With so many struggling to maintain emotional well-being during this crypto winter, self-improvement and mental health experts can help navigate the ups, downs, and harrowing experiences that a prolonged bear market can bring.
Mental health professional Elizabeth Sterbenz and wellness leader Srikumar Rao discuss with the Magazine how to cope with crypto portfolio write-offs, move forward and shine a light on intuitive happiness. Sterbenz is a licensed psychotherapist in California specializing in individual, couple and financial therapy. Rao is an international speaker and executive business coach with a PhD from Columbia University. He teaches a course at Northwestern University’s Kellogg School of Management that combines Eastern philosophies with modern business practices.
Learn to ride a tsunami
Rao believes crypto traders, developers and community members have been hit by a tsunami. They are battling a prolonged crypto-winter that shows no immediate signs of warming. They also celebrated a two-year NFT boom that was quickly followed by a devastating crash.
The community was recently rocked when major figures in the cryptocurrency industry, such as Sam Bankman-Fried and Do Kwon, were accused of fraudulent activities, discrediting the industry and harming investors.
And the hits keep coming. Just weeks ago, the United States Department of Justice and other international authorities took down a Hong Kong-based crypto exchange and arrested its founder in Miami.
Rao believes that a bear market can be used as an opportunity to learn to surf on top of a tsunami while calmly observing what is happening below. He says this can be achieved by accepting that winning is not a condition of happiness. Happiness does not come from the right business or a lot of money. According to Rao, this is a false belief:
“The idea that something has to happen for you to be happy is just wrong. But you believe it so strongly because you have never thought about it for yourself. You’ve just been carried away by mass hysteria.’
Sterbenz goes a step further and suggests that it is not necessary to go it alone, especially in these difficult times. “I think you have to be able to trust, you know, have a good financial advisor. That’s an important part of your team.”
They believe that quality and objective financial advice will ensure peace of mind. Relying on someone else to help assess trades and help make decisions about your overall financial situation provides a sense of coverage. “Then you can put aside your financial worries and focus on your well-being,” says Sterbenz.
Rao says it’s also important to remember that cryptocurrency has no intrinsic value. Value is only what people believe. A large number of people agree that a particular token has a certain value at a particular time, but the moment people no longer feel that way, the coins cease to have the same value.
Rao says, “If you accept that up front before you make an investment and say what could have happened and it happened when I made a bad trade, that’s fine. i will get well I’ll move on and I never really needed it to be happy in the first place.’
How to deal with the shock of cryptocurrency corruption
Many of the crypto community’s worst fears came true when FTX imploded and its founder was arrested, as well as when Terra crashed and subsequently charges were brought against its former CEO. Uncertainty about the inevitability of stronger federal regulatory efforts has further confirmed these concerns.
Crime is now undeniably a part of the crypto ecosystem, just as it is part of the traditional investment arena. That’s a tough pill to swallow, and even meaningful regulatory intervention is cause for concern.
However, Sterbenz suggests that this is nothing to be ashamed of and does not mean that participating in cryptocurrencies is questionable or embarrassing. Comparing the situation to those critical of traditional investors following the revelation of the largest Ponzi scheme in history, Sterbenz says: “It’s also like saying, like Bernie Madoff, ‘I told you all these stocks were a scam.’ You should put your money in the mattress.’
According to Sterbenz, it’s important to separate yourself from the bad behavior of unscrupulous characters and simply accept that bad actors will always exist.
Rao believes that blaming poor luck or crypto losses on these bad actors will definitely not lead to happiness or peace of mind. He says that when the universe or its participants don’t play by the rules and things go the other way, it’s easy to assume the sky is falling. Misfortune and misfortune can quickly follow.
“And you blame everything on outside forces. I’m unhappy because so-and-so did it, and he’s a total jerk. And because he’s a drawer, he’s now under investigation. But in the meantime, the markets are screwed!” says Rao. Instead, he suggests anchoring yourself in the mindset that you’re only dealing with cryptocurrencies because that’s where your journey takes you. “Playing this game is something I do because it’s my life’s journey and I’m going to enjoy the game. I don’t necessarily have to win to give me satisfaction or joy,” says Rao.
