I must say I’m not surprised. I have read about such stories before.
So this Redditor gambles on crypto markets, by “taking out a loan” thinking since it’s forever bulls season and everything has to go up.
I mean if it were that simple, wouldn’t the bank itself use the money to store crypto, instead of loaning it out on these wild ideas? I’m sure it was some home renovation offer, he took on, and put it directly into the shark-like waters we call the cryptocurrency markets.
What’s really tragic is when he started losing big, instead of stopping, went ahead and start playing online casino games, in a bid to make back the losses to cover the loan. Bad idea once again.
Long story, short he ended up losing tons, and then finally made the right choice of self-excluding himself from all forms of gambling.
Gambling most of the money. I took a loan that was used for crypto before the cycle started. It went up to around 50k but then it went massively down, went to 14k from 50k probably, i felt miserable af and turned to casino to win it back. Last few months it was up & down from 10-20m but never 50k as i had before. 5minutes ago i lost all of it and will be paying the loan for the next year probably. Actually never putting money in crypto cause it’s easy way to find casino and play with the money. After i pay my loan i’m putting money in s&p 500 and self exclude from everything. Good luck to everybody but best bet is not playing at all. I know everything will workout well because i’m trying to stay positive, but it still sucks knowing i fucked up probably next 1year of my life, and if the crypto will boom, especially the coins i’ve had, i fked up my future for next 10 years since even those 15k could done really well.
He had plenty of encouraging replies.
The first commenter said the right thing. Called gambling entertainment, and not the means to make it rich.
Even the most regular of gamblers end up losing more than they win. But as long as they know this truth, it’s usually not harmful. This, plus the fact they only bet with the money they can afford to lose.
But, everything is easier in retrospect. For example, the OP lost thousands of dollars in a few days, and basically lost his mental health. This is why he made another stupid decision to head out to an online casino to gamble his way back to black.
In fact, a more sound approach would have been to simply get a member of his family involved. This way, he would have ended up losing much less. A father or a mother and even a sibling would have warned or even stopped him. Even a good friend (not easy to make one nowadays) would have done the same.
His total loan amount was $30K, so hopefully, he has a good enough job to eventually pay it all back in the next few years.
One thing that did happen; in his favor at least; was self-exclusion. At least now he will not (fingers crossed) go back the same cycle of losing $100 to make $20.
Self-Exclusion programs do work. The data says so
A study conducted in Quebec had some interesting findings on people who do actually follow through with such preventive programs.
The vast majority of its participants voted in favor of self-exclusion, termed it “very” or “totally” effective.
Plus, there was a huge change among the personal behaviors patterns of the participants too, when compared to the time they first met, and their final meeting. This included better financial standings, low anxiety levels, negligible time spent on any kind of gambling activity. The overall mood in the room was much calmer and relaxed compared to when they all started.
Self-exclusion even had a positive impact on the participants’ alcohol consumption levels. For example, heavy drinkers chose to drink less or not at all. The butterfly effect worked in favor of these people.
Debt is a no no, never for betting
I know it happens but a small number of people would even put themselves in debt of a bank in order to quench the thirst of their gambling habits.
Borrowing from your friends and family is ghastly enough. But, if you take out credit from a financial institution to bet it away on a Sunday football game, then it’s not only stupid, but also underlines a major mental health crisis.
But, it is life. Crap happens. What you do now is what matters from here on.
I know problem gamblers, some even with the best of careers cannot get rid of the high they get from those dopamine levels. This how their brain works. It needs those chemicals to remain active, or interested in life, if I can state it bluntly.
And, hence it is this reason, why problem gambling is looked at from a medical point of view (an addiction so to say), and not from an angle of personal choice.
Some people can’t help themselves, at least not on their own, and require an external intervention to get their life sorted.
So first, if you are thinking of taking out a loan, so that you can gamble it away. STOP. DON’T.
You can thank me later for it.
In fact, I would encourage you to head out to BeGambleAware or GAMSTOP, which is a Self-exclusion scheme in the UK. Many other countries have similar programs. For example, such initiatives are managed by the Gaming Control Board in each State in the US. Say, if you are living in PA; you can always visit The Pennsylvania Gaming Control Board’s Self-exclusion program page.
Just be safe out there.