Trading Bitcoin and crypto "could destroy your life", go to rehab hehehe

GideonGono

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Quote from: bbc.reporter on May 09, 2022, 07:28:14 PM

In any case, I am very skeptical because this article appears to be an advertisment paid for by the Swiss rehab mentioned for cryptoaddicts. Also, they charge $90,000 per week to the people who lost everything in crypto? What will they tell you to battle the addiction? Trade stocks and bonds?

This part made me laugh they are charging people with a huge amount weekly for those who lost everything?
I guess they would also create some rehab about anything that could make you lost money in the future Cheesy

.

AmoreJaz

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Quote from: Bitstar_coin on October 25, 2022, 09:25:29 AM

Quote from: BitcoinAccepted on May 11, 2022, 12:15:30 AM

It is similar to gambling as it is related to money and it includes winning and losing, sometimes I consider the trading as gambling too that's why I wouldn't surprise if may people are getting addicted to it. I am a rehab could help you get through with any kind of addiction as they give you new perspective and way of life.

Exactly, it wasn't just crypto he was addicted to but the act of winning and losing. When people gamble, they just assume the next move will be their winning move but instead they keep losing and the urge to win keeps growing. It is better to know when to call it quits and accept the outcome, anyone who can't do this will most likely have issues along the way.

It takes sheer determination when you are already addicted to something, gambling or trading.
You need to contain yourself, and assess the situation once in a while and see if you are still in the right path that you want.
Some are going deep without knowing as they continue to do their activities without evaluation of themselves.
If you think you are emotionally or mentally stressed, check which situations are causing such stress.

goldkingcoiner

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Well, Rehab is a business. And their income is from addicts, in some countries this business is more capitalistic, opportunistic and exploitative than others. Obviously at some point they are going to start labeling more and more groups as "addicts" who absolutely need to "hire" their rehab services. I bet they would even call coffee drinkers addicts if they could get away with it. Trust nobody. Especially for-profit organisations and for-profits posing as non-profits.

People cannot be trusted, which is why we need Blockchain and Bitcoin. Don't trust, verify. Remember?

Bitstar_coin

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Quote from: BitcoinAccepted on May 11, 2022, 12:15:30 AM

It is similar to gambling as it is related to money and it includes winning and losing, sometimes I consider the trading as gambling too that's why I wouldn't surprise if may people are getting addicted to it. I am a rehab could help you get through with any kind of addiction as they give you new perspective and way of life.

Exactly, it wasn't just crypto he was addicted to but the act of winning and losing. When people gamble, they just assume the next move will be their winning move but instead they keep losing and the urge to win keeps growing. It is better to know when to call it quits and accept the outcome, anyone who can't do this will most likely have issues along the way.

development.bitcoin.org

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Quote from: gloriamartin on October 25, 2022, 03:03:07 AM

I think a balance between trading and normal life is necessary to ground you and avoid over-trading. Do not trade all the time. Take up a hobby so you save your capital money and don’t waste it by losing. It's all about patience.

gloriamartin

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I think a balance between trading and normal life is necessary to ground you and avoid over-trading. Do not trade all the time. Take up a hobby so you save your capital money and don’t waste it by losing. It's all about patience.

nicolerichardson

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It won’t ruin your life if you understand the basic concept that trading bitcoin and crypto isn’t a quick money scheme and patience and balance are important to carry out the process calmly and practically. Rash decisions and approaching the market with a narrow mindset, won’t help you grow. If it gets too overwhelming, take a break.

Judy Bishop

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It is true for a large proportion of traders. In the market, nearly 90% of traders lose money. Trading is not for everyone. You can succeed only if you have the required skills and mindset. Trading is risky and the market is volatile. It is much easier to lose money than to make a profit.

MinMan

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Catholics are actually against gambling but it wasn't like a law that one must follow. It wasn't strict as what Islamic communities did to gambling. This is why no one have the courage to gamble if you are living on one of those places but on most places people still play gambling.

Trading on the other hand is like a gambling but it can be less risky. Gambling is addictive and so are trading and cryptocurrencies because it can give people an earning. That is why they do their best. They spend so much time to become good at it, so that they can earn more profits. Becoming an addict on to something is bad but we must learn to have a self control.

