Crypto Addiction
Cryptocurrency has garnered the attention of healthcare experts as crypto trading is being recognized as having a behavioral addiction compenent. Therapists have begun treating patients for this emerging problem through a new rehabilitation program at the West Linton facility of Castle Craig Hospital in Scotland.
"It all started earlier this year when we got phone enquiries from crypto-traders asking about addiction treatment. They informed us about this “new” addiction. Then we looked into it and found it was a gambling addiction with many similarities to day trading addiction."
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Crypto addiction involves being hooked on monitoring fluctuations in the market, minute-by-minute, for tokens someone is trading in. Therapists are using techniques that are used for treating gambling addiction in order to treat the crypto-obsessed. They try to get teach them to let go and live without online trading. Therapist Chris Burn said:
"The high risk, fluctuating cryptocurrency market appeals to the problem gambler. It provides excitement and an escape from reality. Bitcoin, for example, has been heavily traded and huge gains and losses were made. It's a classic bubble situation."
Another therapist, Tony Marini, who is a former gambling and cocaine addict can relate to the crypto addicts and what their going through in order to get them to understand what's going on. The two key points he tries to apply are in building structure and avoiding escapism. He says:
"Having been through it myself, my experience of addiction gives me insight and empathy towards others who have the same problem"
Much like gambling can be an addiction estimated to affect 3 to 5 of every 100 gamblers, they same likely applies to crypto traders. Those with a problem will invest/speculate with more money than they have or can afford. Gambling and crypto addicts alike can lose homes, savings or college funds to their addictions.
Trading crypto can attract people with addictive personalities or those looking for an escape. In an effort to identify those suffering from this behavioral addiction, the clinic held a Q&A on TheNextWeb regarding what the program and the addiction was. Crypto addiction is like day-trading addiction, but poses greater risks according to Castle Craig. This is due to the extreme volatility of digital assets traded on a 24/7 market, never forcing the addict to break away.
Brown provided additional details about the rehabilitation program:
"Our core treatment programme is known as a twelve-step model (it follows the concepts for recovery, first formulated by Alcoholics Anonymous in the early 1940's which have been hugely successful ever since). This is based on the idea of change based on self discovery where honesty and personal responsibility are key.
However, with behavioural addictions such as gambling, we also provide cognitive behavioural therapy (CBT). Daily programme includes group therapy, individual counselling, lectures and assignments, all within a therapeutic community.
Gambling addiction is already thought to produce more suicides than any other form of addiction, presumably due to the heavy financial losses. As such, crypto-trading falls into a category with similar risk factors.
Castle Craig has released a questionnaire aimed at getting help with crypto addiction:
- Do you feel compelled to check cryptocurrency prices all the time?
- Do you invest more on cryptocurrencies than you can afford?
- Do you feel the need to invest larger amounts of money to get the same feeling?
- Have you spent more to get back money you have lost trading in cryptocurrencies?
- Have you borrowed money from friends and family or sold anything to invest in Cryptocurrencies?
- Have you ever wondered whether you have a problem with cryptocurrency trading
- Have you ever experienced the Fear of Missing Out (FOMO)?
- Has your cryptocurrency trading ever caused you any health problems, including feelings of stress or anxiety?
- Have people ever criticised your cryptocurrency trading or said you have an addiction problem (regardless of whether or not you thought it was true)?
- Has your cryptocurrency trading ever caused financial problems for you or your family?
- Have you ever felt guilty about trading in cryptocurrencies?
Score 0 for each time you answer “never”
Score 1 for each time you answer “sometimes”
Score 2 for each time you answer “most of the time”
Score 3 for each time you answer “almost always”
If your total score is 8 or higher, you may be addicted to cryptocurrency trading.
Castle Craig sees this as just starting, and it will get worse as more people lose control over their lives to this addiction:
"We do see it getting worse and I think we've only just seen the start of it, the start of people facing up to perhaps being addicted to crypto trading. Denial is a huge part of any addiction. When it becomes an addiction the user will not only lose money but also lose control over their life; they will become obsessed and be unable to work, have normal relationships or do anything else without constantly checking prices and news."
How about you? Have you ever felt guilt over trading? Investing more than you could afford? Constantly checking the prices? Fear of missing out? Lack of sleep? Spending more to try to recover losses? Investing higher amounts to feel satisfied? Borrowing money? I've had a few of these when I was doing it. I have a somewhat additive personality. Best to stay away in my case, and maybe yours too ;)
Thank you for your time and attention. Peace.
References:
- Addicted to Trading? Scottish Hospital Treats Cryptocurrency Addiction
- “Obsessed and Unable to Work” – Cryptocurrency Addiction Facility Releases Questionnaire
- Are you addicted to cryptocurrency? Ask the experts
- Getting Help with Cryptocurrency Addiction
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Interesting to consider and not really surprising especially considering how addicted to Facebook people are and.. It's not a lot different than people being addicted to regular money in my opinion, and daytrading/gambling like others and yourself/the article have stated.
