Topic: [DEBUNKED] Counterfeit Bitcoins (Read 1401 times)

I guess we can be glad the trolls have at least come up with some new FUD instead of just repeating the same crap.

This has been definitively established.

I've refuted all of his points, and he refuses to even acknowledge my posts, let alone stop spewing his nonsense. At this point, it's pretty clear that he's a troll.


plonk

if its on the blockchain then their real. the blockchain itself is the endorser.

much like bank notes. if a bank says they are fake and wont accept them.. then they are counterfeit. but if they were produced 100% using the same protocols of a mint (paper/ink/security features) and it passes the banks tests to acceptability. they obviously they enter circulation.

the only bitcoin 'counterfeit' that could happen is in a totally different scenario..
and here it is:
someone says they will sell you bitcons but you have to download a specific wallet. and they will send you 1 coin for the $400 pricetag of bitcoin. you later learn that the wallet is not connected to the bitcoin blockchain, but a crappy altcoin chain. thus what you hold is not a real bitcoin even if the wallet shows all the bitcoin symbols and splash screens and everything else to make you believe the GUI was initially bitcoin.

what you are talking about in the OP is not counterfeiting, its fraud/theft. much like having a promise to a bank that the funds you put into it will be given to you in 2 weeks and the bank making 3x the money out of your investment and then making you wait 6 months and not compensate you, even though they have made all the profit they made by holding onto your investment.

morally in that situation, any profit/production you personally could have made in the 5 months 2 week delay you should receive. but if they say two weeks delivery and they deliver on time. then and profit they have made they 'could' keep.

all in all BFL are scumbags and should not only refund everyone. but also give them an average compensation of the extra coins they produced during the delay period.

the tough part is proving how long they mined the rigs for before shipping them. if you can prove that, then you can prove:
intentional delay
breach of contract (within their control)

which you can sue them for.

 . Yes, the guy who stole the hashing power is a thief and he obtained the coins unscrupulously, but the bitcoins themselves are still 'pure' and legit coins regardless of how they became to be.

Once the Bitcoins have been mined there's nothing that can be done as the blockchain can't be changed. The thief who stole the hashing power however is guilty of counterfeiting money with the exception of the owner giving his blessing. Forgiveness is an option on the owners part.

Or is a troll. He's either trolling or really doesn't understand bitcoin or thinks an issue with fiat is applicable to bitcoin, which it isn't as I and others have explained above.

You *can't* print *fake Bitcoins* full stop.

Anyone thinking you can doesn't understand Bitcoin.

It's irrelevant to this discussion because you're comparing inflationary fiat money where you can print as much as you like with deflationary bitcoin which has a fixed and limited number. You can't try compare the two in such a way here.

I answered it already, but I'll do it again since you seem to be ignoring me.

It depends on the situation.

If the the "thief" uses the exact same paper, and the exact same ink, and prints money with the appropriate serial numbers, etc.  In other words, if the thief prints EXACTLY the same money that the Mint would have printed, and the Mint does NOT print that same money with other equipment (so there aren't identical copies of bills).  Then if the thief submits the bills that they print to the Federal Reserve, and the Federal Reserve chooses to accept the bills and put them into circulation. In that case, the "dollars printed by the thieves" would NOT be "counterfeit".

Question #4 has yet to be answered.

Endorsed?  By whom?

The official bitcoin regulatory authority has endorsed them.

This is essentially equivalent to if you were to break into the U.S. Mint and use the equipment and resources there to print a pile of money, then leave that pile of money sitting there as you left.  If the Federal Reserve took a look at the money and decided that it was of as good a quality as any that the mint would have printed without the break in, so the Federal Reserve goes ahead and releases the money into circulation, would that money be "counterfeit"?

No.  The people that broke into the mint and used the resources without authorization would be prosecuted for crimes, but the money wouldn't be counterfeit.


You are mistaken.

The owner of the miner equipment does not give the endorsement.  The owner of the miner equipment submits their product to the regulatory authority.  The regulatory authority gives the endorsement.

In this case, the regulatory authority has already given the endorsement on the bitcoins mined by the manufacturer. Therefore, the bitcoins are not counterfeit.

The owner of the miner gives the endorsement and since Bitcoin can't be modified it has to be done en vertu de.

Endorsed by whom?  You?  Wow, I didn't know we were all relying on you to tell us which BTC are "real" and which ones are not.  How do you handle all that responsibility?

As I stated; because they're not endorsed. 

How does this make the bitcoins mined counterfit though?


Not sure if you're trolling but it's not a counterfit bitcoin. At the most it was the product of fraud or theft, but it's not a fake bitcoin.

It's a fact that the counterfeit Bitcoin can't be removed from circulation due to its perfection and indistinguishably from other Bitcoins.

You should tell that to the BFL customer who lost a cool $1m worth of BTC to these crooks.

Apples and oranges. Fiat is flawed and can be created out of thin air, a bitcoin mined is a bitcoin mined regardless of how it was obtained.

If somebody stole real printing press plates are those dollars printed by the thieves counterfeit?

Its just fraud thats all.