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  • Coinbase Survey Reveals: Over 60% Singaporeans Own Cryptocurrency – A Deep Dive into Their Investment Trends

    Coinbase Survey Reveals: Over 60% Singaporeans Own Cryptocurrency – A Deep Dive into Their Investment Trends

    Cryptocurrencies have gained significant traction in Singapore, with the majority of its citizens having some level of interaction with the digital asset, as revealed by a recent survey.

    Singaporean Interest in Cryptocurrencies

    A substantial portion of Singaporeans, amounting to 61 percent, are in possession of some form of cryptocurrency, according to recently published survey data. Unsurprisingly, the predominant demographic among these investors are individuals aged 18 to 34 years, who make up 70 percent of the group. Of these, about 68 percent are male.

    Investment Approach: HODL vs Trading

    The study also revealed the investment habits of cryptocurrency owners. The majority, 58 percent, were found to be long-term investors, a strategy commonly referred to as HODL or “hold on for dear life”. On the other hand, 22 percent were classified as occasional traders, with another 20 percent identified as active traders. Remarkably, 42 percent of the survey participants had been investing in cryptocurrencies for over two years.

    The investment allocation was also explored in the study, with 74 percent of respondents stating that 10 percent or less of their portfolios was invested in digital assets. These portfolios typically contained an average of three different types of cryptocurrency. The median portfolio size ranged within S$3,000 ($2,300) to S$5,000.

    Cryptocurrency Price Predictions

    Looking ahead, 25 percent of the respondents anticipate the price of Bitcoin to reach between $100,000 and $150,000 within the next year. Meanwhile, 15 percent predict a rise above $150,000. However, the majority hold a more conservative prediction, expecting the value to fall within the $50,000 to $100,000 bracket. Only 18 percent of the respondents foresee Bitcoin dropping below $50,000. The price of Bitcoin at the time of the survey’s publication was approximately $86,000.

    The data for this report was collected from a pool of 3,513 active retail investors and other interested individuals in Singapore. The survey was conducted between August 15 and August 19 of the current year.

    Questions & Answers

    What percentage of Singaporeans own cryptocurrency?
    According to a recent survey, 61 percent of Singaporeans own some form of cryptocurrency.

    What is the average investment allocation to cryptocurrencies in Singapore?
    The survey found that 74 percent of investors have allocated 10% or less of their portfolios to cryptocurrency holdings.

    What are the future price expectations for Bitcoin among Singaporean investors?
    Within the next year, 25 percent of the respondents expect Bitcoin’s price to reach $100,000 to $150,000, 15 percent predict a rise above $150,000, and the majority forecast a value between $50,000 and $100,000.

  • Singapore ranks first globally in crypto adoption

    Singapore ranks first globally in crypto adoption

    Singapore has secured the top spot globally in crypto adoption this year, thanks to high scores in technology and regulatory environment, according to a recent study.

    The country scores 9.5 over 10 in innovation and technology, 9.1 in economic factors, and 8.3 in regulatory environment, according to the Henley Crypto Adoption Index 2024 by British investment migration consultancy Henley and Partners.

    Three other parameters that the company used to rank the level of crypto-friendliness among countries and territories were infrastructure adoption, public adoption and tax-friendliness.

    Hong Kong (China) came second with the highest score in economic factors, 9.8.

    It was followed by the United Arab Emirates, the U.S. and the U.K.

    Henly said that it studied crypto-friendly countries that host investment migration programs, based on their adoption and integration of cryptocurrencies and blockchain.

    Its index provides crypto investors with a comprehensive overview of the extent to which these countries are embracing this emerging technology.

    In another study, Henley found that the number of individuals holding more than US$1 million in cryptocurrency assets worldwide has doubled over the past year, reaching 172,300 as of June-end.

    There are now 28 crypto billionaires in the world, it added.

    In another report released earlier this year, crypto payment firm Triple-A said that Singapore boasts one of the highest crypto ownership rates globally.

    Around 24.4% of its population own crypto assets, compared to the global average of 6.8%.