Fortify

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Quote from: bbc.reporter on May 09, 2022, 07:28:14 PM

I was shaking my head and laughing very hard when, according to the article, the priest asked are you gambling? and Rojas told him it's crypto hehehehehehe.

In any case, I am very skeptical because this article appears to be an advertisment paid for by the Swiss rehab mentioned for cryptoaddicts. Also, they charge $90,000 per week to the people who lost everything in crypto? What will they tell you to battle the addiction? Trade stocks and bonds?

The old cravings sometimes creep up on Stevie Rojas and work on his nerves and start to hijack his brain. But he says that he’s kicked the habit — that he’s quit cryptocurrencies cold turkey. A lot of people get into crypto. Rojas did, and more: He says he got hooked on it. Rojas is an entrepreneur in his early 30s, and he began experimenting with cryptocurrencies for all the usual reasons: boredom, curiosity, fear of missing out. He started with Bitcoin and discovered he liked the rush.

Rojas became — his word — an “addict.”

Is it really possible to be addicted to cryptocurrency? The idea is contentious, but it isn’t far-fetched — particularly to the lucrative addiction-treatment industry. From a $90,000-a-week Swiss clinic to relatively inexpensive teletherapies, crypto, of all things, has come to rehab.

As you say, it does seem to be a rather strategically engineered piece that might just be advertising a ridiculously expensive therapy course. The funny thing is, people who are effective at trading usually home that strategy over much practice, they either make it or break it. People who make it will eventually look at it as a proper job and adjust appropriately. People who don't simply did not have a valid strategy in the first place and no amount of healing will fix that, but they should definitely avoid it.

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Quote from: GreatArkansas on May 09, 2022, 08:37:05 PM

Why are other people always considering that using cryptocurrency or investing in cryptocurrency is gambling?
I really don't understand them. It is gambling for people if they don't know what they are doing or they are just relying on luck which is what gambling is.
Yes, there are already lot of people who already got bankrupt because of cryptocurrency but I can say it is different from gambling.

And this point of view becomes the perspective in which I live. people think what we do is gamble. They just branded us as gamblers had no other nickname than that. Some explanations regarding the differences that we have presented to ordinary people who think that the world of cryptocurrency and gambling are not the same.

Just because you see the results of a loss, it is as if everything is generalized as a form of gambling. Even though not all that is detrimental is gambling. In investing, real estate trading, and Starbucks business if you lose all capital it doesn't mean gambling.

It is unfortunate, that some people judge from one side only.

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Quote from: Jawhead999 on May 09, 2022, 07:54:46 PM

In different perspective he was right if trading will destroy someone life because most of traders always loss, but if he trading with Bitcoin it wouldn't really destroying his life since Bitcoin is quite stable and not like shitcoin. Shitcoin or pump and dump coin have really high volatility, now Bitcoin's price -10% and many people were panic, take a look with so called decentralized Terra the price goes decrease -45%. If I bought Terra yesterday, I will feel headache to see my portfolio decrease almost 50% in a single day.

Trading will only destroy your life if you stick trading as a get-rich-quick scheme, because that means you are resorting into gambling. However, if you can afford to invest and trade with bitcoin, the risk of losing is reduced. Even if you come to trade it not really on its ATH, you will still be profitable as long as you sell it more than the amount you purchased. Just never resort into addiction, that will definitely turn your life miserable.

cryptotalklab1

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Hey ,sorry I am from rehab , haha joking . But seeing the title I think I should go to rehab. Because I think I am addicted now , cz I got invest my all income in trading and now I am going to the loss .

crwth

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I never viewed cryptocurrency like that as how Stevie Rojas, the main character in the article, has been experiencing. It's probably going to be addicting for some people because it's like a new type of entertainment for them that would be beneficial if you have made the right decisions. Imagine it like this in a step-by-step scenario.

Stevie discovers and learns about cryptocurrency
You can earn money if you trade and then start trading
When you win, you get the rush (like gambling)
You look continuously look forward to that rush

It's the recipe for addiction, and the article has described it very well. And I hope that everyone understands that it's not just them, but everyone could be or already is suspected of that, and you need to evaluate yourself to see if it's doing you any good.

