Alright time to summarise what we learned so far in Shadows Amidst Snowstorms! Spoilers for Part 1 and 2 of the event!
I have two theories on what is going on in the event. First one being Fakebedo in Part 1 and Part 2 are different, the second one being that they are the same. Let's start with the first.
I think the Fakebedos are different because of the differences in speech. The manner of speaking of Part 1 Fakebedo sounds more human than Part 2 Fakebedo. For example, Part 2 fakebedo mostly short responses and stayed quiet most of the time whereas Part 1 Fakebedo seemed to talk more to us (ie: about being useless, the paint, etc). Additionally, Traveller also pointed out that the Fakebedo in Part 2 seemed different than the one we met in Part 1.
In the end of Part 2 where Albedo has his monologue, we see another Albedo without a star looking down at Albedo. This I think is the Fakebedo in Part 1 who stole Albedo's notes. He is Rhinedottir's failed experiment while she was conducting the Primodial Human Project aka the project that led to the creation of Albedo.
Of course to make a being such as Albedo, Rhinedottir must have faced a few failures. I think this specimen was close to becoming perfect but not nearly enough. As such, this failed experiment was fed to Durin to dispose of him.
Hence, this is where we get name of the event. He is the "shadow" of the successful Albedo. Maybe because of Durin's corruption in the leylines, the specimen's energy still remained and thus he was able to still live and choose another form: a completely successful Albedo with no marks to show his imperfection, with no star marking on his neck (I saw someone in the wiki suggest he could have broken out of Durin's belly which could also be possible). After being thrown away because of his imperfections, he chose not to show any imperfections (and perhaps wanted to prove that he was better than Albedo?). He was jealous of Albedo for the perfected version of himself and wanted to live his life. Thus, he sought to replace him.
I'm not sure if failed specimen! Albedo or whopperflower! Albedo was the one to lead Joel into the dangerous area since eitherway, the motivation would make sense. If it's the specimen, it is like Albedo said: he wanted to feel more human. If it's whopperflower, he was hunting his prey. But I'm nearly certain that the Fakebedo in Mondstadt at the beginning of chapter one was the failed specimen because the whopperflower wouldn't be able to hunt prey at the core of Mondstadt. Whereas the specimen could be talking to the alchemists because again, he wanted to feel human. After that he was the one who stole the notes so he could be able to properly replicate Albedo's alchemy so he can replace him. (I also think maybe the specimen may have sent out the whopperflower to confuse the Traveller since he knows we are looking for him)
One minor detail is that Part 1 Fakebedo left Traveller's side when they looked for Bennett likely because Fakebedo likely knew that traveller suspects something's up, given their close friendship with Albedo. Hence why in Part 1, Fakebedo only stalked traveller to learn of their weaknesses so he could kill them but never directly talked to them. This was confirmed by Albedo in the monologue because specimen Fakebedo needed to kill Traveller since Traveller knows of Albedo's secrets which would interfere with Fakebedo replacing Albedo.
I'm going to make the second theory shorter because it is a possibility but I don't fully believe in it because of Traveller's comment about Fakebedo in Part 1 and Fakebedo in Part 2 seeming different. If Part 1 Fakebedo and Part 2 Fakebedo are the same, it could mean that after Realbedo stabbed him, it accidentally released Durin's energy inside him which spawned the fellflower. While everyone was fighting it, Fakebedo managed to survive and escape. Because in the end, Fakebedo is still alive as proven when Albedo looks up to see Fakebedo watching him in the end of Part 2.
That's the end of my theory/speculation! Tell me what are your thoughts or if you have anything to add on
