Crypto addiction is same as gambling addiction – no two ways about this
Read this heart-rending interview of an erstwhile crypto addict who lost over $100,000 to crypto addiction as shared with coindesk
How many times a day do you check crypto prices? How often do you obsessively read crypto Twitter? Has it hurt your relationships? Has it caused you to loaf at your job?
Or to cut to the quick: Are you addicted to crypto?
For most people, thankfully, the answer is that crypto is rarely a full-fledged addiction that requires treatment or a deep bout of soul searching. But sometimes it’s serious. Sometimes it can ruin lives.
Theo de Vries is the Managing Director of The Diamond Rehab, a drug and alcohol treatment center located in Thailand, and he also treats patients for crypto addiction. Or more accurately, the addiction is usually a combination of crypto and something else. “People inquire because they’re addicted to cocaine and crypto,” said de Vries as an example. “People say ‘I have an alcohol problem, and I also have a crypto problem.’”
Crypto addiction is essentially a gambling addiction. “We treat it the same way,” said de Vries. He acknowledges that some people dismiss gambling as “an almost laughable addiction,” but notes that when it’s acute and extreme, gambling has the “highest suicide rate of all the addictions.”
But enough generalities. To give a starker picture of how crypto addiction can impact someone’s life, we spoke to an actual patient of de Vries’ who was willing to share his story. The patient is 38, has two young kids, owns a marketing company and chose to remain anonymous for obvious reasons.
This is his story.
Interview has been condensed and lightly edited for clarity.
How did this all begin that is your crypto addiction?
In 2016 I heard about Ethereum. And I bought a lot. And then a friend bought all of these other cryptocurrencies; I got really excited and I started buying altcoins. And before I knew it, every day for the entire day, my whole mind was devoted to finding the next new coin.
Were you day trading?
No, I never really did any trading, it was more buying into projects. But I spent all day studying all of these new projects. I was in all of these Facebook groups and talking to other people. I’m very nontechnical, so it cost me a lot of time and frustration to learn about everything. At some point it got quite out of hand, but it was still manageable.
How so exactly?
I could see my daily work suffering. But I was also making really good money from it, because everything was going up. My girlfriend was saying, “You’re spending all of this time on the computer. What do you do all day?” But I still thought everything was fine. In hindsight it wasn’t fine, but it felt okay in that moment.
When did things shift?
I got hacked. I was very careless. I had bought a Ledger [crypto wallet], but I never opened it, and my crypto was all on an online MyEtherWallet. It got hacked, and I lost almost everything.
How much did you lose to crypto addiction?
At the time it was a few hundred thousand dollars.
I’m sorry man. And I hate to ask this, but does that mean that in today’s dollars, it’d be worth millions?
Yeah. That’s correct.
That’s a hell of a gut punch.
Yeah. Yeah. [long pause.] Yeah. And I also felt stupid because people had warned me, “Don’t keep it all in your online wallet.” But I was too lazy. So maybe that’s a good lesson for others. Make sure you invest the time in crypto security.
It sounds like up to this point, crypto might have been time intensive, but it hadn’t really caused any big problems in your life, besides the hack. So what happened next?
Then it really started to get out of hand. I tried to win that money back. I wanted to find the next new gem.
The next coin that would “100X”?
Yeah. And I thoroughly obsessed over it. And I knew that I couldn’t just put in a few hundred dollars, because to recoup all the money I had lost, then it would need to 2,000X. I needed to put in more money.
In the beginning, before the hack, I had my own business and was making good money. I had plenty of disposable income. That’s all I invested into crypto. But then, after the hack, when I needed more money, I started getting creative on getting more funds.
At first I took out a loan. And this was a really ugly loan, where you pay a lot of interest. And then I started to get letters about the loan. And my girlfriend started to worry. And then I asked for a loan from my friends. Then my parents. Then came the stealing, which is a part I’m really not proud of. This was the last straw.