The main takeaway of this should be that if you aren't careful with yourself and let yourself cave in, you will lose yourself.

Kakmakr

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" Trading in the financial markets is stimulating, exciting, and engrossing. But you can become addicted, just like with actual casino gambling or using illicit drugs. " - https://www.investopedia.com/articles/investing/071713/downward-spiral-trading-addiction.asp

" Day trading is addictive for the same reason that gambling is addictive, and it has to do with the brain. When a day trader takes a profit, or even gets excited about a potential profit, the brain releases “feel good” neurochemicals such as dopamine and serotonin. " - Source : https://www.familyaddictionspecialist.com/blog/am-i-addicted-to-day-trading-10-signs-you-are-addicted-to-day-trading-and-what-to-do-to-stop

So, looking at the two quotes above, you will see that Crypto trading is not the culprit, but rather the addiction to dopamine and serotonin in the brain that are associated to anything that gives you a rush. (Gambling / Sport / Sex etc...) Wink

coinism

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Quote from: pooya87 on May 10, 2022, 10:30:00 PM

There is always some traces of truth in most nonsense out there too. For example if we look fairly at the crypto world we can clearly see that some people are pretty much gambling specially those who are into altcoins and tokens. They are constantly making bets on shitcoins, they buy into NFTs that have no purpose whatsoever, ... just because they hope their "ticket" wins the big "jackpot". Considering the amount of money these people lose in their shitcoin trades, I think we can consider it a disease!

In gambling there is a famous saying that "a winner knows when to stop". So if you are willing to gamble despite constant losses then its your own mistake. I am in crypto for almost 5 years now and till date I only trade or invest in bitcoin and I can happily say that I am in profit overall. I have seen evolution and downfall of ICOs and IEOs but never jumped into them since I dont have trust in them or I have limited knowledge about them.

BitcoinAccepted

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It is similar to gambling as it is related to money and it includes winning and losing, sometimes I consider the trading as gambling too that's why I wouldn't surprise if may people are getting addicted to it. I am a rehab could help you get through with any kind of addiction as they give you new perspective and way of life.

davis196

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I wanna see someone make an ad about people,who are addicted to stocks trading.That would be hilarious.
It's just easy to shit on the crypto industry,because the advocates of crypto trading are very few and they aren't very influential.
It has been stated multiple times,that crypto trading can lead to addiction,just like gambling,but I have never seen a crypto trading addict so far.
Paying 90K USD for addiction rehab?Those rehab clinic owners are the real predators here.I thought that addiction treatment should be affordable.Those crypto trading addicts would lose more money paying for the rehab,rather than wasting them on crypto trading.

Eternad

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Quote from: adzino on May 10, 2022, 11:51:10 PM

Lol, this guy thinks investing in crypto currency is gambling, hence he thought it would be good to confess to his priest about it. It is only gambling when you invest in some random shitcoin and expect to get rich over night. He got addicted because he was reading or seeing how people were making quick money from investing in shitcoin (actually reading articles that are paid to shill for shitcoins) and he probably was able to make some.

Yes, it could destroy your life if you don't know what you are doing.

Exactly. Investment without proper risk management can be considered as gambling no matter what asset you are investing since you didn't have control on your asset safety. I think even Bitcoin can be categorized as gambling if the person purchasing it is doing ftures or perpetual trading. The user decision making is makes trading become a gambling so no matter how safe the assets he is investing but he his management is awful, The result will be same as gambling.

adzino

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Lol, this guy thinks investing in crypto currency is gambling, hence he thought it would be good to confess to his priest about it. It is only gambling when you invest in some random shitcoin and expect to get rich over night. He got addicted because he was reading or seeing how people were making quick money from investing in shitcoin (actually reading articles that are paid to shill for shitcoins) and he probably was able to make some.

