Home CryptoMarket Crypto winter can take a toll on hodlers’ mental health – Cointelegraph Magazine

Crypto winter can take a toll on hodlers’ mental health – Cointelegraph Magazine

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With so many struggling to maintain their emotional well-being during this crypto winter, self-improvement and mental health experts have warned that a prolonged bear market could bring It helps you navigate the ups and downs and soul-crushing experiences.

Mental health expert Elisabeth Sterbenz and wellness thought leader Srikumar Rao discuss how to address crypto portfolio depreciation, move forward, and illuminate intuitive well-being with Magazine. Sterbenz is a California licensed psychotherapist who specializes in individual, couples, and financial therapy. Rao is a PhD from Columbia University, an international speaker and his Executive Business Coach. He teaches courses at Northwestern University’s Kellogg School of Management that fuse Eastern philosophy with modern business practices.

Learn how to ride a tsunami

Rao believes cryptocurrency traders, developers and community members have been hit by a tsunami. They are suffering from a prolonged crypto winter with no immediate signs of warming. They also celebrated his two-year NFT boom that was soon followed by a devastating recession.

Recently, the community was in an uproar when key figures in the cryptocurrency industry, such as Sam Bankman-Fried and Do Kwon, were accused of fraud, discrediting the industry and hurting investors.

And hit songs one after another. Just a few weeks ago, the US Department of Justice and other international authorities shut down a Hong Kong-based cryptocurrency exchange and arrested its founder in Miami.

Rao believes that the bear market can be used as an opportunity to learn how to surf above a tsunami while keeping a sober eye on what is happening beneath it. He says you can achieve this by accepting that winning is not a requirement for happiness. Happiness does not come from making the right deals or making a lot of money. According to Rao, it’s a false belief.

“The idea that you have to do something to be happy is just plain wrong. But you believe it so strongly.

Sterbenz takes it one step further, suggesting that you don’t have to go it alone, especially during this difficult time. “I think you have to have some confidence in having a good financial advisor. It’s an important part of your team.”

She believes that getting sound, objective financial advice can give you peace of mind. Relying on someone to help evaluate your transactions and make decisions about your overall financial situation provides a sense of being covered. , I can focus on my well-being,” says Starbenz.

Rao argues that it is also important to recognize that cryptocurrencies have no intrinsic value. Value is only what people believe. Many people agree that a certain token has a certain value at a certain point in time, but the moment people stop feeling that way, the coin no longer has the same value.

Rao says: Recover. I’ll move on, I’ve never really needed this to be happy in the first place.

A crowd formed after Oregon Trust and Savings management announced it would be closing due to its inability to pay its debts. August 22, 1907.Source: Wikimedia Commons

How to deal with crypto-corruption shakeouts

Many of the crypto community’s worst fears came true when FTX collapsed and its founder was arrested, and when Terra crashed and its former CEO was indicted. Uncertainty about the inevitability of tougher federal regulatory initiatives further reinforced these concerns.

It is undeniable that crime is now part of the cryptocurrency ecosystem in the same way it is part of the traditional investment arena. It is a difficult drug to swallow and even meaningful regulatory crackdowns are cause for concern.

Nonetheless, Sterbenz suggests that this is nothing to be ashamed of and does not mean that participating in cryptocurrencies is notorious or embarrassing. Comparing the situation with critics of traditional investors after the largest Ponzi scheme in history was exposed, Sterbenz said: You should put money in the mattress.

According to Sterbenz, it’s important to separate the bad behavior of bad characters and simply accept that there will always be bad actors.

Rao believes that blaming the bad guys for bad luck and cryptocurrency losses will not lead to happiness or peace of mind. He says that if the universe or its participants did not follow the rules and things went the other way, it would be easy to think that the sky was falling.

“And you’re blaming it all on outside forces. I’m unhappy because I did this and that and he’s a total rogue. And we’re currently investigating because he’s a rogue.” But meanwhile, the market has gone to hell!” says Rao. Instead, he suggests sticking to the idea that he is only involved with cryptocurrencies. “I play this game because it’s my way of life and because I enjoy the game. It doesn’t necessarily have to win to bring satisfaction or joy,” says Rao.