Definitely some things to consider though as the contest/game I'm running has a crypto element so I should be conscious that it can have a similar effect, a casino like effect or what not that is very addictive.
Hmm.. I don't want to abuse that but I also don't want to throw the baby out with the bathwater so will have to think about it for a while and try to find some sort of balance. Thanks for thought provoking article Krnel!
Steem was designed with gambling in mind, no wonder we're addicted to it :/ It's a huge fucking casino :P
Was it designed with gambling in mind? I wasn't aware of that.
But if so.. It makes a lot of sensed, I've likened it to a casino before myself.. It is kind of like that. BUT.. With creative content you create instead of like.. slot machines and such, however.. There are slot machines and stuff I bet if you look, and if they don't exist yet I bet someone is working on one. Heh. A virtual one anyways.
But yeah I mean.. Life is sort of a huge casino in my opinion.. There's a lot of chance and luck involved. And most unfortunately are not favored by the system. But a few get lucky and then sort of prop it up to an extent to give the impression it's possible to everyone else. Sorta like the biggest musicians flaunting their excessive lifestyles and putting an image out there the public wants but that is mostly unattainable unless you're really lucky and really connected. But I still think it's a step in the right direction and maybe in the future it will continue to evolve and become even more healthy and less of a vice. Baby steps! ._.
This is not the fault of crypto, it is an addictive personality. They could do the same with stocks, precious metals, or tax liens. These people are broken, not the process.
Holding crypto long term, is the only way to do this without eating the lining out of your gut!
:OWe are prone to call everything a disease, so we can "treat" it. There is money in them thar diseases....
Yes, it's psychological indeed. But that doesn't mean the addition doesn't apply to crypto like other things ;)
Absolutely! It changes quickly, and is worth a lot, the perfect storm for the addict!
:'(I speak from personal experience, crypto trading is highly addictive.
When my awesome wife is out shopping or out of town on my day or days off from work I trade like a fiend for as many hours as I can stay awake and do quite well. Crypto trading is bad for a relationship and for that reason I only do so when she is not available to hang out with.
Happy wife happy life.
LOL, yes keep the relationship #1 ;)
cryptocurrency is important and it is not going away, or be limited to 100 years as others may speculate: transactions are fast, digital, secure and worldwide, which in essence allow the maintenance of records without risk of data being pirated. Fraud is, actually, minimized.
Yes, it's going to boom in the next few years. We're only at the beginning. Doesn't mean it's not addictive to some.
It really has potential to be a problem. My wife and I make good money but I've never been the guy to part with his money easily. I'll debate for weeks on whether or not I want to spend $50 bucks on a pair of shoes. With crypto it's quite scary how quickly I'll throw $1000 at something without batting an eye.
I'm not investing more than I can afford to lose but I can definitely tell how it could get out of control for some people easily
Yeah, it can be gone very easily. I took usually take time to analyse things before I buy :P
Hmm... interesting for sure, but also a bit odd that people need treatment in hospital for this. However, as you have mentioned, it’s the same as a gambling addiction. One of my friends Dad had a serious gambling addiction and he lost lots such as his wedding ring, and almost his house. He would just gamble so much... his son has a similar issue! But you know, it becomes a hobby for people too, if you find something else of interest then the addiction can halt.
The problem is the risk vs reward.. there is huge reward in trading.. I’ve lost too much recently and am stopping all together unless I’m using a financial advisor, company, or platform where I give my money to professionals.... I get too invested and just keep thinking I will get more until it’s too late. It’s important to recognise that I think
Yeah, I'm not doing it either ;) Just hold is best thing rather than try to play games and gamble it in these number-magic games of markets.
Addiction of everything is bad. Some sees cryptocurrency trading as a means of speculation. They become over enthusiastic. But I think the reason behind this addiction is same as one develops for gambling. Some people like gambling. They will always be same whether they trade in cryptos or stocks. This is not the fault of cryptos. This is the fault of greedy and obsessive behavior of these people.
Yeah, it's ppl who do it. The desire to win something more than what you put in is alluring.
I'm not surprised that this behavior is gaining attention. I see it in many of the posts I've read about crypto, particularly with respect to the wishful thinking expressed by some of the authors of articles on the subject of crypto. Prior to December, it was almost a mania. Now it's a bit more subdued.
I suppose this obsession with coin prices could decrease as volatility seems to be subsiding for most coins. The wild swings we saw before the futures markets were created for bitcoin and three other top coins seem to have gone away. With less volatility, there isn't much for an addict to work with.
A mania indeed. There's always market volatility, even when less, and people get addicted to trying to be a "winner" :/
I found myself falling into this trap and it was very stressful. In the end my friend convinced me that I should just hold and not worry about it. Ironically enough, holding and losing more money in this bear market has been easier than swing trading.
Yes, hold, the allure to make money rather than wait is hard to get over until you lose lol
Hi, my name is Donald and I am a #Cryptoholic .