Yes, it could destroy your life if you don't know what you are doing.

noorman0

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This once happened to me, "addicted" to trading. Actually bitcoin will not have any effect on the psychological side. It's just that if you take it with a passionate greed, then it's as if you won't be able to get out and stop. If crypto is to blame in this case, perhaps bitcoin is the exception. In fact "addicts" invest more in altcoins which are many times more volatile than bitcoin and can be worthless in seconds.
Crypto is the most volatile asset in history, until recently people only talked about "value" despite its even greater uses.

pooya87

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There is always some traces of truth in most nonsense out there too. For example if we look fairly at the crypto world we can clearly see that some people are pretty much gambling specially those who are into altcoins and tokens. They are constantly making bets on shitcoins, they buy into NFTs that have no purpose whatsoever, ... just because they hope their "ticket" wins the big "jackpot". Considering the amount of money these people lose in their shitcoin trades, I think we can consider it a disease!

bbc.reporter

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Quote from: Fundamentals Of on May 09, 2022, 07:52:12 PM

Why is he even confessing his cryptocurrency activities to the priest? Are those sins? What is he expecting? That the priest would exorcise his crypto failures out of him? For all we know, the priest does not even understand a thing about crypto. The priest's question speaks about it.

If the man believes he is already in a state of addiction, he should probably seek help from a psychologist not a priest. The priest cannot solve his problem even if he'll be asked to pray 100 Our Fathers.

Yes but it was very funny the way it was written in the article. Are you gambling? And it was replied by it is crypto hehehehe. Have you tried memecoins and NFTs? Try it mr. priest. Rojas should have also asked the priest it is crypto, did you have to ask? hehehe. In any case, much of the people who might not admit they are gambling, are really gambling. This is only reality.

Anonylz

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It is a possibility since it involves feelings and emotion, when someone is emotionally involved when trading it can affect their mental health especially when the trade is more lose than win, the person will keep trying and hoping they will be successful in the next attempt and by doing this they get worked up emotionally, traumatized that can lead to bigger health issues. I don't think trading is for everyone.

GeorgeJohn

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Quote from: GreatArkansas on May 09, 2022, 08:37:05 PM

Why are other people always considering that using cryptocurrency or investing in cryptocurrency is gambling?
I really don't understand them. It is gambling for people if they don't know what they are doing or they are just relying on luck which is what gambling is.
Yes, there are already lot of people who already got bankrupt because of cryptocurrency but I can say it is different from gambling.

This is the exact mentality of people who is novice in the cryptocurrency industry, even in my areas, when you are trying to educate people you think is learned of cryptocurrency, their thinking faculty goes directly to gambling. I think that instinct supposed to be eliminate to some of them. I dont actually know how bitcoin is been correlated with gambling from my own perspective.. cryptocurrency is used for exchanges of goods and services likewise the functions of fiat currencies across the continent.

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Crypto could be labeled as "gambling" only by those who are either stupid or lazy to learn the craft of trading and investing. If someone is a gambler without any self-discipline, then crypto would "destroy his life" for sure. Trading crypto and predicting where the market flow is becoming easier with all those tools and data feeds available today.

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Quote from: GreatArkansas on May 09, 2022, 08:37:05 PM

Why are other people always considering that using cryptocurrency or investing in cryptocurrency is gambling?
I really don't understand them. It is gambling for people if they don't know what they are doing or they are just relying on luck which is what gambling is.
Yes, there are already lot of people who already got bankrupt because of cryptocurrency but I can say it is different from gambling.

I guess many people consider investing in cryptos as a gamble because, Bitcoins are not legalised in many place.
So in that manner they sometimes misinterprets investing into cryptos as gambling.
Whereas if you see stock and forex trading or investing, those are regulated by the government, so it got positive response from the society.
The main thing, majority of the people missing here is that, they don’t know the capabilities of Bitcoins, they don’t know what advantages Bitcoin is giving us over Stock market and Gold.
Nevertheless really upset to see the bearish market of the coin, wishing for soon recovery in the market.

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Quote from: bbc.reporter on May 09, 2022, 07:28:14 PM

s it really possible to be addicted to cryptocurrency?

Very possible mate, anything that takes much of your time is an addiction to you, but i will like to categorize addiction into two basic class, "wrong and good addiction" if what takes your prescious time in cryptocurrency is really worth it, pays you, educate you, improves your knowledge, and be of help to you then it really worth it, the second one is if you only form nuisance around crypto circles, no one benefits from you and you neither benefited from what took your time in cryptocurrency, then i think its just a waste of time and energy.