    Bitcoin, the leading crypto, surged to a new peak of over $73,000 in March and is now hovering around $59,000.

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  • Bitcoin Disciples on the Road to Freedom

    Bitcoin Disciples on the Road to Freedom

    Julian Assange is a free man after 12 years of embassy asylum and prison. To some, he is a hero and martyr fighting for democracy and press freedom; to others, he is a dangerous traitor. His story, and that of the Wikileaks platform, is closely intertwined with Bitcoin.

    Wikileaks founder Julian Assange has pleaded guilty to one charge in a U.S. court on the island of Saipan in the Northern Mariana Islands, a U.S. overseas territory. Now he is a free man and has since arrived in his homeland of Australia.

    The story of Assange and Wikileaks is closely linked to the cryptocurrency Bitcoin. In 2010, Assange released a flood of military documents through the platform, which had been provided to him by analyst Bradley Edward Manning (now Chelsea Manning). These documents revealed numerous human rights violations by the U.S. Army in Iraq and Afghanistan, sparking a storm of sanctions, including financial ones.

    By 2013, all of Assange’s accounts and credit cards were frozen. The rescue came in the form of Bitcoin. Only through the cryptocurrency was the whistleblower platform able to continue operating.

    Along with the media storm that ensued, Bitcoin was reported on for the first time outside of geek media. Just months later, the figure of Satoshi Nakamoto, who is considered the inventor of the cryptocurrency, disappeared without a trace.

    To this day, it is not definitively clear who or how many people are behind the name. «It would have been nice to get this attention in another context,» reads one of Nakamoto’s last posts. WikiLeaks has kicked the hornet’s nest, and the swarm is headed towards us.

    Assange was also an early fan of Bitcoin. He saw a connection between the artificial currency and his ideology that civil society must organize itself outside and apart from existing structures. Bitcoin is a revolution, he wrote in 2011. Cryptocurrency is the «true Occupy Wall Street» and one of the most interesting developments on the internet.

    From then on, Wikileaks preferred to collect donations in Bitcoin. These played a significant role in the years-long tug-of-war over Assange’s fate. According to a report , Wikileaks benefited from the strong increase in Bitcoin value in recent years.

    For his chartered flight journey, which will take him from London via a stopover in Bangkok and Saipan to his homeland of Australia, Assange will owe the Australian government 520,000 dollars, his wife Stella Assange said on social media. A crowdfunding platform has been set up for that goal.

  • Three of the Biggest Asian Cryptocurrency Projects

    Three of the Biggest Asian Cryptocurrency Projects

    As we’re sure you’ve seen, cryptocurrencies and blockchain technology have become very popular over the past decade, gaining ground in all markets, including Asia. It is for this reason that numerous exciting cryptocurrency and blockchain projects are currently being developed in Asia, having the ability to have a significant impact on a variety of industries.

    Here, we’ll show you three of the most exciting cryptocurrency projects to have come out of Asia in recent years. If these have inspired you and you’re looking to get ahead of the curve when it comes to presales for the next best Asian cryptocurrencies, you can read more here.

    1. NEO

    In case you’re unaware, NEO is a blockchain platform developed in China and was launched in 2014, although it is sometimes known as Antshares, which is its old name. Referred to as the “Chinese Ethereum” by many because of how similar they are, NEO was the first large-scale blockchain project to be released in China. With a proof-of-stake consensus mechanism and the ability to support smart contracts, NEO clearly has a lot of potential and should be watched with interest.

    Despite China not having a free market, as we can see in the West, NEO is interesting to investors because it was a strong focus on enterprise adoption. The NEO technology is still being developed, but it already has numerous partnerships with major Chinese businesses. China appears keen to get ahead of the blockchain curve, with attitudes towards cryptocurrencies seeming to soften in Beijing.

    As of June 2023, NEO has a market capitalisation of over $615 billion and a price of around $8.70 per coin.

    2. VeChain

    Like NEO, VeChain is an Asian blockchain project. It was founded in Singapore way back in 2015 and has a strong focus on supply chain and product management, using RFID technology to make the supply chain process more transparent and accountable.

