Losing food and sleep because of digital money

In a village in Scotland, six people are living together with one purpose: to give up the habit of trading cryptocurrencies.

"I spend 8 hours a day on the social network Reddit reading the crypto white paper, then make a decision that I think is right. It's ridiculous," one person shared.

Six people, all men, admitted to being "crazy" for cryptocurrency trading to the point of losing sleep. They know buying and selling this currency is like gambling, but they can't stop it.

Cryptocurrency trading makes many people lose sleep. Illustration: CoinTelegraph

At Castle Craig, described as the world's first professional crypto detox center in Edinburgh (UK), more than 70 other people are also looking to give up their thirst for crypto trading. Anthony Marini, the center's therapist, said that since 2018 they have received more than 300 people for examination and treatment. When asked 70 current people if they had ever had suicidal thoughts, depression or despair, all raised their hands.

“On cryptocurrency exchanges, there should be a warning line about possible danger, like any gambling site,” said Marini. "There have been people who lost their families, jobs, even embezzlement to have money to play cryptocurrency."

According to a person who is passionate about digital currency trading, there is always a better mentality in his head. However, he does not see it as a gamble but as "an investment".

During therapy sessions at Castle Craig, participants said cryptocurrency apps are built to urge them to "invest compulsively and pursue quick returns," similar to some betting models. online.

There is growing evidence that the line between cryptocurrency trading and gambling behavior is being blurred. "Your emotions are tied to the dancing chart. Things are easier to get sucked in because trading happens 24/7. I used to be in the habit of checking my phone until 3 am so losing sleep is inevitable." , a person at Castle Craig said.

Last May, when Terraform Labs collapsed, the US National Council on Gambling said 19,000 people lost money betting on Luna and UST - the same number of people who lost money to gambling a month earlier. An early 2023 study by Blockchain Research Lab also found that people who prefer to trade cryptocurrencies are often "young, educated and well-off men".

"The three obvious effects of gambling addiction are mental health, finances and relationships. In cryptocurrency trading, what we see is the same," said Anna Hemmings, CEO of the support organization. GamCare gambling addiction, reviews.

Paige Berges, an anti-corruption and risk adviser at the law firm Ropes & Grey, said regulations already in place for gambling controls could be used to prevent cryptocurrency exchanges from operating like casinos. In the future, there will need to be more specific regulations.

On the other hand, pro-crypto groups, such as the UK's CryptoUK, argue that cryptocurrencies have many potential benefits to the economy and users. "All investors, whether retail or institutional, deserve to have access to an orderly market and to be priced in the same way as other financial instruments or commodities," the group said.

As for those who are too passionate about cryptocurrency trading, the regulations are now too late. "Let's put gambling and crypto side by side, see if the severity and consequences of both are the same," said one person receiving treatment at Castle Craig.

Bao Lam (according to FT )

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