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That’s great, but I’m a recto!

According to Rao, the trader who lost everything must admit that he probably believed all his life something that turned out to be disastrously untrue. Good business does not bring happiness. It is the same as bad business destroys happiness.

Mr Rao said: Just admit this was wrong. He cut it sharply with a knife, but now that I have received it, I know how wrong I was. Pick up the pieces and don’t repeat the same mistakes. Tomorrow is another day, and today’s residue doesn’t have to poison tomorrow. ”

It’s not easy, but Rao suggests looking at consciousness like a flashlight. The flashlight will illuminate whatever you put light on it. “I defined myself as wrong if I was going to shine a light on the big profits that I once had and I neglected to sell, and if it’s all gone and I’m falling behind where I started. You are shining a flashlight of awareness on something: life,” says Rao. It’s an inefficient strategy. Instead, he suggests shining a flashlight on what to do next. “You weren’t starving, you weren’t seized and kicked out of your house. No,” Rao says.

For those truly struggling with severe anxiety and depression, Sterbenz recommends therapy and believes that professional help can be a gateway to personal growth. If you haven’t experienced it and don’t need treatment, she suggests focusing on the underlying concept of acceptance.

According to the Berkeley Welfare Institute, extreme acceptance “Accepting what is not in your control and accepting what is happening without judgment”. By embracing your emotional or physical pain at its core, you can reduce the suffering they cause. “If you were involved in any of the cryptocurrencies affected by this, you can move on from there. Others are also affected by this. I gave up,” says Starbenz.

ask for help

If a crypto trader or holder is contemplating self-harm, Sterbenz says, “Seek help immediately.” She suggests going to a medical professional in person or calling a trusted friend.

The cryptocurrency community has previously shared resources such as international aggregators of suicide hotlines during bear markets, with many hoddlers who were underwater voicing hurtful thoughts.

Commenting on such thoughts, Mr. Sterbenz said: It doesn’t feel that way when you are in the moment. I don’t feel like those 2 to 5 minutes are over. Therefore, she believes that it is most important to have someone around you who will do the best for you.

Sterbenz also believes that family and friends shouldn’t hesitate to contact loved ones who may be thinking of self-harm. “And it’s not really true,” says Sterbenz. She recommends asking the afflicted person directly if she’s thinking about harming herself: “That doesn’t make them more likely to do anything.”

Trader and Twitter influencer Lady of Crypto also advocates for mental health. She told her Magazine: I have friends who have been struggling and have seen how people shadow themselves and are pushed to their limits.It really breaks my heart to see these messages on Twitter. You shouldn’t be in a position where suicide is your only option. I kept my inbox open and thought if even one person could make a difference it would be worth it. ”

So where is happiness after all?

According to Rao, happiness cannot be sought. You won’t be spotted with your favorite altcoin, nor will he suddenly pop up when Bitcoin finally tops $100,000. Rao believes that happiness is not something that is sought after. The more he seeks happiness, the more he runs away. Happiness just happens. It’s not an ambitious goal, but it comes organically by adopting a particular way of thinking.

“The mindset you’re going to take as a failed cryptocurrency trader is something like this: Alright, I just blew most of my fortune and net worth. It’s the flow of the universe, and I can now cry myself to sleep every night, making things worse, or shine my own consciousness flashlight on the fact that I’m still healthy. I’m still fine. I learned a very expensive lesson,” says Rao.

Concentrate on what to do next. Even though yesterday’s red candle insistently tries to get your attention, Rao suggests recognizing this as mental chatter. Instead, just focus on what you should do going forward.

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Mitch Iven

Mitch is a writer on cryptocurrencies, politics, the intersection of the two, and a few other unrelated topics. He believes crypto is the future of finance and is honored to have the opportunity to report on it.

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