    Unlike many projects that are yet to demonstrate real-world value, no matter how interesting, VeChain has a number of real-world applications that have value. As it stands, VeChain is currently being used by a number of luxury brands to track the authenticity of their products.

    As of June 2023, VeChain has a market capitalisation of over $1.39 billion and a price of around $0.019 per coin.

    3. Conflux

    The newest inclusion on our list, Conflux is another Chinese blockchain project that was launched in 2018, focussing on decentralised applications with high-performance capabilities. Like NEO, Conflux uses a proof-of-stake consensus mechanism, while it also supports smart contracts.

    Having a focus on decentralised applications (dApps), it has a number of key features, including a low transaction cost and the ability to process numerous requests simultaneously. Despite being a high-performance project, it also uses sustainable technology and is energy efficient.

    As of June 2023, Conflux has a market capitalisation of over $612 million and a price of around $0.2 per coin.

    What Does the Future Hold?

    Countless cryptocurrency and blockchain projects are of great interest, with many being developed in Asia. The future for projects coming out of Asia looks bright, with China positioning itself to be a key player in the digital currency market. There’s no way we can predict how the market might move in the future, but by doing your research and watching the market, you’ll always stand a better chance of getting the results you want.

     

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  • Vietnam cryptocurrency miners install more rigs as Bitcoin climbs

    Vietnam cryptocurrency miners install more rigs as Bitcoin climbs

    Cryptocurrency prices have surged this month, prompting Vietnamese to install mining rigs although it’s not yet a lucrative trade.

    The price of Bitcoin increased from $18,000 to $21,000 on Jan. 14 and has moved sideways since then. The prices of many other cryptocurrencies, including ETC, Aleo, Kat, and ERG have also risen this month.

    Thien Binh, a seller of cryptocurrency mining rigs in Vietnam, said that people had bought many second-hand Asic rigs to mine Doge over the past week.

    On average, an old Asic Baikal G28 model costs VND13 million ($550.8), one-third the cost of a new machine. If the current Doge price of $0.08 remains unchanged for months, miners will break even after 9-10 months.

    A veteran miner said: “We are buying more rigs because mining is still easy now. We will eventually make profits if the Bitcoin price maintains its current level ($21,000).”

    Binh Minh, who owns many rigs in the southern province of Dong Nai, said some people have heavily invested in installing big networks of rigs to mine ETC and Bitcoin.

    Some miners are depositing their rigs at solar farms to cut down electricity costs and increase profits. Most miners use grid electricity.

    According to Hoang Quan, the administrator of a cryptocurrency mining community with nearly 70,000 members, mining is not lucrative at the moment, thanks to the current price of electricity and cryptocurrencies. But he said the recent increase in cryptocurrency prices is still good news ahead of the Tet holiday (Lunar New Year), which falls in late January.

    Some experienced miners said that although the Bitcoin price is rising, the cryptocurrency market is inherently unpredictable, and miners may face more difficulties in the coming time.

    Vietnam had the second highest rate of cryptocurrency use among 74 economies surveyed in 2021, according to market data provider Statista.

    However, cryptocurrency has not been recognized as legitimate currency in Vietnam. Its central bank has warned that owning, trading and using cryptocurrency is risky and comes with no legal protection.

  • FTX Debacle Promts Revolut to Delay its Cryptocurrency Launch

    FTX Debacle Promts Revolut to Delay its Cryptocurrency Launch

    Revolut is delaying its entry into cryptocurrencies, postponing the launch of its RevCoin in the wake of the collapse of the FTX exchange.

    Switzerland’s most popular neobank, Revolut, is holding back on its planned entry into minting its cryptocurrency.

    We are scoping the market conditions and assessing the best time to launch RevCoin in the coming months, a spokesman for the UK’s most valuable fintech told the news outlet. Revolut initially planned to launch RevCoin towards the end of last year, but management opted for a delay as FTX imploded in November.

    The project was confirmed in an interview CEO Nik Storonsky conducted with The Block in May of last year. RevCoin will run on Ethereum and work similarly to airline mileage incentive programs, with users earning rewards on how frequently they use the service.

