Steven is a man who was raised on the Shetland archipelago. At the age of 13, he left school and made his way into construction, where he earned a whopping salary of more than 85,000 pounds per year.
How Steven Has Dealt with His Crypto Addiction
This isn’t bad for someone with limited educational means. Unfortunately, Steven has lost virtually everything to his crypto addition, which he likened in a recent interview to a gambling addiction. He says, crypto, drugs, and alcohol ultimately took over his life, and now he’s trying hard to get back up.
In the beginning, Steven appeared to know what he was doing. He had a talent for crypto trading, but ultimately wound up losing the addresses of around five to ten bitcoins, which would be worth more than 300,000 pounds today. He doesn’t know where the addresses are and has no idea as to how to recover them. He says:
Trading is gambling. There’s no doubt about it. I studied and studied. I taught myself how to be a good trader and tried hard to manage my accounts and stick to a set of rules, but my mind would twist, and I’d go all in, like a poker player that thought he had the perfect hand. I was convinced I was going to be a bitcoin millionaire.
Steven is now spending his days living at Castle Craig, a rehabilitation center in Scotland. He is concerned about the future and believes a lot of young people who get introduced to crypto will take a path similar to his. He sees crypto as a high-risk trading arena that can lead to heavy addiction, and he doesn’t want to see younger generations fall into its traps. He says:
A whole generation thinks that with a little mobile phone they can win, that they can… beat the market. It scares the bejesus out of me.
In addition, crypto remains relatively unregulated in the United Kingdom, the country Steven calls home, and this opens more doors to foul behavior and problems. Crypto has also become mainstream enough that it is being touted on social media all the time by various celebrities including Kim Kardashian, who was recently sued – along with others, like Floyd Mayweather – for promoting a potentially fraudulent cryptocurrency known as Ethereum Max.
Crypto has also made its way into more mainstream methods of advertising. Not long ago, an ad for Luno – a cryptocurrency exchange – was spotted in London. It read:
If you’re seeing bitcoin on a bus, it’s time to buy.
These Ads Are Deceiving
Dr. Anna Lembke – an addiction expert and professor at the Stanford University School of Medicine – explained ads like these are created to play with people’s minds. She comments:
They’re encouraging you to amplify the wins and ignore the losses, creating a false impression there are more wins.