so how does anybody REALLY know that the people who sell cryptos are not making counterfits on the side and selling those too?

Uh...cause of the blockchain. That's like the whole concept behind crypto.

and what prevents somebody from creating a fascimile of another block chain that already exists and presenting that information with the one that you bought?

if there are millions of coins out there, how do you know that yours is not just a copy or a pointer to another one out there?

Because there would be no miners (accountants) to mine the fake blockchain.

they do.



this is how it has been done.

If people that use their imagination to "poke holes" in blockchain technology actually used their energy to learn how the technology works instead constantly inventing critiques that don't make sense, they would understand a lot about blockchain.

"If it's digital how come people don't counterfeit it?"

Gee you're the first person who thought of that in 10 YEARS.

If you want to know how it works, stop resisting and just freaking learn how it works.

so you don't know either

Dude take a course on blockchain technology if you want to know. There's no point in explaining it to you because it would be lost on you. I can tell you one thing I didn't learn what I know by asking random questions on GLP. The ledgers are immutable... if you understood what that means you wouldn't ask the question. Yes, I do understand what that means, I'm giving you a clue but you gotta put some effort in my friend. You're projecting your lack of knowledge on others who do know. If you want to make a real critique then at least give people shit about the 51% vulnerability and tell them they are fucked when quantum computing becomes commonly available to blackhat actors and nation states... this is Crypto 101 knowledge but nooo you're too lazy to even have learned that.

The article posted above about the Quadriga heist has nothing to do with "counterfeit" crypto, some guy stole the private keys that people foolishly entrusted him with.

Counterfiet crypto is pretty low on the threat scale.

If you're worried about getting scammed in crypto. We have seen some dodgy exchanges come and go, where people lost their coins. That's why if you aren't actively trading on an exchange (that you've decided to trust.) You should keep your crypto in your own wallet.

Beyond that some have lost crypto due to malware targetting crypto wallets. So you could keep your wallet on a virtual machine, or dedicated machine devoted only to your crypto activities.

The real tragedies come when people lose the seed keys to their wallets. They have X amount of bitcoin in there worth a fortune, and they can't access it because the password is forever lost.

Or when their laptop or phone is stolen, and they never backed up the seed key.

The real danger though comes from buying a coin, and not really understanding WTF you just bought. It is so easy to fork an existing coin and slap a name on it like tardcoin, and say it's the next big thing.

Take dogecoin for instance, how many people buying it now know that there is an unlimited supply? That means it is a purely speculative momentum play, and the bottom WILL fall out and there will be a lot of bagholders.

Bitcoin by comparison is limited to 21 million (yes, there are all those little Satoshis), but dogecoin will come and go and bitcoin will still be a thing.

Bitcoin has problems too, with advanced blockchain analytics, the once sought after privacy features are no longer there. So with bitcoin you have no privacy and no fungibility.

There is one coin that meets the scarcity, privacy and fungibility requirements of a good crypto and that is Monero (XMR).

A counterfeit crypto would be impossible to add to an exchange to sell.

OP do some basic research on crypto and blockchain and you will see how it can’t happen.

op is absolutely clueless about crypto

here op, please do not participate in anything to do with crypto.
It is people like you that instantly loose their money or get scammed and then tell everyone it is all just a scam.

what a coincidence- i post this 5 days ago- and now it comes out that my instincts were correct!

let us all enjoy the people bashing this thread when i was right all along

holy shit, the amount of crypto ignorance in this thread is laughable. what a bunch of fucking idiots.