    Storonsky is an ex-Credit Suisse derivatives trader who founded Revolut in 2014. He is worth $7.1 billion, according to Forbes.

    In Switzerland, the neobanks services are available via Credit Suisse.

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  • Bitcoin Suisse Partners With Lukka

    Bitcoin Suisse Partners With Lukka

    The Swiss crypto services provider will use the US crypto data specialist’s enterprise software to manage transaction data.

    Swiss crypto Bitcoin Suisse is partnering with US crypto software and data specialist Lukka to support its middle and back office operations and further improve its systems. Lukka’s data and software are designed specifically for crypto and blockchain data, providing Bitcoin Suisse and its institutional client’s wide-ranging asset coverage and flexible reporting, according to a media release Thursday.

    Bitcoin Suisse is focusing on institutional grading for its professional private and institutional clients to be at the forefront of the growing demand in this client segment, said CEO Dirk Klee. He added, this marks the beginning of an integrated technology partnership that strengthens institutional- crypto asset support in Switzerland’s Crypto Valley.

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  • Why cryptocurrency is gaining popularity and how to get involved

    Why cryptocurrency is gaining popularity and how to get involved

    Cryptocurrency is a digital or virtual asset designed to work as a medium of exchange. It uses cryptography to secure and verify transactions as well as control the creation of new units of a particular cryptocurrency. Essentially, cryptocurrencies are limited entries in a database that no one can change unless specific conditions are fulfilled. 

    Cryptocurrencies are decentralized – they are not subject to the control of government or financial institutions. Bitcoin, the first and most well-known cryptocurrency, was created in 2009 by an anonymous person or group known as Satoshi Nakamoto.

    Since then, numerous other cryptocurrencies have been created. These are frequently called altcoins, as a contraction of bitcoin alternatives. Altcoins include Litecoin, Bitcoin Cash, Ethereum and hundreds more. To get a crypto coin, you have to buy them from a broker. For example, if you want to buy cardano, you must first locate a good broker that is trusted then open an account with them. From there, you can easily get your coins using the payment method that fits you. 

    Cryptocurrency is stored in a digital wallet and can be used to purchase goods and services. Some people invest in cryptocurrency with the hope that it will appreciate in value (like investing in stocks, gold, real estate). But most people trade it like currency – buying low and selling high within a short timeframe, often within hours or even minutes.

    Cryptocurrency and its potential to take over traditional fiat currency

    Cryptocurrency has the potential to take over traditional fiat currency for a number of reasons. First, cryptocurrency is not subject to inflationary pressures like the fiat currency is. This means that cryptocurrency can maintain its purchasing power over time, whereas fiat currency will gradually lose value as more and more units are produced.

    Second, cryptocurrency is much more efficient to use than fiat currency. Transactions can be processed very quickly and at a very low cost using cryptocurrency. This is in contrast to fiat currency, which can take days or even weeks to process a transaction, and which often incurs high fees.

    Third, cryptocurrency is much more secure than fiat currency. Cryptocurrency transactions are verified and recorded on a public blockchain, which makes it very difficult for anyone to fraudulently alter or reverse a transaction. In contrast, fiat currency transactions are often processed through centralized intermediaries (such as banks) which are vulnerable to hacking and fraud.

    Fourth, cryptocurrency offers greater privacy than fiat currency. When you make a transaction with cryptocurrency, your personal information is not attached to the transaction like it would be with a credit card or bank transfer. This makes it much harder for someone to track your financial activity or steal your identity.

    For these reasons, cryptocurrency has the potential to eventually replace traditional fiat currency as the preferred medium of exchange worldwide.

    How cryptocurrency is becoming more mainstream

    Cryptocurrency is becoming more mainstream as a means of payment and investment. As a payment method, it offers a number of advantages over traditional methods such as credit cards or cash. For one, transactions made with cryptocurrency are generally faster and more efficient than those made with traditional methods. In addition, cryptocurrency is often less expensive to use than traditional methods, making it a more attractive option for businesses and individuals alike.

