News Report
May 04, 2022

Crypto degens are finally getting help

Crypto degens are finally getting help

A Bloomberg report on “crypto addicts” is shedding light on the degens who are spending their hours watching every up and down of the crypto markets.

“It’s very similar to being at a roulette table,” said Dylan Kerr, a therapist in Thailand who has treated addicts. “It’s seemingly never ending, and it demands your attention. If you take your eyes off the prize, you could miss out on massive opportunities and incur massive penalties.”

Crypto investing is so pernicious because it is so novel. Experts say that while Wall Street techniques – including automated trading – are old hat and almost boring, crypto investments are constantly moving and fairly novel. The real draw is the potential for untapped riches, something you can’t get by shorting Apple.

Further, crypto markets are 24/7 and never close. This has led to some traders to admit they’re addicted to the rush of trading.

From the article:

[To psychiatrists] compulsive crypto-trading looks a lot like compulsive online gambling. But in some ways, they say, crypto can be even more treacherous. Many people view trading crypto-trading as a form of investing, which confers a certain respectability. Inquiries about crypto problems are up 300% between 2018 and 2021.

“You do it to get the feeling, the rush,” said psychiatrist Thilo Beck. “And you have to repeat it again and again, to get more of the rush. And it’s amazing. These are very intelligent people, but they stop thinking straight. They know enough about statistics to understand that the chance that they will win back is really small, but they still believe it, and the more they lose, the more they want to play or buy.’’

The growing problem of crypto addiction is real. It’s akin to drug or alcohol addiction in that the physical and mental affects are dangerous and continuous.

Doctors, for their part, are taking leaves from the standard addiction framework. From the piece:

[One psychiatrist] uses a 12-step plan akin to Alcoholics Anonymous. His work focuses on understanding what he calls the “crypto curve,” the arc from “highly fulfilling” trading to dependency, and then to painful realizations that can bring on feelings of isolation, helplessness, depression or secondary addictions. The path to recovery here includes an exploration of the self and spirituality, gradual tempering of usage, a search for healthier fulfillment and ultimately the rebuilding of routines and relationships.

Everything is addictive, given the right triggers. It looks like crypto and the metaverse are finally tripping those switches in thousands of people.

Photo by Maria Teneva on Unsplash

Read related posts:

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

John Biggs is an entrepreneur, consultant, writer, and maker. He spent fifteen years as an editor for Gizmodo, CrunchGear, and TechCrunch and has a deep background in hardware startups, 3D printing, and blockchain. His work has appeared in Men’s Health, Wired, and the New York Times. He has written eight books including the best book on blogging, Bloggers Boot Camp, and a book about the most expensive timepiece ever made, Marie Antoinette’s Watch. He lives in Brooklyn, New York.

More articles
John Biggs
John Biggs

John Biggs is an entrepreneur, consultant, writer, and maker. He spent fifteen years as an editor for Gizmodo, CrunchGear, and TechCrunch and has a deep background in hardware startups, 3D printing, and blockchain. His work has appeared in Men’s Health, Wired, and the New York Times. He has written eight books including the best book on blogging, Bloggers Boot Camp, and a book about the most expensive timepiece ever made, Marie Antoinette’s Watch. He lives in Brooklyn, New York.

Hot Stories

Lido Launches stETH With Rebases On OP Mainnet

by Alisa Davidson
October 15, 2024
Join Our Newsletter.
Latest News

Lido Launches stETH With Rebases On OP Mainnet

by Alisa Davidson
October 15, 2024

From Ripple to The Big Green DAO: How Cryptocurrency Projects Contribute to Charity

Let's explore initiatives harnessing the potential of digital currencies for charitable causes.

Know More

AlphaFold 3, Med-Gemini, and others: The Way AI Transforms Healthcare in 2024

AI manifests in various ways in healthcare, from uncovering new genetic correlations to empowering robotic surgical systems ...

Know More
Read More
Read more
Securitize Integrates With Zero Hash To Enable Purchase Of BlackRock’s BUIDL Through USDC Conversion
Business News Report Technology
Securitize Integrates With Zero Hash To Enable Purchase Of BlackRock’s BUIDL Through USDC Conversion
October 15, 2024
Gate.io Enters Strategic Partnership With Onramper For Seamless Fiat-To-Crypto Swaps
Business News Report Technology
Gate.io Enters Strategic Partnership With Onramper For Seamless Fiat-To-Crypto Swaps
October 15, 2024
Lido Launches stETH With Rebases On OP Mainnet
News Report Technology
Lido Launches stETH With Rebases On OP Mainnet
October 15, 2024
Synnax Introduces Credit Intelligence Platform, Setting New Standard In Credit Analysis And Financial Insights
Business News Report Technology
Synnax Introduces Credit Intelligence Platform, Setting New Standard In Credit Analysis And Financial Insights
October 15, 2024