies. It is however possible, within exchanges, to credit accounts with funds that they don't have and only appear on screen, on the exchange. So yes, it's possible for bots to mess things up (we've seen this happen), but not with "fake" cryptocurrencies.

yes I agree I'm sure you cant counterfeit cryptocurrency as each one as to be made so and I'm sure site might try to sell more cryptocurrency then they have but I don't thing counterfeiting this type of currency will be possible any time soon.

shinratensei_

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Leading Crypto Sports Betting & Casino Platform

Quote from: netcoord99 on November 16, 2016, 09:06:02 AM

Does anyone know if it is possible to create counterfeit currency whereby a bot could then sell them at a lower price than everyone else and mess up the market of that currency?

it doesn't. Every crypto has made with the exact amount.
There was no chance about fake crypto, if you mean about IOU token while you can get if that is fake if we were considering the exact amount of real crypto.

The purpose of bot just for a pump.

cjmoles

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Quote from: netcoord99 on November 16, 2016, 09:06:02 AM

I noticed in one of the Open Ledger trading areas that bots (automated buying/selling tool) are appearing.

Does anyone know if it is possible to create counterfeit currency whereby a bot could then sell them at a lower price than everyone else and mess up the market of that currency?

The bots in particular I am looking at are demo.btsbots, yao-bots, wildman-tradebot, zdbz, etc.. trading lots of different cryptocurrencies.

What do you think guys?

thanks

I don't think that trading bots are anything new....but there have been numerous alternative cryptocurrency chains that have been designed specifically to "pump and dump." I don't know if they could be considered "counterfeit" in the strictest definition of the word but things like that do happen....However, the wonderful thing about the blockchain technologies is that they specifically remove the possibility of counterfeiting....Once a network is secured, the ledger is boss.

JasonXG

hero member

Activity: 770

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They cannot make any coins that would be impossible as you need to mine to create brand new coins or trade for existing ones.

It is just an illusion the trading not creates when it trades very quickly but tiny amount at a time it makes it kook like a currency ia doing well or will be pumped. Just part of market manipulation really.

mobnepal

legendary

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An individual trader even using trading bots can't just create fake cryptocurrency or volume. He/she need to have real cryptocurrency in their account to put buy/sell orders on orderbook however some trading platform are known for creating fake orders to just pump their daily trading volume in past. This can be considered as pure manipulation using cryptocurrency/bitcoin which doesn't exist or those trading platform don't have in their hands.

unamis76

legendary

Activity: 1512

Merit: 1012

It's not possible to "fake" cryptocurrencies. It is however possible, within exchanges, to credit accounts with funds that they don't have and only appear on screen, on the exchange. So yes, it's possible for bots to mess things up (we've seen this happen), but not with "fake" cryptocurrencies.

netcoord99

newbie

Activity: 10

Merit: 0

I noticed in one of the Open Ledger trading areas that bots (automated buying/selling tool) are appearing.

Does anyone know if it is possible to create counterfeit currency whereby a bot could then sell them at a lower price than everyone else and mess up the market of that currency?

The bots in particular I am looking at are demo.btsbots, yao-bots, wildman-tradebot, zdbz, etc.. trading lots of different cryptocurrencies.

What do you think guys?

thanks

Topic: Counterfeit Cryptocurrency in OpenLedger (Read 744 times)