    As an investment, cryptocurrency offers a number of potential benefits. For one, the value of many cryptocurrencies has seen tremendous growth in recent years, meaning that investors who get in on the ground floor could see significant returns. 

    Additionally, cryptocurrency is often seen as a more volatile investment than traditional options such as stocks or bonds, meaning that there is the potential for greater short-term gains. Finally, because cryptocurrency is still relatively new and largely unregulated, there is a great deal of potential for future growth and development in the space.

    How to get started in investing in cryptocurrency

    There are a few things to keep in mind before investing in cryptocurrency. First, do your research and make sure you understand the risks involved. Cryptocurrency is a volatile, and prices can fluctuate wildly.

    Second, only invest what you can afford to lose. Cryptocurrency is a risky investment, and you should never invest more than you can afford to lose.

    Third, diversify your portfolio. Don’t put all your eggs in one basket, and don’t put all your money into one coin. Diversifying will help mitigate some of the risk involved in investing in cryptocurrency.

    Fourth, be patient. The cryptocurrency market can be very volatile, and it takes time to see real returns on your investment. Don’t expect to get rich quick with cryptocurrency; it’s a long-term investment.

    Finally, don’t forget to report any gains or losses on your taxes. Cryptocurrency is subject to capital gains tax, so make sure you keep track of your profits and losses so you can properly report them come tax time.

    What should I consider before investing in cryptocurrency?

    There are a few things you should consider before investing in cryptocurrency, such as:

    – How volatile the market is.

    – What is the potential for growth?

    – What are the risks?

    – How easy is it to buy and sell?

    – What fees are involved?

     

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  • Cryptocurrency poses risk of money laundering

    Cryptocurrency poses risk of money laundering

    There is a big risk that cryptocurrencies will be used in Vietnam for laundering money since there is no legal framework to regulate them, a lawmaker has said.

    Vietnam is among the top countries globally in terms of cryptocurrency ownership but it does not even recognize the asset, Duong Van Phuoc from the central province of Quang Nam said at a meeting Wednesday.

    “Cryptocurrencies could be used by criminals to fund terrorism,” he said, adding that digital asset criminals are not getting caught due to the lack of regulations.

    He called for including cryptocurrencies and other digital assets in money laundering laws.

    State Bank of Vietnam governor Nguyen Thi Hong said there have been similar proposals before but the government has yet to decide which authority could be entrusted with overseeing them.

    According to digital currency payment company Triple A, around 5.96 million Vietnamese, or 6.1% of the population, own cryptocurrencies.

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  • Stores’ claims of accepting Pi payment turn out to be misleading

    Stores’ claims of accepting Pi payment turn out to be misleading

    Some stores accept payment in cryptocurrency Pi but only partially and require buyers to pay mainly in cash.

    “I saw a post selling a used iPhone 11 and thought I could buy it with a dozen Pi tokens,” Thanh Son of HCMC said.

    But it turned out he could only pay 10 percent with Pi and the remaining VND12.5 million ($535) had to be paid in cash.

    “I can easily buy the same phone for VND12.5 million without spending a single Pi,” he said wistfully, adding it was a trick sellers used to entice Pi owners.

    He later contacted some other sellers and got pretty much the same answer.

    “Some places require a smaller proportion of cash but they undervalue Pi.”

    Some investors had begun to claim they bought food and equipment using Pi on social media since July 13 when the cryptocurrency’s developers allowed it to be traded.

    Cryptocurrencies are not legal tender in Vietnam, and issuing, trading or using one for payment attract fines of up to VND100 million.

    Sellers try to avoid legal risks by calling deals using Pi “exchanges” rather than “transactions.”

    A person who asked not to be identified said they had put down a VND10 million deposit for a car after the dealer made an offer “exclusively for the Pi owner community.”

    But the seller actually does not accept payment using Pi.

    He reportedly told the person: “Once Pi enters the open mainnet phase, you guys, Pi owners, can offer it for legal tender. Then you bring the legal tender to us and take your car.”

