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This Q&A is a full interview with Dr. Jeremiah Weinstock. See below for more on cryptocurrency trading addiction, with contributions from our full panel of experts. this paper.
Below is an interview with Dr. Jeremiah Weinstock. Professor of Psychology at St. Louis University, focusing on gambling disorders and addictive behavior with an emphasis on exercise as an intervention. Published in our main article on this topic.
Follow that link if you want to learn more about the topic of cryptocurrency trading addiction and links to gambling. For the full interview with Dr. Weinstock, see below.
Coin Journal (CJ): Do you think there are similarities between a cryptocurrency trading addiction and a gambling addiction? If so, what are the names of the most notable ones?
Although cryptocurrency trading addiction is not an official diagnosis in our taxonomy of mental disorders, individuals who engage in cryptocurrency trading may struggle and experience negative consequences from their trading behavior.
Gambling disorders and other addictions are characterized by (1) loss of self-control, the inability of an individual to stop or reduce his or her gambling behavior, and (2) tolerance, the ability to maintain that behavior in a consistent manner. It is something that needs to be done in time. greater intensity to achieve the desired effect; and (3) withdrawal, irritability or moodiness when trying to quit or reduce.
If an individual engaged in crypto trading experiences one or more of these characteristic symptoms, they may be addicted to crypto trading. Traders who trade frequently for thrills (that is, do not buy and hold investment strategies) are at high risk of maladaptation in this behavior.
CJ: What do you think makes an activity such as trading so addictive?
Uncertainty and volatility in the crypto market. In these markets there are opportunities where you can make money in a short period of time. Individuals with big early wins are more likely to become addicted to cryptocurrency trading.
CJ: What do you think of influencers who promote obscure cryptocurrencies to their followers with little knowledge of how they work instead of getting paid by their founders? Do you think this is a problem?
I don’t think there is a problem with influencers. Because the general public generally understands that influencers are trying to monetize the topics they highlight or promote. Disclosing our financial relationships with these companies increases transparency.
Promoting these currencies increases their perceived availability. Availability is a necessary factor in the development of addictive disorders.
CJ: In your opinion, does the daily volatility of cryptocurrency prices affect mental health?
Yes, volatility contributes to mental health issues as individuals’ money rises and falls daily. When individuals tie cryptocurrency investments to their identity, it affects self-esteem and leads to depression and anxiety . For some individuals, volatility is exciting and they seek the thrill of trying to “timing” the market.
CJ: Research on cryptocurrency trading addiction is still limited, do you think the need will increase in the future?
Limited research on crypto trading exists to date, much of it investigating whether crypto trading should be included as part of gambling disorders because the behavior itself meets the definition of gambling. I’m here. get something more valuable.
Research needs to be done in this area. How much attention this area receives will depend on the market and whether consolidation/regulation will occur, whether the negative results of cryptocurrency trading will garner significant headlines, and ultimately how this topic area will move forward. It depends both on whether you have the funds (i.e. money) available.
Currently, cryptocurrency trading is not a topical area funded by the National Institutes of Health, the largest source of research funding in the United States.
CJ: Do you think the cryptocurrency industry should do more to promote safe investments and address addiction issues?
The crypto industry should follow the lead of the New York Stock Exchange and other stock markets and promote the idea that market money is an investment and not a get-rich-quick scheme. There are no regulations regarding gambling on the stock market.
CJ: Traditional gambling is restricted to consumers over the age of 18 in many jurisdictions. Do you think cryptocurrencies need similar rules to protect young and impressionable minds from potential addiction?
This is a complex question that requires nuances. Puberty is a developmental period characterized by taking risks. Early exposure to an addictive behavior increases the likelihood that the behavior will become a problem. For example, people who drink alcohol for the first time before the age of 13 have a significantly higher risk of developing an alcohol use disorder.
How can adolescents access cryptocurrency? Parental oversight and supervision is critical when it comes to adolescents’ access to cryptocurrency. But does the NYSE impose an age limit on investing in exchange-listed companies?
Both of these questions reveal the shades of gray needed to answer this question.
CJ: If you could answer yes or no, do you think the world would be a happier place without gambling?
Gambling has been a human activity since time immemorial!
A dice was found in the Pharaoh’s tomb. The Mahabharata, an ancient Hindu text, contains stories of gambling addiction and discourages gambling in subsequent verses. For better or worse, it’s in our DNA. We are risk-taking social creatures.
Gambling is one of our expressions of risk-taking. My hope is that the industry gets serious about preventing gambling disorders and identifying when one’s behavior is problematic.
CJ: What advice would you give to someone interested in trading cryptocurrencies who are prone to gambling addiction?
Many years ago we conducted a study comparing professional gamblers and individuals with gambling disorders (Weinstock, Massura, & Petry, 2013). These were two groups that both gambled regularly but experienced very different outcomes in terms of financial impact and mental health.
Both groups favored addiction to gambling. However, the major differences between the two groups were money discipline and loss of control/loss tracking. Professional gamblers had bankrolls to use for gambling. Every day, a professional gambler was risking only 5% of his bankroll.
Once this loss limit is reached, the day is over. They don’t gamble anymore. It prevented tracking their losses. Individuals with gambling disorders have been unable to set limits and adhere to them. This idea of setting limits and sticking to them is the greatest and most important piece of advice.
And if you can’t stick to your limits, ask yourself if this is a sign that your trading is getting out of control!
