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Cryptocurrency is virtual “money” or “tokens” built with a technology called blockchain. It is not backed by any institution and anyone can freely buy and sell them on online marketplaces or “exchanges” with normal cash or existing cryptocurrency, just like online shopping. Crypto aims to decentralise money, that is, to become a form of “money” not controlled by governments or banks.
“There is nothing wrong if you invest a little bit of money in say Bitcoin but what I was doing, that’s the other side of the coin. The whole thing definitely needs to be regulated.”
Huge gains, huge losses
Bob is just one of many who lurk on online platforms such as Reddit and Gamcare (a UK gambling addiction support organisation) looking for help anonymously.
Coinbase and Finder say two-thirds of crypto owners trade at least once a month and the average crypto portfolio is just over $20,000.
There are 135 crypto exchange businesses in Australia worth about $470 million, according to research group IBISWorld. The global crypto market in turn stood at US$2.2 trillion ($3.5 trillion), crypto exchange Kraken said late last year.
The crypto rollercoaster
Many other cryptocurrencies including meme coins that derive their value from internet viral or trending events — like the one US President Donald Trump launched last month — can surge in price multiple times over a short time.
Craig Bilton, clinical director at Thailand’s The Diamond rehab, says crypto-trading is yet another form of gambling. Credit: FOTO JOE
Craig Bilton is the clinical director of The Diamond Rehab in Thailand where Bob sought treatment, and his therapist.
“You keep chasing the win and over time, a dopamine sensitivity takes place, which means that you’d start doing riskier trades in order to get the same level of satisfaction.”
‘Skill-based’ gambling
“I was feeling so down and desperate when I thought I’d do one more gamble. When the Solanas went to zero, I actually felt relieved. I thought I could sleep now but the next morning I woke up still wanting to buy Solanas,” he said.
I still believe in the decentralisation of money but there is a part of crypto which is so dark, which is even worse than a casino
John*
His wife cashed out some of her own cryptocurrency to pay for his treatment, telling him that she would leave him if he didn’t recover.
Hard to spot, few warnings
“You become very emotionally attached to these things that you’re buying.”
The Diamond rehab just outside Bangkok has fielded a rise in calls about crypto-addiction. Credit: FOTO JOE
The research also found many traders suffer a “Fear of Missing Out” (FOMO).
He said most people with potential problems were men because women are more risk-averse, and an addiction usually affects those under the age of 50.
Other addictions
“Coin flip between life and death in this addiction is all too real. I feel absolutely ashamed of my brain-rotted actions and the debts I owe to others who trust me,” he told SBS Insight.
Cryptocurrency such as meme coins — that follow an internet trend or viral moment — can rise in value multiple times in a short period. Source: AAP
The Asia-based 27-year-old trader said while his crypto-trading was profitable, he lost money on crypto casinos where he had wagered about US$17 million ($27 million).
Everyone in his life has turned into a “creditor” who has lent him money to trade crypto, Tom said.
I might spend maybe 13 to 15 hours a day playing when I am at my “peak point addiction”, and forget to eat, even hold in my pee
Tom
Research in the scientific journal Addictive Behaviors shows there is a strong relationship between crypto-trading and an increase in other gambling activities.
A group therapy room at The Diamond rehab centre in Thailand. Credit: FOTO JOE
Johnson also warned ads and online investment videos hosted by and sportspeople sensationalised crypto further.
