This Q&A is the full interview with Dr. Jeremiah Weinstock. For our deep dive into cryptocurrency trading addiction, with contributions from a full panel of experts, please visit This Article.
Below is an interview with Dr. Jeremiah Weinstock, a Professor in the Department of Psychology at St. Louis University, focuses on gambling disorder and addictive behavior with an emphasis on exercise as an intervention. This is a full transcript of our interview, quotes from which were published in our main article on the subject.
For a deeper dive into the topic of cryptocurrency trading addiction, and links to its gambling, please follow that link. For Dr. Weinstock’s full interview, please see below.
CoinJournal (CJ): Do you think there are similarities between crypto trading addiction and gambling addiction? If so, can you please name the most notable people?
While crypto trading addiction is not an official diagnosis within our classification of psychiatric disorders, individuals who engage in crypto trading may struggle and experience negative consequences from their trading behavior.
The hallmarks of gambling disorder and other addictions are (1) loss of control, meaning that a person tries to stop or cut down on their gambling behavior and is unable to do so, (2) tolerance, the ability to perform the behavior over a period of time. requires greater intensity to achieve the desired effect, and (3) experiencing withdrawal, irritability and moodiness when one tries to stop or cut.
If individuals engaging in crypto trading experience one or more of these hallmark symptoms, they are likely addicted to crypto trading. Traders who are looking for adventure and trading frequently (ie, not buying and holding investment strategies) are at increased risk of this behavior becoming malicious.
chief Magistrate: In your opinion, what is it that makes activities like trading so addictive?
The uncertainty and volatility of the crypto markets. There exists an “opportunity” to win money in these markets in a short period of time. Those who experience big wins early are more likely to become addicts to crypto trading.
chief Magistrate: What do you think about influencers who, in exchange for fees from founders, promote obscure cryptocurrency to their followers who know little about how it works – do you think this is problematic? ?
I don’t believe influencers are problematic because the general public generally understands that they are trying to monetize whatever topic they are highlighting or promoting. Disclosure of their financial relationships with these companies will increase transparency.
Their promotion of these currencies increases perceived availability. Availability is a necessary component of developing an addictive disorder.
chief Magistrate: In your opinion, will the daily volatility of crypto prices affect mental health, as people see their investments go up and down so widely every day?
Yes, volatility contributes to mental health problems as individuals’ money moves up and down on a daily basis. As individuals link their crypto investments to their identity, it affects self-esteem and contributes to depression and anxiety. For some individuals, volatility will be exciting and they will pursue the thrill of trying to “time” the market.
chief Magistrate: Research on crypto trading addiction is still limited, do you think the need is likely to increase in the future?
Limited research on crypto trading exists to date, and much of it examines whether crypto trading should be included as part of a gambling disorder because the behavior itself meets the definition of gambling – when the consequences If unknown, some value is put at risk. to obtain something of greater value.
Research is needed in this area. How much attention is given to this area depends on the market and whether consolidation/regulation occurs, whether the negative consequences of crypto trading attract significant headlines, and ultimately if money (ie, money) is directed at this subject area.
Currently, crypto trading is not a subject area funded by the National Institutes of Health, the largest source of research funding in the US.
chief Magistrate: Do you believe that the cryptocurrency industry should do more to promote safe investments and address the problem of addiction?
The cryptocurrency industry should follow the lead of the NYSE and other stock exchanges in that they promote the idea that money in the market is an investment, not a get-rich-quick scheme. There are no rules regarding gambling in the stock market.
chief Magistrate: Traditional gambling is restricted to consumers 18 years of age and older in many regions. Do you believe there should be a uniform rule within cryptocurrency to protect younger, more influential minds from potential addiction?
This is a complex question that requires specifics. Adolescence is a developmental period characterized by risk-taking. Early exposure to the addictive behavior increases the likelihood that the behavior will become problematic. For example, individuals who drank alcohol for the first time before the age of 13 have a significantly increased risk of developing alcohol use disorder.
How do teenagers get access to cryptocurrencies? Parental supervision and supervision is extremely important if cryptocurrencies are available to teens. However, is there an age limit for NYSE to invest in companies listed on the exchange?
Both of these questions reveal the shades of gray needed to answer this question.
chief Magistrate: If I may prompt you to answer yes or no, do you believe the world would be a happier place without gambling?
Gambling has been a human endeavor since time immemorial!
Dice were found in the tomb of the pharaoh. There is a story of gambling addiction in the ancient Hindu text, the Mahabharata, with a later poem discouraging gambling. For better or worse, it is in our DNA. We are social animals who take risks.
Gambling is an expression of our risk taking. My hope is that the industry gets serious about gambling disorder prevention and recognizes when one’s behavior becomes problematic.
chief Magistrate: What advice can you give to people who are interested in crypto trading who may be prone to gambling-related addictions?
Several years ago we compared professional gamblers to individuals with gambling disorders (Weinstock, Masura, & Petrie, 2013). These were two groups of people who both gambled regularly but experienced very different outcomes in terms of financial outcomes and mental health.
Both groups supported engaging in gambling; However, the major difference between the two groups was the loss of discipline versus the loss of control/chasing with their money. Professional gamblers had a bankroll with which they gambled. Each day professional gamblers risk only 5% of their bankroll.
Once they hit this damage limit they are done for the day. They will no longer gamble. This prevented him from pursuing his losses. Individuals with gambling disorders were unable to set and adhere to limits. This idea of setting boundaries and sticking to them will be the biggest and most important piece of advice.
And if you find you can’t stick to your limits, ask yourself if this is a sign that your trading is spiraling out of control!