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That’s great, but I’m fine!
According to Rao, traders who have lost everything must accept that they have believed something, perhaps their entire lives, that has turned out to be catastrophically false. Happiness can no more be found in a successful business than lost in a bad one.
Rao says, “I don’t have to fight and shoot each other’s arrows. Just admit it was wrong. It was a sharp knife cut, but now that I got it I see how clearly I was wrong. Let me pick up the pieces and not make the same mistake again. Tomorrow is another day and I don’t have to let today’s leftovers poison tomorrow.’
While it’s not easy, Rao suggests looking at consciousness like a flashlight. The flashlight illuminates everything it shines on. “If you shine the light on the big profits you once had and forgot to sell, and now it’s all gone and you’re back where you started, you’re shining the flashlight of your consciousness on something you’ve defined as wrong in your life. life,” says Rao. This is an ineffective strategy. Instead, he suggests shining a flashlight on what to do next. “You’re not starving, you’re not barred and thrown out of the house—or even if you are, no one is holding your hands in a vise while they’re biting your nails,” says Rao.
For those truly struggling with severe anxiety or depression, Sterbenz recommends therapy and believes that professional help can be a gateway to personal growth. If one is not experiencing severe clinical need and therapy is not necessary, he suggests focusing on the concept of radical acceptance.
According to the Berkeley Well-Being Institute, radical acceptance is to “accept what is out of your control and accept what is happening now in a non-judgmental way”. A radical acceptance of emotional or physical pain can reduce the suffering they cause. “If you were involved in any of the cryptocurrencies that were affected, you can move forward from there. This affected other people as well. You made the best decision you could at that moment,” says Sterbenz.
Ask for help
If traders or cryptocurrency holders experience thoughts of self-harm, Sterbenz says, “Get help right away.” She suggests going straight to the doctor or calling a trusted friend.
The crypto community has previously shared resources such as international suicide hotline aggregators during bear markets when a number of hodlers who were under water expressed harmful thoughts.
Regarding such thoughts, Sterbenz says: “They pass. You don’t feel that way when you’re in the moment. I don’t feel like those two to five minutes should ever end.” That’s why she believes it’s most important to have people around you who will do your best for you.
Sterbenz also believes that family and friends should not hesitate to reach out to loved ones who may be considering self-harm. He says many people think that talking about suicide makes it more likely that something will happen. “And that’s really not true,” says Sterbenz. He recommends directly asking those who are struggling if they are considering harming themselves. “It’s not going to make them more likely to do anything.”
The Lady of Crypto, a trader and Twitter influencer, is also a mental health advocate. Magazine says, “It’s been an incredibly difficult time in the crypto space and it’s affected so many people. I have had friends who have struggled and I have seen how people can become shadows of themselves and be pushed to the edge. Seeing this news on Twitter is really heartbreaking. No one should ever be in a situation where suicide is their only option. I just thought if I could keep my inbox open and make a difference to even one person, it would be worth it.”
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So, where is the happiness in the end?
According to Rao, happiness cannot be sought. It cannot appear in a popular altcoin, and it will not suddenly appear when Bitcoin finally breaks $100,000. Rao believes that happiness is not something to be sought. The more a person seeks happiness, the more he runs away. Luck just happens. It is not an aspirational goal, but arises organically from adopting a certain way of thinking.
“The mindset you’re going to have as a crushed cryptocurrency trader is, OK, I threw away a lot of my fortune and my net worth. It’s very unfortunate, but that’s the way the universe went. And now I can cry myself to sleep every night and make it worse, or I can shine a flashlight on my consciousness that I’m still healthy. I’m still whole. I learned a very expensive lesson,” says Rao.
Focus on what to do next. Although yesterday’s red candles are constantly trying to get one’s attention, Rao suggests recognizing this as mental chatter. Instead, focus only on what to do next.
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