Insomnia, addiction, depression, dark shopping, the dark side of crypto

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When Joanna Garzili was in Venice, California, for a party in 2017, the bikini-clad dancers were quiet, drinks were pouring in and the conversation was about one thing: cryptocurrency. It looked so sexy, she remembered thinking. Embraced by the spectacular crowd, she later invested $ 85,000 in the cryptocurrency hit giant Gartti at Ritz Carlton Homes.

But she says that soon her business is in shambles. Garzili has spent 90 percent of her life saving on tens of thousands of lost coins in a matter of days. She invests in risky investments and keeps checking her business apps to see how much she has earned or lost. Her nights were sleepless, but Garzili continued to chase the next big payday.

“Crypto is like going to hell,” she said. If we have an addictive personality, Crypto can bring out our dark parts. And I have a very addictive personality.

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Home-and-ship life-saver for investors Mental health experts say addiction is on the rise. Inflation and downturn provide a level of joy to repay volatile stocks and bonds. The very unstable nature of the cryptocurrency has left investors with a mountain of debt, broken relationships and suicidal thoughts, reducing profits to zero in one flash, according to addiction experts.

Therapists like New York’s Aaron SternLick say there is an influx of people seeking help for crypto addiction, although treatment is limited to a few.

“A lot of people don’t get the treatment they need,” he said.

According to Coin Market Cap, a site that monitors cryptocurrency statistics over the past decade, cryptocurrencies have risen dramatically from $ 5.4 billion to $ 1.8 trillion in major financial markets and popular cultures. Meanwhile, celebrity sponsors have created a beautiful ad for the lifestyle that cryptocurrency can offer.

In recent months, Matt Damon has introduced Crypto.com, an app for trading cryptocurrency. Tampa Bay Buccaneers quarterback Tom Brady and his wife, Giuseppe Bundchen, are working on a cryptocurrency exchange FTX. Influencers on YouTube, Twitter, Instagram and Twitter show a life full of first-class flights and luxury pools, which is the best way to make crypto rich.

Addiction experts say cryptocurrency is more addictive than sports betting, gambling and traditional financial investment. Unlike most stocks, cryptocurrency can be traded around the clock. People do not need to drive to the casino to invest in a penny. The volatility of crypto currencies, especially alternative currencies such as Memphis, can be fast and give the brain a quick reward. And given the decentralized nature of crypto, it will be easier to hide the financial effects of addiction.

Leah Nower, director of gambling research at Rutgers University, says high-risk investment applications increase addiction. Colorful, real-time charts, commercial apps like Robinhud make buying a cryptocurrency a video game.

“You know what it means to get more involved in something – that big step, that big change and a positive reward,” she said. “That’s why people love lottery tickets, because they get crazy and get their reward in that second, and that gives you a dopamine explosion. These people are doing the same thing,” he said.

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Although research is still growing, several recent studies have reported a link between cryptocurrency trading and addiction. In April, a team of Finnish researchers found that cryptocurrency traders were addicted to gambling, video games, and the Internet. Crypto traders, who are more likely to be immigrants, have higher levels of psychological distress and loneliness compared to stock traders.

Robinwood spokesman Ashwin Manika strongly disagrees that the app is investing.

“It is our view that such allegations are an elitist attack on ordinary people authorized to participate in the fair and crypto markets for the first time,” he said in a statement. “We have not yet seen any solid evidence to support these claims, and the data is a different picture.”

Manicka adds that most Robinwood customers have long-term holdings like Bitcoin.

Sternlink and his wife, Lynn, a New York-based married therapist, said that people around the world have seen an increase of approximately 40 percent in access to customized medical services. Their services cost $ 2,500 for counseling and $ 25,000 for a 45-day therapy plan, much more than traditional speech therapy. They connect with family members to treat addiction, access bank accounts and meet with patients several times a week.

Most of their clients come to help when more than six people are in debt, have broken relationships, have severe depression and are addicted to other substances, especially alcohol, cocaine and federal addiction. Aaron Sternlich added that people who come to practice often have great wealth but it can be difficult for those who do not have much money to seek treatment.

The American Psychiatric Association does not classify cryptocurrency addiction as a form of gambling addiction, says Sternlink, which creates a gray area, which many insurance companies reject for coverage of crypto-addiction treatment.

“Of course, there is not enough research that can be done,” he said.

However, Nower said people suffering from crypto addiction do not need to seek specialized services and can be treated with a gambling addiction counselor. “Of course you’re addicted,” she said. “Anyone who is a good therapist for gambling can treat cryptocurrency addiction.”

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Dru Vosk, a 30-year-old cryptocurrency investor living in northern Virginia and with a crypto YouTube channel. He started investing in cryptocurrency around 2017, when he started investing in Ethereum. From then on, he wanted to increase his credit card and buy the equipment he needed to make crypto currency. “I spent all my money on cryptography and mining crypto,” he said. “I was addicted. I was busy. ”

In many respects, it turned the $ 1,000 investment into $ 100,000, just to see the profit. When swinging occurs, the effects are significant. “If I wake up, I’m worried,” he said. “I was like, ‘Wow, I can’t believe this. That’s right- this is gone. ‘”

And living with cryptography, 49-year-old Garzili, now IRA executive, is a daily battle. When it comes to new investment opportunities on her radar, there is a strong desire to invest and pursue another payday. The same is true of fear of extinction. “It’s like a craving for something in my stomach,” she said. “It seems like my whole body is being dragged into the ‘go’. Go and do business. ‘

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To manage, Garzili is enrolled in a 12-step program similar to Alcohol Anonymous. It forces her to pull herself out of the screen all day. If the interest in the coin is too great, she will walk, meditate, and drive. Currently, she invests in risky cryptocurrency, and says she needs to build her portfolio by retirement.

Garzili says government action is still needed to crack down on scams that attract crypto investors and limit low-cost projects.

“People are still going to be destroyed,” she said. “Until we come up with a solid guide.”

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