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The person might've not lost $90,000 out of trading. What it costs for the rehabilitation program is really funny. People makes use of the trend and now it is cryptocurrency. So, in one way or the other people can be used as a means of earning. When someone is frustrated of massive loss, these service providers will initiate that he's into addiction and suggest the rehab program. This is completely a fraud and for users who wants to a rehab for trading addiction can get free service if you're located in specific countries.

Addicted to crypto? Scotland has a dedicated clinic for you

NotATether

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Quote from: bbc.reporter on May 09, 2022, 07:28:14 PM

In any case, I am very skeptical because this article appears to be an advertisment paid for by the Swiss rehab mentioned for cryptoaddicts. Also, they charge $90,000 per week to the people who lost everything in crypto? What will they tell you to battle the addiction? Trade stocks and bonds?

That's a fraud. First of all they are charging an extraordinary amount for "rehabilation purposes" for people who supposedly have lost it all to trading, second of all, it's a paid advertisement so even the article is not trustworthy to use as information.

These kind of articles and services are planted by businessmen with a ravenous appetite of exploiting the helplessness of such people with no other support system to rely on and in any case just do it to make money off of their situation without actually helping them (except for maybe taking away their devices "to break your habit of trading crypto").

Charles-Tim

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Quote from: worle1bm on May 10, 2022, 12:31:35 AM

Investing and gambling are two different aspects and most of the time people mix it or use them in similar context which is wrong.In gambling you are placing bets with hope of winning but if you are not lucky you would not win but investing has lot of strategies and market research involved and you can have goals in them.But investment in shitcoins could be treated as gambling where you are trying your luck of winning but will loose mostly.

There are difference also between investing and trading, some people can also invest at the wrong time. Trading can be gambling, especially the beginners that just started to trade, they do not know what to do and how to avoid losses and make profit instead, but they trade in a way they lose all their money as they become addicted to it, addiction can be in trading while also people should not invest at the wrong time and wrong coin because it can be a maximum loss that might lead to panic sell. Do not forget that some people do not invest in bitcoin but altcoin which is most risky and can lead to loss, there are investment that are also gambling, which depends on the success of an altcoin which might be shitcoin andbecome dead.

worle1bm

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Investing and gambling are two different aspects and most of the time people mix it or use them in similar context which is wrong.In gambling you are placing bets with hope of winning but if you are not lucky you would not win but investing has lot of strategies and market research involved and you can have goals in them.But investment in shitcoins could be treated as gambling where you are trying your luck of winning but will loose mostly.

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Quote from: bbc.reporter on May 09, 2022, 07:28:14 PM

Is it really possible to be addicted to cryptocurrency? The idea is contentious, but it isn’t far-fetched — particularly to the lucrative addiction-treatment industry. From a $90,000-a-week Swiss clinic to relatively inexpensive teletherapies, crypto, of all things, has come to rehab.

If someone says that he/she isn't addicted to money, is probably lying or he/she has a million dollar in their bank account. Money is the solution to the 99% of the problems in the world and cryptocurrency is just money. Stupid people will always come up with stupid business ideas to find even stupider people as their customers. This is probably one prime example of auch stupidity. Less than 10% of human population earns beyond 90k annually so it's a pure non-sense!

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Quote from: bbc.reporter on May 09, 2022, 07:28:14 PM

Is it really possible to be addicted to cryptocurrency?

What is addiction? It is simply the uncontrollable urge to do or engage in an activity that could harm and cause other negative consequences. People who are addicted to cryptocurrency cannot control urge to buying or selling cryptocurrency. They are constantly trying to stay updated on price changes in bitcoin and other cryptocurrencies. They do this by constantly observing charts. And they spend their whole of their day reading crypto news or any other means of informing themselves of potential price action. There is simply an obsessive compulsion with cryptocurrency such that it interferes with their activities of daily living or ability to adjust to and participate in relationships with their family, friends or colleagues at work. So yes it is possible to be addicted to cryptocurrency.

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Quote from: Fundamentals Of on May 09, 2022, 07:52:12 PM

Why is he even confessing his cryptocurrency activities to the priest? Are those sins? What is he expecting? That the priest would exorcise his crypto failures out of him? For all we know, the priest does not even understand a thing about crypto. The priest's question speaks about it.

