[ Bitcoin ] You Can't Fake Bitcoin: CBP Seizes $3.6M in Counterfeit Notes Along Canadian Border
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Is the Bitcoin economy to implode anytime soon? (New academic paper)
Just wanted to bring this new paper to you. If going to comment, please engage with the arguments. Abstract This paper discusses the economics of how Bitcoin achieves data immutability, and thus payment finality, via costly computations, ie "proof-of-work". Further, it explores what the future might hold for cryptocurrencies modelled on this type of consensus algorithm. The conclusions are, first, that Bitcoin counterfeiting via "double-spending" attacks is inherently profitable, making payment finality based on proof-of-work extremely expensive. Second, the transaction market cannot generate an adequate level of "mining" income via fees as users free-ride on the fees of other transactions in a block and in the subsequent blockchain. Instead, newly minted bitcoins, known as block rewards, have made up the bulk of mining income to date. Looking ahead, these two limitations imply that liquidity is set to fall dramatically as these block rewards are phased out. Simple calculations suggest that once block rewards are zero, it could take months before a Bitcoin payment is final, unless new technologies are deployed to speed up payment finality. Second-layer solutions such as the Lightning Network might help, but the only fundamental remedy would be to depart from proof-of-work, which would probably require some form of social coordination or institutionalisation. Personally, I'm no longer in the Proof-of-Work world. I moved to Proof-of-Stake long ago. PoW are getting 51% attacks more often too. Might implode anytime soon.
05-29 14:34 - 'The tragic irony of the George Floyd murder is that 911 was called because he was using "counterfeit" money. Meanwhile the Fed money printer goes Brrrrr all day long... but that's "legal" counterfeit. The...' (self.Bitcoin) by /u/the420chronicler removed from /r/Bitcoin within 3-13min
04-22 21:05 - '💳💳💳FAST FAKE ID SERVICES||BUY FAKE IDS||REAL PASSPORTS, UNDETECTABLE COUNTERFEIT BANKNOTES, CREDIT CARDS AND DRIVERS LICENSES||WORLDWIDE SHIPPING TO CANADA,AUSTRALIA ,USA AND EVERY STATE.OUR NOVELTY IDS INCLUDES UV...' by /u/TopCounterfeitMoney removed from /r/Bitcoin within 49-59min
''' 💳💳💳FAST FAKE ID SERVICES||BUY FAKE IDS||REAL PASSPORTS, UNDETECTABLE COUNTERFEIT BANKNOTES, CREDIT CARDS AND DRIVERS LICENSES||WORLDWIDE SHIPPING TO CANADA,AUSTRALIA ,USA AND EVERY STATE.OUR NOVELTY IDS INCLUDES UV LIGHTS AND HOLOGRAMS,SCANS AND PASSES THE BLACKLIGHT TEST. WHATSAPP +19375891653💳💳💳 ''' Context Link Go1dfish undelete link unreddit undelete link Author: TopCounterfeitMoney
Why would you take fiat money as payment for your goods and services. I googled " Buy counterfeit currency" and got literally hundreds of websites offering undetectable forgeries. Accept the one and only real Bitcoin instead.
Disclaimer. I am not suggesting that you try to purchase forged currencies. This would be clearly illegal advice and an illegal act in purchasing said paper. What this illustrates is how detrimental it is to accept worthless fiat money.
Bitcoin traders might not use proper methods to test cash, especially when a deal involves such a large amount of cash and might be unaware that receiving counterfeit notes is a serious risk. That’s exactly what happened in this case. The person who robbed the Bitcoin trader was living it up in luxury in the French Riviera at a top end hotel ... In a way then, the second spend was an attempt to perform a counterfeit bitcoin transaction, and there is some (well above zero) likelihood of it being technically successful. The Finney attack is another method to attempt a counterfeit against a 0/unconfirmed. - https: ... You can Buy counterfeit money with bitcoin from darkweb from www.bestqualitynotes.com , Pay with Western union, Moneygram and Bitcoin Whatsapp number : +1 (931) 269-5625 [email protected] Blockchain technology will play an important role in the battle against counterfeit goods, assuming manufacturers are willing to do something about this problem in the first place. Also read: The Final Silk Road Bitcoin Auction Has Occurred Bank of Canada Paper Concludes Bitcoin Can Be Counterfeited Evander Smart February 22, 2017 8:00 am The world is still coming to grips with an inevitable future of purely digitized society. The future of the worlds monetary system is pretty important to gain control of, hence a staff working paper was commissioned by . trending; Counterfeit Bitcoin Cryptocurrency . Counterfeit Bitcoin . Apr 2 ...
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