A majority of respondents signaled that custodial staking services for alternative coins and tokens are not of interest to them; either due to a strong conviction that only Bitcoin is the one true coin – or that the counterparty risk of trusting third parties is simply too high.
A smaller percentage of participants either admitted to struggle with the necessary basic mathematical skills to evaluate the offer – or being simply unaware that these types of services exist.
An even smaller number of participants claimed staking services are unattractive to them, since they claim to vastly outperform the offered returns with active trading.
Given the bad reputation the “cryptocurrency scene” in Vietnam in general possesses due to the rampant and abundant delivery of fraud- & “get-rich-quick”-schemes, these results were a positive surprise and a hint towards a core of well-educated Bitcoin/cryptocurrency investors who:
- Stay away from gambling
- Adhere to the “Not-your-keys-not-your-coins”-principle
So if anything, it stands to hope that the predictable implosions of Celsius, BlockFi, Hodlnaut & Co. over the past two years have expanded the amount of reasonably well-educated participants in the ecosystem towards a critical mass.
Will it stop a repeat of ballooning- and imploding Ponzi schemes in the next cycle?
Given human nature, this is unlikely…
And if you are still on the lookout for a fresh hardware wallet in Vietnam without the need to deal with the unpredictable customs handling – head over to BitcoinVN Shop, ready to deliver all the common varieties from Ledger to Coldcard to set up your cold storage.
—-
Notes:
- The survey was conducted via the “Crypto Community Vietnam” Facebook group, the longest-running public cryptocurrency community in Vietnam (launched in 2017)
- The results should be taken in light of the following disclaimers:
- The survey did not follow standard scientific practices and is therefore only to be taken as a snapshot / indicator and it is up to the reader to decide how much value he puts on the results recorded by the survey
- The survey was only conducted with a relatively small sample size
- Some biases must be taken into account, such as:
- Survivorship bias: People who are still active in Crypto Currency forums at the end of a two-year-bear market are likely those who follow sound investor practices in the beginning
