On the other hand, other pleasures in nature, such as good food or a beautiful sunset, can be less stimulating and less inviting. "A person becomes consumed with the stimuli of their choice and at the same time loses interest in other life events that they find pleasurable because it is the brain's natural tendency to seek pleasure," says Sternlicht.
Marini points out that not everyone becomes an avid gambler, cocaine addict, alcoholic, or cryptocurrency trader. But he estimates that 3% of Brits are avid gamers. The UK Health Authority (formerly Public Health England) estimates that around 2.2 million adults have gambling problems or are at risk of developing an addiction. Marini and Sternlicht agree that cryptocurrency addiction is very similar to gambling addiction and should be treated as such.
Marini fears that 33% of the country's population participates in the cryptocurrency market, so he's only seeing the tip of the iceberg. "I've seen more and more people entering the doors that cryptocurrencies are really attracted to," says Marini.
As of 2016, Castle Craig has served over 200 crypto trading clients. Marini believes that cryptocurrencies attract people much faster than gambling due to their volatility. “They kept looking at the prices because they were always fluctuating. And now that there are over 20,000 different cryptocurrencies, they spend a lot of time on different media sites looking for cryptocurrencies and that becomes a problem in their lives,” says Marini.
However, according to Sternlicht, most people can easily trade cryptocurrencies. "While most people can invest and trade in cryptocurrencies without illness, some people develop a general disorder related to their trading behavior that leads to addiction," says Sternlicht.
Who is at risk?
While there is no way to determine exactly who will develop an addiction to cryptocurrency trading, Sternlicht believes that people who are frequently exposed to cryptocurrencies, have experienced other addictions, or have had gambling problems are more likely to develop an addiction to develop. Addictive behaviors in the family, underlying psychological problems, impulsiveness or risk-taking can trigger addictive behaviors in dealers.
In Sternlicht's experience, cryptocurrency traders are often well educated and financially savvy. You feel like you have an advantage in the market and you know things that others don't. “For example, they spend a lot of time learning the basics of a particular project, or they may be very adept at analyzing charts, macroeconomics, market sentiment, and other speculative indicators. This is known as the "illusion of control".
In a 2014 study, researchers from the University of Deusto and University College London argued that "the illusion of control consists in overestimating the impact of our behavior on uncontrollable outcomes." This false sense of security could encourage traders to take more risks and to act more frequently, Sternlicht said. When traders feel they have an edge, they may be more inclined to take riskier or larger trades and develop a trading addiction.
Marini created the "Cryptographic Curve" - a diagram depicting the lifecycle of such risky behavior. Not to be confused with the famous "cryptographic J-curve" that shapes a cryptocurrency's market value over time, the crypto Marini curve suggests the evolution of an attractive trade from "very rewarding" and "desperate" to "productive." . recovery and growth.
How do you know if you have a problem?
Signs to look out for include failed attempts to halt or moderate trading, thoughts about cryptocurrencies when not trading, associated guilt and shame, and hiding losses from loved ones, Sternlicht said. Lying, stealing, selling, or borrowing to continue trading are also warning signs.
Marini's client worked for a financial firm and embezzled $1.5 million worth of bitcoin. He subsequently lost $1.2 million in stolen funds. Another client who came to Castle Craig addicted to drugs and managed to get by won half a million euros trading cryptocurrencies. Two years later, after relapsing into drugs and alcohol, the client returned to the clinic and lost all of his cryptocurrency.
Other signs of addiction may include: spending on cryptocurrencies for a living, favoring trading over relationships and career opportunities, difficulty concentrating, loss of interest in non-cryptocurrency activities, and drowsiness due to cryptocurrency trading or activities .
treatment options
For those who require outpatient treatment, Sternlicht customizes treatment based on the needs of each client. Although there is no single focus, the overall picture is changing. After careful evaluation by your team, personalized treatment plans are created that may include therapy, coaching, psychiatric care, family/relationship counseling, financial management, sleep monitoring, exercise and nutrition, and daily check-ups. Drug and alcohol tests can also be performed. Starlight also includes mindfulness and holistic therapy.
Financial control is a central element of the Sternlicht approach. “Since all of our clients are cryptocurrency addicts, we find it beneficial to have systems in place to financially monitor their assets, including bank accounts and trading platforms, if still active. Digital wallets are also being considered,” says Sternlicht.
Sternlicht believes that tracing assets, and sometimes even temporarily removing control of those assets, can help individuals take responsibility and focus on recovery. This financial oversight can be performed by a trusted friend or relative, a financial professional, or a Starlight associate.
During the session, the client may focus on identifying negotiation triggers and developing coping strategies for not negotiating, building trust and boundaries in relationships, or coping with trauma and mental health issues.
Between sessions, the team monitors sleep, nutrition, exercise, and digital usage. "Recovery is like a jigsaw puzzle, and the more pieces that fit together, the greater the chance a person will have a prosperous and successful life," says Sternlicht.
According to Marini, Castle Craig treats cryptocurrency addiction as a form of gambling addiction, combining cognitive behavioral therapy with a 12-step approach. The first step is to admit that there is a problem. “I'm helpless in the face of this addiction and it's making my life uncontrollable. It just means I have a problem here. And then when we dig deeper, we'll find that the problem is mine," says Marini.
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The six-week inpatient program includes individual therapy and group therapy. Marini believes group therapy is important because of acceptance and kindness. “In group work you develop an identification with the other person so that you no longer feel alone. Individual therapy is great, but group work is probably the most important part,” says Marini.
According to Marini, treatment includes hippotherapy, art therapy, and important holistic practices. Recovery also aims to prevent post-treatment relapse and multi-substance addiction. For example, Marini notes that due to the volatility and 24/7 nature of cryptocurrency trading, some may turn to amphetamines to stay awake longer.
Ultimately, Marini believes recovery is about finding yourself and understanding what addiction is and why it causes certain behaviors:
"It's about finding yourself. Great. We do many things.
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