r/dogecoin • u/I_want_your_hat • Apr 23 '21
Opinion piece Advice from a Gambling Counsellor
Hi Everyone,
Certainly been a roller coaster the past week hasn't it. We had some pretty big highs and oh boy some lows. I really like the idea of Dogecoin, a crypto that encourages being good to people and the fact that a community of 1.5 Million people have gathered to promote a coin with a Shiba on it tickles me to my core. I have Diamond hands and hope to be sipping beers on Mars someday.
Having said that I have noticed some pretty concerning messages and comments on this subreddit and wanted to offer some advice as a social worker who has done some gambling counselling. I have seen a lot of red flags that there are people on this subreddit that are hurting themselves for Dogecoin and that it not what Dogecoin is about.
If you are having thoughts of hurting yourself or suicide please click on the link I've posted below. It's a website with international Suicide hotlines. There are people who are there to talk to and can help keep you safe. If your country is not on the list than googling suicide hotline should bring up a local resource.
https://www.opencounseling.com/suicide-hotlines
So to continue on I wanted to cover some pitfalls and hopefully educate people so you can make an informed decision about Dogecoin. Doge would want you to take care of yourself.
- "Dogecoin is not gambling"
ANY crypto currency is gambling, simply by the token that We don't know what it is going to do next This is not a flaw in crypto but it is a realty. Let me give an example to illustrate:
You are making a bet on a boxing match. You've done your research and Big Mic is the clear favorite. Big Mic has DESTORYED his last 100 opponents, his at the top of his game and all your friends are also betting on him. His opponent is Widdle Macgee, who has never won a match and is in his 80s.
Pretty obvious who to bet on right? you've looked into it, you've watched past matches and you could make some nice profit on the bet. The Bell rings and Widdle gets a lucky punch knocking Big Mic out in a second.
This is referred to as the Hot Hand fallacy. The idea that if something has happened alot in the past then it will happen again in the future. This is the heart of Crypto. Amazon could announce Dogecoin tomorrow sending us to the moon or Elon could tweet "Lol jks Dogecoin is bad". We don't have a crystal ball so we cannot know 100% what a crypto will do. I believe Dogecoin will go up but I need to accept I might be wrong.
- I can't afford to miss out on those MOON gains!
Look FOMO is a sonofa but its really important to not let yourself get sucked in on hype. If you find yourself feeling a need to invest more into Doge to "not miss out" I highly suggest walking away, calming down and work out if you can afford to invest that money. It's soo easy to invest money only to look at your bank account after with regret. The is a reason that emotions and business don't mix.
- I've lost too much money I should put more in to try and offset the loss
This is called "chasing loses" and its a warning sign of a issue with gambling. It is always better to lose $500 than to try and get that money back and losing $1000. You might get the money back but you are likely to lose more thus increasing your anxiety. Sometimes you need to take the L.
- I'm YEETING MY LIFE SAVINGS TO THE MOON
If you are spending money that is needed for bills/rent/food STOP and give yourself permission to walk away. As much as I want to get to the Moon to drive in my Tesla space car I would rather you sell your Dogecoin and look after yourself. Also only spend money that if you lose IT ALL you won't lose sleep over it. My investment in Doge is tiny compared to others but if Dogecoin tanks and I lose my investment it would suck but hey I'm just seeing my investment as my ticket aboard the rollercoaster of Dogecoin. I've seen several posts about people being anxious about the potential profit they are losing. What I would say is if your mental health is suffering you need to reevaluate your position. I've had to be honest with myself and know that I will never be a big player throwing thousands into crypto because it would make me a nervous wreck!
- I can't let my fellow Dogeanoughts down!
Listen this might be controversial to say here but you have to look after YOU first. for the following reasons 1. You don't owe anyone on here a single doge. 2. If Dogecoin is ground zero for a mental health crisis its not going to be a good look for Doge is it? So walking away even for a little bit will be better then staying and crashing. I'm holding with both my diamond hands but would gladly shake hands with anyone who walks away for their own health and wellbeing. If you feel stuck sell all but a small amount so you can still be part of the fun because 100 Dogecoin at $1 is still $100 you can take to the bank.
- I believe in Doge but could never tell my friends or family how much I've invested
Holy Red flag batman, this is a sign that your spending it getting out of your control. If you feel compelled to buy more, or feel guilt and shame then that's okay talk to someone you trust and consider maybe selling or having friends support you in not buying more than you can afford.
- I can't get addicted to crypto
Gambling is addictive because of a chemical in our brain called Dopamine. This is a great chemical that's designed to make us feel good, so we repeat the action. Lots of things in our life such as eating a pizza stimulate our brains to produce dopamine. Ever wondered why Pokies have lots of noise and lights? that's because they are designed to give you that sweet sweet dopamine high so your brain keeps you spending. Visual stimuli has a huge impact on Dopamine production. So all those graphs with its constant refreshing can literally be addictive. If you find yourself losing sleep or skipping work to watch a graph that should be a red flag that you might need to put the phone down or walk away from the computer for a bit. Dogecoin will truck along without you monitoring it.
To conclude Dogecoin is at its best when its a community sharing memes and collectively enjoying this rollercoaster together. Dogecoin says to do good to each other. So your kind act to me will be look after yourself. Write a comment about what none Doge related thing you are going to relax. As a treat for being an absolute legend.
Doge be with us all.
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u/Letsmakemoney2gther Apr 28 '21
I was addict buying. Had to cut my position down from 20k coins to 500. Now I’m happier.