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Filmmaker. Co-founder @ Much Much Media.

13.5.22

Mental health = everything, but != crypto



This article on Vice talks about how the crypto world, currently at an all-time low, is inextricably linked to investors' mental health. An abbreviation runs wild in these circles - HODL - which means 'hold on for dear life.' Basically dissuades investors from being "anxiety bitches" and dumping their investment after an acute period of panic. 

Just let's take a pause and examine this system. One that's supposed to be deregulating investments, taking the onus off a central body and therefore putting the control back into the hands of no one but the investors themselves. Just a blockchain network that keeps a ledger tracking millions and millions of records day in and day out. 

And because of that, the market never stops unlike a traditional stock market. Investors apparently aren't getting any sleep because they need to compulsively monitor their investments. Three to four hours a night is bound to drive you up the wall. 

There's now crypto-specific CBT consultants in the world. Specifically for anxiety arising from tanking crypto investments. 

Basically this system that was as democratic as things can get, with the added dimension of unbreachable security, was supposed to ease your investment worries. It was supposed to be a woke thing that lived up to the woke nature of new-age wokeness. And I don't say that sarcastically. I genuinely mean it when I say it's bizarre that Internet forums and wherever else conversations go on about crypto do not encourage anxiety-related discussions about prices, as this article suggests. 

They actively dissuade it. Because your emotions, your feelings about the thing you've put your money in, contributes to worldwide buying and selling trends. And - by extension - the value of the coin you're holding. 

It won't let you sleep, 
it won't let you vent. 
It isn't making you money, 
and it won't pay your rent.

What the fuck good is it? 

PS: Not like traditional investments are any better. The stock market is at an all-time low and everyone's lost money, but at least I'm not losing sleep over it. 

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