    The dealer claimed over 100 people had deposited. It is far from clear when, and if ever, the crypto will become legal tender.

    There is a chance the people would lose their deposits, an expert warned.

  • Vietnamese buy Bitcoin in hope it has bottomed

    Vietnamese buy Bitcoin in hope it has bottomed

    Many investors are buying Bitcoin after the cryptocurrency’s price fell to US$20,000, its lowest level since December 2020. Thanh Binh of HCMC says he turned off notifications on his crypto trading app after buying it at $38,000 and losing over VND40 million ($1,720).

    But he has returned and bought a 10th of a token after prices dropped below $20,000.

    “The market has bottomed out and will recover by the end of this year, and so this is the right time for buying in,” he says hopefully.

    Hai Ly of the southern province of Dong Nai has invested VND70 million in Bitcoin and Ethereum, the two largest tokens by market cap. She wanted to diversify her portfolio and thinks their current prices are reasonable.

    She says Bitcoin operates in four-year cycles, and prices fall sharply at the end of each cycle before scaling new peaks.

    “The current cycle started in January 2019 and ended between May and July this year. Considering other factors, the current crypto slump is not abnormal.”

    Prices will recover and hit a new peak by mid-2023, she says.

    Many investors see an opportunity in the current fall in cryptocurrency prices though the recent sell-offs wiped billions of dollars from the market.

    Search related to Bitcoin has surged to the highest levels in a year according to data from analytical website Google Trends.

    Hope is also fueled by rumors that Binance, the largest cryptocurrency exchange, has quietly bottom fished a large amount of Bitcoin.

    Over 100,000 tokens have been added to the exchange’s cold wallet (physical device that keeps cryptocurrency completely offline), crypto-focused site Coingape has discovered from on-chain data.

    They amount to 0.5 percent of all mined Bitcoin and are worth over $2 billion at current prices. But CEO Changpeng Zhao denies it, saying the increase “means more users deposited in Binance.”

    Money is also coming into crypto-centric investment funds. They have raised over $125 million in the week ended June 6 and $506 million in the year-to-date, asset management company CoinShares reported.

    Short-term Bitcoin funds, mainly used for speculating on the cryptocurrency’s slump, received $1.3 million. Bitcoin is being traded the fastest in a year, Yahoo Finance said.

    But there are risks associated with bottom fishing Bitcoin and other cryptocurrencies, experts warn.

    Le Sy Nguyen, ASEAN regional manager of crypto exchange Bybit, says current prices are not attractive.

    The collapse of cryptocurrency Luna and its paired stablecoin Tether, and recent interest hikes in the U.S. have greatly affected market sentiments, with many investors opting out trading on extreme fear.

    “Anything can happen in this [volatile] period, which poses great risks to investors who try to benefit from bottom fishing in the short term.”

    He says investors should invest for the long term or wait until the market stabilizes. “But no one can be sure whether it has hit bottom.”

    The slump could prolong until the end of this year, he says.

    The founder of a digital assets startup, who does not want to be named, says it is impossible to give advice on whether to buy or not at the “current sensitive time.”

    “It is inappropriate to evaluate digital assets using methods used for stocks, as they do not generate income like companies The number of wallets, users and transactions are key indicators of this market.”

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  • Vietnamese regain hope in ‘next Bitcoin’

    Vietnamese regain hope in ‘next Bitcoin’

    People are rushing to mine cryptocurrency Pi prompted by news of new developments including an open mainnet launch.

    Open mainnet, which is said to allow users to trade the token for other cryptocurrencies, “will begin on 2022 Pi Day (14/3) or Pi2 Day (28/6)” depending on “the maturity of the Enclosed Network economy and the progress of KYC (know-your-customer),” its developer announced last year.

    “My two-year wait will finally pay off if everything happens as planned,” Thanh Lam, a Pi investor in HCMC said.

    Like many amateur investors in Vietnam, Lam started investing in the cryptocurrency in 2020 and now has over a thousand tokens. He quit logging into the app daily a while ago after he was disappointed with the delay by the developer.

    But he returned recently after many users were asked for KYC and the fact Pi2 Day was imminent.