If the man believes he is already in a state of addiction, he should probably seek help from a psychologist not a priest. The priest cannot solve his problem even if he'll be asked to pray 100 Our Fathers.

Agree, Cryptocurrency and priesthood are two completely different things. What can a priest do if no one understands or is harmed for any reason especially in crypto space? What is needed to solve this is proper education which can give you proper solution. Driving car without knowing and joining crypto without understanding both are same where only result destroy.

GreatArkansas

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Why are other people always considering that using cryptocurrency or investing in cryptocurrency is gambling?
I really don't understand them. It is gambling for people if they don't know what they are doing or they are just relying on luck which is what gambling is.
Yes, there are already lot of people who already got bankrupt because of cryptocurrency but I can say it is different from gambling.

jackg

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There seems to have been a lot of reports fairly recently of gambling addiction support lines receiving calls from day traders, this is probably something similar to that.

If you bought and held, you'd have half of your investment if you bought at the peak - which isn't too bad compared with a lot of stocks and other assets.

Jawhead999

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In different perspective he was right if trading will destroy someone life because most of traders always loss, but if he trading with Bitcoin it wouldn't really destroying his life since Bitcoin is quite stable and not like shitcoin. Shitcoin or pump and dump coin have really high volatility, now Bitcoin's price -10% and many people were panic, take a look with so called decentralized Terra the price goes decrease -45%. If I bought Terra yesterday, I will feel headache to see my portfolio decrease almost 50% in a single day.

Fundamentals Of

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Why is he even confessing his cryptocurrency activities to the priest? Are those sins? What is he expecting? That the priest would exorcise his crypto failures out of him? For all we know, the priest does not even understand a thing about crypto. The priest's question speaks about it.

If the man believes he is already in a state of addiction, he should probably seek help from a psychologist not a priest. The priest cannot solve his problem even if he'll be asked to pray 100 Our Fathers.

DapanasFruit

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Actually, anything can be addictive including the sugar that we are taking in everyday in the foods and drinks we are taking in. Or it can be someone that we are obsessed with. Or it can be that unstoppable thirst for gossips in the neighborhood or in social media. Now, of course, cryptocurrency can be addicting too...that is why in life we have to learn the concept of moderation. Now, if I would be paying $90,000 just to reign on my crypto addiction, I better use that money to learn on crypto trading from a good mentor so I can be successful. By the way, I love that this story happened in Manila.

bbc.reporter

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I was shaking my head and laughing very hard when, according to the article, the priest asked are you gambling? and Rojas told him it's crypto hehehehehehe.

In any case, I am very skeptical because this article appears to be an advertisment paid for by the Swiss rehab mentioned for cryptoaddicts. Also, they charge $90,000 per week to the people who lost everything in crypto? What will they tell you to battle the addiction? Trade stocks and bonds?

The old cravings sometimes creep up on Stevie Rojas and work on his nerves and start to hijack his brain. But he says that he’s kicked the habit — that he’s quit cryptocurrencies cold turkey. A lot of people get into crypto. Rojas did, and more: He says he got hooked on it. Rojas is an entrepreneur in his early 30s, and he began experimenting with cryptocurrencies for all the usual reasons: boredom, curiosity, fear of missing out. He started with Bitcoin and discovered he liked the rush.

Rojas became — his word — an “addict.”

And so one day last year Rojas knelt in the darkened confessional of a Roman Catholic church in Manila, where he lives. He broke down and prayed for help.

Are you gambling? the priest asked.

It’s crypto, Rojas told him.

Is it really possible to be addicted to cryptocurrency? The idea is contentious, but it isn’t far-fetched — particularly to the lucrative addiction-treatment industry. From a $90,000-a-week Swiss clinic to relatively inexpensive teletherapies, crypto, of all things, has come to rehab.

Read in full https://www.bloomberg.com/news/features/2022-04-22/can-you-be-addicted-to-crypto-trading-expensive-rehab-treatments-emerge

Topic: Trading Bitcoin and crypto "could destroy your life", go to rehab hehehe (Read 397 times)