Can you share what happened? How’d you approach your friends and family for money?
I was a bit ashamed about always talking enthusiastically about crypto, so when I asked to borrow money I said something like, “Hey, I have this problem with my bank account.” Or since people knew that I had my own business, I’d say something like, “Hey, I’m waiting for money from this client.” Or maybe “I’m just waiting for a few invoices to clear, so I just need a bit of money for this one-off situation.” And then I’d use that money for crypto.
Did your mom ever find out what happened following you crypto addiction?
Yeah. She was of course very disappointed, and she also doubted herself. She asked herself, “What did I do wrong in raising you?” She thought it was her fault. So that was very painful.
How did all of this affect your relationship with your girlfriend?
It was a very bad time. If I was in her shoes, I would have walked. But she was very supportive even though the relationship got very bad. She found out about everything. I told her everything.
What was the Crypto addiction itself like?
I was checking prices often, but that wasn’t even the biggest problem. I totally obsessed over it, and I was always watching YouTube videos. Constantly scheming and thinking about, “What’s the next big thing?” And I spent a lot of time in these Facebook groups and following these sort of “gurus,” and investigating everything.
How did this Crypto addiction affect your work?
Because I have my own business, I also have a lot of freedom. And at this point, I was only doing crypto. I was doing the very bare minimum to keep the company afloat. I’d skip meetings. I just didn’t pay any attention at all to the company. That got really bad.
And at one point, my girlfriend said, “Yeah, you need to find some help.” I found help and got into rehab for it.
What was the rehab like?
I went to an expensive one; my parents paid for it. They did a lot of one-on-one sessions. They really tried to get at the root cause of the problem. “Why did you want to make all of this money?” I was kind of surprised when they said, “We’re going to treat this as a gambling addiction.”
How did your behavior change?
At the beginning I thought, “Maybe I can just go through this rehab, and then maybe I’ll just behave like a ‘regular’ with crypto.” You know, stay off these small projects I was obsessing over. But the rehab’s message was, “You really have a big problem. You should stop doing crypto, period.”
Did you stop?
Yeah. And as you can imagine that was tough, especially in the bull run. That was really tough. But now I just know that I can’t do it anymore. I just can’t go online. I know that if I go snooping again looking for new projects and new strategies, that will get out of hand.
Yeah, I have an app called Freedom. It lets you block certain sites, so I block all the crypto sites. And I try not to be on the computer as much. I’m limiting my screen time to have less exposure. I also block social media.
That sounds healthy for just about everyone! Last question. What advice do you have for others who are now in your shoes, and who think they might have some kind of crypto addiction?
I think it’s very easy to think, “Oh, this is not a real problem.” I see it with friends. I’m not saying they necessarily need to go into rehab, but checking your phone every minute to see if prices are going up; that’s not healthy. Acknowledge that you have a problem. That’s the first thing.
The second thing: Be safe with your crypto. Spend some time to take safety precautions. I know this is unrelated to crypto addiction, but it’s a message that feels important to say.
Crypto addiction is same as gambling as you did not set the prices, no one did and no one can determine the actual price movements in their own best interests. It’s a 50-50 chance in crypto.
Either you get it right or you get it wrong – crypto addiction ruins, crypto addiction kills!
Whatever you cannot control, controls you. If you are unable to control crypto, you will most certainly be carried away by it – this is crypto addiction.
Stay updated on techscoops for crypto addiction updates, crypto news updates & more.
Week 46 Pool Fixtures for Sat 21 May 2022 – UK 2021/2022
Week 46 Pool Fixtures 2022
Now you can find Week 46 Pool Fixtures 2022: pool result this week, pool fixture this week, soccer result, live score, pool panel results, pool fixtures, pool results, pool fixture of Week 46 from techscoops – Football Pools Fixtures are published immediately once it is released by the FPA.
