|
| ▲ | dbspin a day ago | parent | next [-] |
| Because it works... The level of counterfeit currency is readily measurable. Currency can be withdrawn and replaced. Individual stolen notes can be tracked. Counterfeiting of the dollar and the euro today is a relatively minor problem https://www.ecb.europa.eu/press/pr/date/2025/html/ecb.pr2502...
https://www.bankofengland.co.uk/statistics/banknote
https://www.cranecurrency.com/news-insights/85-decline-in-us... |
| |
| ▲ | giantg2 a day ago | parent [-] | | How do they track counterfeiting of digital currency? Most of the money supply is not physical but digital. | | |
| ▲ | lokar a day ago | parent [-] | | There counterfeiting is not the issue; it’s unauthorized transfers or alterations to the account ledger. In both cases there are many layers of backup record keeping and procedures to investigate and correct errors. | | |
| ▲ | giantg2 a day ago | parent [-] | | The checks in place seem pretty minimal. What's stopping spoofed transfers between institutions or end users? | | |
| ▲ | lokar a day ago | parent [-] | | The participants (the banks) are trusted to validate transactions before sending them, and are responsible for fixing bad transactions. And if they keep screwing up they can lose access. |
|
|
|
|
|
| ▲ | StilesCrisis a day ago | parent | prev | next [-] |
| You sound sarcastic but it's true. Unless you have government-level resources, you can't make a perfect $20 bill. They don't use paper--water would destroy it--they use a special fabric with a single supplier that only sells to the government. They don't print; they stamp. There are watermarks, security strips, and other features that can't easily be reproduced. Doing it right would be a massive investment, at the risk of being caught and losing everything. |
|
| ▲ | Muromec a day ago | parent | prev | next [-] |
| Doesn't matter as long as the real money is not disappearing from my wallet |
| |
| ▲ | giantg2 a day ago | parent [-] | | But, assuming you are like the vast majority of people, most of you money is virtual in bank accounts and such. There doesn not exist enough physical currency to back all the virtual money in the accounts. | | |
| ▲ | Muromec 19 hours ago | parent [-] | | Still doesn't matter as long as my virtual money reliably transacts and I get whatever physycal goods and services. | | |
| ▲ | giantg2 2 hours ago | parent [-] | | What about when the fed creats a bunch of money out of thin air and dilutes the buying power of your money? |
|
|
|
|
| ▲ | cedilla a day ago | parent | prev | next [-] |
| It's very very very very hard to forge money convincingly enough to fool central banks. It's basically impossible for anyone but nation-state actors, and the only known cases date back decades. Today, it's even harder, because even if central banks were unable to identify forgeries, duplicate serial numbers or ones that have never been issued would be detected very quickly. Even making forgeries that can fool normal automated tests, like those done in an ATM, is incredibly hard. It's certainly possible, just way too expensive. |
|
| ▲ | hvb2 a day ago | parent | prev | next [-] |
| It's very hard to steal a lot of physical currency.. Even with the biggest bills, it becomes unmanageable. Digitally it obviously doesn't matter if your transferring 1 Bitcoin or 10K |
|
| ▲ | CJefferson a day ago | parent | prev | next [-] |
| There are two important differences: 1) We have a legal system which (not perfectly) can reverse or fix issues which arise, with crypto money, it's just gone. 2) Someone who can produce fake colourful paper will typically only be able to produce a fairly small amount and not destabilize the whole currency. In the rare occurrences where someone found a significant hack in a crypto-currency, it's just done. |
|
| ▲ | albedoa a day ago | parent | prev [-] |
| Yes, you are getting it. |