    “If Pi can reach the target price of a few hundreds or thousands of dollars, my 1,000 tokens will be enough.”

    He is eagerly waiting for his KYC process, a minimum requirement for most cryptocurrencies to verify users’ legality and prevent money laundering.

    “If I am not verified, my tokens will be useless.”

    Other users take a harsher approach to the cryptocurrency. “If nothing happens by the end of June, I’ll delete the [Pi Network] app,” Ngoc Nhu, 28, from the central province of Binh Dinh said.

    “I don’t expect prices to hit thousands of dollars like others, but hope it will be of some value so that my two years of efforts are not wasted.”

    Pi Browser, the mobile app meant for the KYC, recently became the fourth most downloaded non-gaming app in Vietnam on Apple App Store, and sixth most downloaded on Google Play store.

    The search for ‘KYC Pi’ has also doubled from last December, according to analysis tool Google Trend.

    Phien Vo, an administrator of a Pi group with over 130,000 members, said: “KYC is the most important step. Next steps can only be carried out once the authentication process succeeds.”

    On Monday Pi Network’s developer said the KYC process has been completed for over half the users. There were an estimated 35 million users as of May, and up to 90,000 can be authenticated in a day.

    The developer’s promises have sparked great expectations. A poll on a Pi group found 75 percent of nearly 3,400 users believing in a ‘consensus price’ of US$6,700.

    But it is now worth nothing since it has not been listed on any exchange. Pi and other cryptocurrencies are not legal tender in Vietnam, Dao Minh Tu, the deputy governor of the State Bank of Vietnam, has said.

    “Currently, most forecasts of Pi’s value are baseless,” Vo said, adding that prices would only be determined once it enters the open mainnet phase.

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  • Vietnam’s Luna investors face turbulence

    Vietnam’s Luna investors face turbulence

    The ‘revived’ Luna cryptocurrency has dashed many investors’ hopes by falling to an all-time low. Hoang Anh, a marketer in Hanoi, said he owns both the new and old versions of Terra’s cryptocurrency, Luna and Lunc, or Luna Classic.

    He had viewed Lunc, whose market cap has fallen to less than a billion dollars from US$40 billion a couple months ago, as a gamble, but was hopeful about the new version.

    Like many other amateur investors, he too bought Luna in early June at $8 a token after it had doubled to over $11 on May 31. But it has since plummeted to $2-3 despite a rebound in most large-cap cryptocurrencies.

    Anh said he had to sell to cut a portion losses, but kept the rest in the hope the price would recover following measures by the development team.

    Another Hanoian investor, Duc Duyet, bought $1,000 worth of Luna on May 31 as a long-term investment and also bought some Lunc to try bottom-fishing.

    But Luna has lost over 70 percent of its value since, while Lunc has fallen close to his cost price after making some gains.

    “Perhaps I should delete the trading app so that I don’t have to worry about it any more.”

    The Luna investor community in Vietnam is in pain. Some bought not only Luna and Lunc but also some other Terra-related cryptocurrencies like ANC and USTC. Overall, their values have fallen by at least 20 percent.

    “Are we being scammed for a second time, everyone?” Ngoc Bach, an investor, posted in a cryptocurrency group.

    In those groups, members are divided into two camps: some still have faith in the development team and are holding on to the tokens, waiting for prices to surge, but others have thrown in the towel and sold out.

    Nguyen Tien Bac, an administrator of a group, said many Vietnamese investors are still looking to profit from Luna and Lunc.

    They believe Lunc, once among the top 10 cryptocurrency by market cap, is “too big to fail” while the new Luna reached the billion-dollar mark immediately after listing.

    But Bac warned that prices are unlikely to climb any since supply of tokens in the trillions now.

    “Gains, if any, will possibly be because of manipulation.”

    A recent expose and the development team’s silence have dragged Luna’s price down, according to the blockchain-focused website CryptoSlate.

    On June 6, a Twitter-based Terra community whistleblower known as “FatMan” revealed that Terraform Labs, developer of Luna, and its founder Do Kwon had other secret and shadow wallets holding at least 42 million LUNA tokens, worth over $200 million.