While we are working hard on serving you updated Pool results, we will do better than we did with Week 45 Pool Result so that you can trust us more to see whatever you are looking for when you land on Techscoops for your coupon fixtures and pool results.
As we say from time to time, please take note of the following indicators before accessing the Week 46 pool fixtures for Saturday May 14, 2022.
These indicators are important:
- N.SD – No Score Draw
- SD – Score Draw
- Home – Home Win
- Away – Away Win
- EKO – Early Kick-off
- LKO – Late Kick-off
- PP – Panel
Having seen and understood the indicators,
Below are the Techscoops compiled classified pool fixtures, week 46 pool fixtures 2022 from the pool agent. It will automatically activate when it becomes available.
|WEEK: 46; SEASON: UK 2021/2022; DATE: 21-May-2022|
|6||Crystal P.||Man Utd.||Sunday|
|9||Man City||Aston V.||Sunday|
|17||Real Madrid||R. Betis||Sunday|
|18||R. Sociedad||Atl Madrid||Sunday|
Bitcoin has been listening to Kizz Daniel Let me see you go low – Don Jazzy
Mavin Records boss has taken to Twitter to express his ‘feelings’ about the current Bitcoin or Cryptocurrency crash which has gotten many talking.
The Mavin boss in a tweet said:
Bitcoin has been listening to Kizz Daniel. Let me see you go low low low 🎵. 🤦🏽♂️
— I AM A MAVIN 😉 (@DONJAZZY) May 12, 2022
The hilarious tweet has received several reactions in split seconds as the news of cryptocurrency crash that is now widespread and has got many ‘investors’ selling off their assets in panic.
The negative sentiments beset about Bitcoin and other cryptocurrencies is enough to make investors have a rethink about the digital asset and its future in global technology that is, digital payment systems.
The current price of Bitcoin is below $30,000 – a major fall from grace to grass. Whether the popular and pioneer coin will see a rise in the coming weeks or not, that is left to market indicators. Till then we will keep you posted on the latest news on crypto.
The price of BTC today is about 25,000 USD and it can go even lower than that if it does not get support at $25000.
The Central Bank of Nigeria had earlier warned that Nigerians desist from trading crypto and it can cripple their finances. The CBN further mandated its commercial banks not to get involved in crypto payment transactions but report same and block accounts trading cryptocurrency permanently.
Stay updated on techscoops for latest news on cryptocurrency, bitcoin price today and BTC price to 1 USD in Nigeria.
Weekly Cryptocurrency Market Updates – April 14
Techscoops reports this week’s edition of the Weekly Cryptocurrency Market Updates for you to read and stay abreast of happenings in the Cryptosphere.
This report was curated from Coinmarketcap and Binance.
Global crypto market capitalization dipped 5.8% over the past week to $1.96 trillion, according to data from CoinMarketCap.
Bitcoin ended the week 7.8% lower at $42,287.
MicroStrategy announced it had purchased $190.5M worth of Bitcoin, taking the company’s total stash of BTC to 129,218.
Singapore-based hedge fund Three Arrows Capital bought 31,345 ETH for $101 million.
NFTs at the OpenSea
OpenSea, the largest NFT marketplace, officially started listing NFTs minted on the Solana blockchain.
Metaverse platform The Sandbox is planning a round of acquisitions, its chief operating officer said.
Cardano Foundation announced a 3-year collaboration with the University of Zurich to bolster academic blockchain research and education.
Meta is exploring a non-blockchain based virtual currency, the Financial Times reported.
Payments network Strike announced an integration with Shopify in a bid to help merchants receive bitcoin payments from customers in the form of U.S. dollars.
Goldman Sachs intends on rolling out OTC Ethereum options trading “in due course”, Bloomberg reported, citing the bank’s head of crypto trading.
HSBC is starting a metaverse fund for its private banking clients in Asia.
This is the Crypto market updates for the past week, you can look foward to subsequent editions of this weekly Cryptocurrency market update on Techscoops – the top tech blog in Nigeria.
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