Cryptocurrency

Op-ed: Zoom out

Zegex

The following content contains references to suicide.

Today, September 10th, is International Suicide Prevention Day.More than 700,000 people die by suicide each year In the worldThe official numbers related to crypto or trading are unknown. However, Google News has over 120,000 news articles about cryptocurrency-related suicides, of which 39,700 have occurred in the last 12 months.

In England suicide is biggest killer Under the age of 35. Globally, it is her fifth leading cause of death among people under the age of 45. forbes, cryptocurrencies are most popular with people under the age of 49. This means that the age groups of cryptocurrency users and suicide-related deaths overlap.

a 2020 Open University Research When examining the relationship between stock market volatility and suicide rates, we found a correlation between men and women. The research paper emphasized that “no conclusive evidence of suicidal behavior has been observed elsewhere in the animal kingdom, with the exception of Homo sapiens.” must be involved.

Prior to 2020, when this paper was published, the concept of memestocks had not yet been truly invented. WallStreetBets, a leading source of memetic stock trading information, says he has grown from less than 1 million subscribers at the beginning of 2019 to over 12 million today.

wall street bet
Source: subredditstats.com

Alex Kearns, a young man of 20, tragically passed away in January 2020 took his life After his Robinhood account falsely informed him that he owed him $730,165 in a failed transaction. Robinhood released a statement saying it has pledged to improve how information is presented and has donated his $250,000 to a suicide prevention charity on behalf of his family.

Another man committed suicide in India in October 2020. He โ€œwas in a lot of debt after suffering huge losses in his bitcoin trading business.

Following the Terra Luna bankruptcy in May 2022 and the subsequent bankruptcy of Celsius, there have been countless reports of loss of life through suicide from those who have lost their savings.

South Korea, China, India, and Turkey are the countries with the most reported cryptocurrency-related suicides, according to a recent survey.

crypto suicide
Source: Safetrade

2018, after the crash Bitcoin drops from $20,000 to $6,000, suicide prevention hotline pinned to top of Reddit’s r/cryptocurrency. Since then, it has often been cited as a “bottom indicator” for future cycles. Redditors have often said that the price may still have a long way to go as the suicide hotline has yet to be fixed.

This nonchalant attitude to such a tragic topic is something bull markets don’t mention. However, in a bear market where many users are seeing their portfolios fall significantly, this issue should not be thrown lightly. Moreover, the problem is exacerbated by large-scale black swan incidents across the ecosystem.

We need better financial education to combat the growing epidemic and the potential for recession. Only those who truly understand risk should use precarious training tools such as options, futures and other leveraged trading methods.

Education about discovering pump-and-dump schemes, safely interacting with dApps, avoiding phishing scams, and protecting wallets is important alongside better financial education.

black rock report Fewer than 50% feel confident in their financial decisions, yet fewer retail users invest through mobile apps snowballThe number of individual investors has grown from 35.6 million in 2017 to over 150 million in 2021.

Education is important for people to invest safely and reduce their exposure to the market. Binance launched his EduFi in May this year and Coinbase learn to earn A scheme that allows users to earn crypto through education.on coinbase must read Here is a list for those who are interested.

Remember: When in doubt, zoom out. The big picture is important.

If you or someone you know is struggling, talk to someone. Help is available wherever you are.You can find a list of international help hotlines here Free and confidential advice.

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