Dubai’s virtual currency project, the Vietnamese founder and the time when the vegetable seller and the motorcycle taxi driver all wanted to invest in virtual currencies

When the driver got on a GrabBike after the initial greeting, he excitedly bragged about getting rich with the virtual currency (coin).

The term “virtual currency” has never been discussed as strongly as it is today.

In December I had the opportunity to be invited and connected to a featured coin project in Dubai by a friend who is a lecturer at a university (the name of the coin is not mentioned).

I also found it quite surprising that this friend, who previously didn’t know much about new technology platforms or investments, invited me to participate in this project, so I also asked a few simple questions about blockchain and its algorithms. Coin This Friend Invests In.

He introduced me to a member of the investment team and when asked, I asked four simple questions: Who is the issuer of this coin? Which algorithm is used? Why does the project launched in Dubai (the domain name should be .ae) have the extension .io (I only questioned this mixed information to check the knowledge of the person inviting the investment)? And what risks does this project entail?

My answers are as follows: The issuer… (person) Vietnam, the algorithm uses blockchain (I know it’s wrong because this is just a platform), the project only advertises that it is in Dubai, but its essence is to be used in Vietnam such domain names.

As for the risk question, I was really shocked: participants deposit money to buy a package and then mobilize pre-ICO capital in rounds. If they don’t buy everything, they jump into another round of “ICO is profit”. or lose. “If you win you’ll win a lot, if you lose that’s fine. You should accept losing at any time.”

The rapid rise in the price of Bitcoin and some other virtual currencies like Ripple, Stellar, Ethereum, etc. has greatly attracted investors. Cryptocurrency projects are also emerging that follow these virtual currencies, known as ICOs for short.

ICO (Intial Coin Offering) is a project to raise capital for multi-stage virtual currency developers to sell their coins to investors via Bitcoin or Ethereum.

There are 2 types of ICOs: purebred ICOs with clear electronic applications and the aim of solving a specific problem, with their own blockchain network, such as Bitcoin, Ethereum, Bitcoin Cash, LiteCoin…

The second type is the Multi-Level ICO (MLM ICO), which is built on blockchain but mainly based on a different model. These coins are issued through capital mobilization in forms primarily hidden in the form of loans, a model of lending and charging high interest rates that involves taking money from the next person to pay the previous person.

In this form, the MLM coin producer sells coins to buyers, and the buyers loan the coins back to the manufacturer at high interest rates, only through intermediaries who act as brokers and may also be participating members to earn commissions. High commission up to 50% while the identity of the manufacturer remains hidden.

In fraudulent projects, brokers or intermediaries always represent the main advantages as high interest rates or give “examples” of success by investing in this project in the past. They skip mentioning the risks to buyers or even use psychological means to challenge buyers, thereby creating a desire to get rich quick.

The higher the profit, the greater the risk. If you can accept the risk, think about turning it into a profit!

Nguyen Le Dinh Quy

The O Young intellectuals

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