Blockchain Vietnam – the greater the opportunity, the higher the risk

During the Leader Talks on the morning of May 10, Ms. Lynn Hoang, Head of Binance Southeast Asia, said that Vietnam continues to be a bright spot on the world map, standing in the top 10 markets of Binance on the world map. multiple product lines. Many projects built by Vietnamese people have become global icons in a number of fields. In addition to well-known products in the international market, the team of Vietnamese engineers continues to build many new projects to form a rich ecosystem with many derivative products, many millions of dollars from investment funds. International investment continues to flow into the Vietnamese blockchain market.

However, besides the optimistic signals, the market also witnessed many risks, even bad news. According to her, the market is entering a stage of purification, projects that are not competitive enough will gradually disappear from the market.

“This is the ‘turbidity’ phase of the market, there will be both bad news and good news coming together, we should prepare psychologically, should not put too many expectations. Any market also have to go through these adjustments, not just crypto or blockchain,” said Binance Southeast Asia Director.

Meanwhile, Nguyen Viet Dung, CTO Krystal of Kyber Group, said that in technology, fraud is not uncommon, even with old technology. One common feature, scams are often aimed at new users, not too tech-savvy. Blockchain is a new technology, many people involved in this field actually do not understand what it is, how it works. Most projects are still young, so many parties take advantage of that to benefit themselves and their projects.

“In addition, with decentralization, it will be more difficult to make policies and regulations to protect blockchain users than other markets. This is also the reason that we see many scams in this market.” Mr. Dung said.

However, Ms. Lynn Hoang affirmed that fraud is not a problem of the Vietnamese market alone. “As an example, large investment funds in the world continue to pour millions of dollars into the Vietnamese market.

From a project developer’s perspective, Mr. Dung believes that bad projects will lose users’ trust in blockchain in general. Experts say that in any market there will be “builders – breakers”, but when it comes to scam projects, one must consider what a scam project is. According to Mr. Dung’s observation, the majority of users participating in blockchain are investments. “Whenever there is no word, they will say it’s a scam, so it will be very disadvantageous for the project,” Dung said.

He divides risks in blockchain into three categories. First, projects go to raise capital and then cheat users’ money, call for investment and then hide, buy a house and buy a car, then don’t do projects anymore. This is a scam problem. Second, projects get hacked, resulting in users losing money. What no one wants, but the fault is still on the projects and they need to be held accountable. The third is that projects cannot deliver the products they promised to users, leading to stories of users losing trust, tokens depreciating and being labeled as scams.

“With projects that can’t be delivered, I don’t think it’s a scam. Blockchain and crypto market capitalize a lot. The bigger the opportunity, the higher the risk and still many people jump in. Blockchain is a new technology, It is very difficult to understand even for those in the industry, so it is not expected that users will fully understand blockchain. The bad guys will take advantage of this and transform in one way or another,” Dung said.

Sharing about how to protect herself when the market is volatile, Ms. Lynn Hoang said that the best and most long-term way is to improve the community’s understanding. “People can equip themselves with knowledge by accessing reputable knowledge sources like Binance Academy, the Blockchain Universal forum, or on press channels like the Digitalization page of the company. VnExpress” said Mrs. Lynn.

Dung said that developers also need to improve their knowledge to protect themselves and better understand the market. Experience from failure when making products, he believes that with new technology, in an unstable market like blockchain, the lesson for project teams is to be persistent, persistent, believe in what they do. doing. “If you believe that the product you are doing will bring real value to users, be confident. Even if the market goes down, don’t be afraid, your job is to continue building. If it is really useful, bring it to life. value, there will come a time when users will see that value and the project will be successful”, Mr. Dung shared.

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