    This went against their claim of only issuing to the community and not holding any Luna.

    Terraform Labs has yet to respond to FatMan’s allegation.

    Do Kwon’s Twitter account has also been silent about future plans recently, and even went private for some time, heightening investor fears over crypto rug pulling.

    CoinDesk reporter Krisztian Sandor said investing in either Luna or Lunc was “highly risky at this point”.

    “It’s like purchasing a house burned down to ashes or putting money upfront for plans that only exist on paper, respectively.”

    He called Lunc’s prospect “uncertain”, as developers now have little incentive to build any project on top of it.

    For the newer cryptocurrency, the challenge is how many of the numerous protocols and development teams that were building on old Terra would stick around to develop applications.

    Therefore, activity and user numbers pertaining to the new blockchain “would ultimately determine how much Luna is worth and if it will succeed,” he said.

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  • Dubious move to earn crypto copycats emerge in Vietnam

    Dubious move to earn crypto copycats emerge in Vietnam

    Hai Hoang was invited to join a ‘make love to make money’ project, a copy of the increasingly popular ‘move to earn’ crypto trend.

    The Da Nang office worker said he is curious to know how the app works, but members rarely talk about it, mainly discussing the token price.

    It is one of the many apps trying to replicate the success of the ‘move to earn’ trend, in which users spend a few hundred to a few thousand dollars to buy shoes and jog to earn cryptocurrencies.

    The ways they reward users vary, and include driving, sleeping and even having sex.

    But they have two things in common: few details are given out about how they operate, and participants are urged to invest as soon as possible to make the most profit.

    Tran Dinh, executive member of the Vietnam Blockchain Association, said some crypto move to earn projects have succeeded, but many others have collapsed, while some are just scams, he warned.

    Quan Ngoc, a move to earn game developer in HCMC said the dubious apps contribute nothing to the community, and merely create a bad image for the industry.

    Online security tool ScamAdviser gave a sex to earn app, SexN, a low trust score, saying it could be a scam.

    “We lowered the sexn.finance review score as we found several websites on the same server with a low trust score. Online scammers have a tendency to set up multiple malicious websites on one server, sometimes in the hundreds.”

    Earlier a click to earn app called CryptoBike was accused of scamming users to the tune of $1.4 million.

    SleepN, a sleep to earn app that attracted the crypto community’s attention, turned out to be a joke.

    “Many apps are ponzi schemes in disguise, trying to scam new investors,” Dinh said.

    Users should research the market to avoid dubious apps, analysts said.

    In the past it was not uncommon for blockchain developers to stay anonymous, but many have decided to come out to demonstrate their projects’ legitimacy following many scams.

    It is imperative that users find out about the development team before deciding to invest, Dinh said.

    He pointed out that move to earn scams are not confined to Vietnam but also plague more developed markets like the U.S. and Europe.

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  • Crypto Platform Sponsoring World Cup in Qatar

    Crypto Platform Sponsoring World Cup in Qatar

    FIFA announces the world’s fastest-growing cryptocurrency platform as a sponsorship partner of this year’s World Cup soccer tournament held in Qatar.

    Crypto.com will be the exclusive cryptocurrency trading platform sponsor of World Cup Qatar 2022, the Federation Internationale de Football Association (FIFA) announced Tuesday in Zurich, expanding its reach in global sports.

    The sponsorship includes opportunities for some of the more than 10 million users of the platform to attend matches and win exclusive merchandise, FIFA said.

    Sports sponsorship is nothing new to Crypto.com, whose beneficiaries include Formula 1, MMA, basketball, ice hockey and soccer. The company also has naming rights for a sports and entertainment venue in Los Angeles; the Crypto.com Arena.

    «Through our partnership with FIFA, we will continue to use our platform in innovative ways so that Crypto.com can power the future of world-class sports and fan experiences around the world,» said Kris Marszalek, co-founder and chief executive officer of Crypto.com.

    The World Cup will be held in Qatar from November 21 to December 18, 2022

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