Don't buy worries from virtual money

Still, everyone has their own choice of business, investment, and trading direction. Some people work hard, some people always frown choosing to invest money in this real estate, that stock code, some people invest in virtual currency...

It must be affirmed that although virtual currency has not been recognized by Vietnamese law and has not become a legal payment method, the community of virtual currency investors is not small. From Bitcoin to Luna or recently Pi. With the keyword phrase "Pi community", after entering the search on Facebook, a series of related groups and accounts appear. From buying, selling, supporting in general to each association and group in some localities in the country. "Pi Network Hai Duong" also exists.

Bitcoin virtual currency. Illustration photo

Remember, at the end of May 18, 2022, on the Coindesk floor, when the exchange rate was equivalent to more than 100 USD, the price of each Luna virtual currency fell to 0.0001 USD. Simply put, any investor who spent 1 billion VND to buy Luna now earns 1,000 VND. After just one night, many people lost their homes, assets, and savings because of virtual money.

The collapse of Luna seems not to have rung a loud enough alarm bell to warn people about virtual currency. Another reason may be that investing in virtual currency has become a “drug”, making many people addicted. When one coin collapses, they look for another, as long as there is virtual currency, people will invest again, and invite relatives and friends to invest together. Gradually, a mentality of investing quickly, mining quickly, lest by the time the virtual currency increases in price, it will be too late to regret.

Talking about Pi, the virtual currency that is a “hot trend” recently. This currency does not require investment, just install an application called Pi Network. After installing the application, the user’s account will automatically increase the number of Pi coins on the condition that the application must be opened to “check in” every day. The more people you invite to participate, the faster the Pi mining speed.

Because it costs nothing, just open the application, Pi has become a hit in Vietnam in general, and Hai Duong in particular. However, to verify identity, users must provide personal information. You can have Pi without spending money, but you face the risk of having your personal information stolen. Nothing is free. Yet many people still ignore it.

Not only virtual currency, recently some Vietnamese enterprises have issued so-called electronic stocks. They call it internal trading electronic stocks. One person participates in inviting another, and so on, one by one, they pour real money into buying virtual stock codes. Electronic stocks are even more dangerous than virtual currency, although their nature may not be much different. Investing money in stocks still sounds more "intelligent" than investing in virtual currency, and so this product attracts customers.

I have met many people who talked endlessly about a type of electronic stock of a company that had been established for less than a year. It sounded great, but when I asked about stocks, no one knew what they were or what the regulations were. They just called the company, invested in it, and followed suit.

Everyone needs to be alert when investing in virtual currency! If you want to invest, you need to have a firm grasp of financial knowledge, at least the basic concepts and regulations of investment channels, do not follow the crowd. If you lack financial knowledge, do not rush to invest because then it is no different from playing a game of chance, gambling. Sanctions also need to be strong enough to deter; need to be stronger in detecting, handling, and purifying illegal and fraudulent financial models, contributing to creating a transparent business environment.

TWO WALLS