Why people have an unhealthy relantionship with crypto

It’s more noticeable when the market dumps hard in a matter of hours/minutes. All the “I had to uninstall the apps” and “I can’t handle this anymore it was a mistake” posts.

I mean, buying assets, trading, forex, none of it is a new thing. Losing Money is as old as making money. But in crypto people seem extra sensitive and “vulnerable”, they meltdown in the face of a bad market.

I thought by now, after crypto becoming so popular, anyone buying for the first time would know this is THE riskiest asset and it comes with a LOT of volatility. Yet, it’s always a surprise to them when it happens and they can’t even stand looking at their portfolio. I understand being upset, but being unable to even look??

I have been thinking about it for a while and I can boil it down to 3 things:

1.Crypto attracts a lot of young people who are not mature enough for these types of emotions. Stocks, bonds, etc, is seen as the “old people” game and therefore equals to more mature people. Crypto on the other hand, while it’s a positive thing that it got alot of people following global economy news, it also incentivizes young people to buy high risk assets and look for the “new shiny thing”.

2.“Overpromise” but “Underdeliver”. In other words, unrealistic expectations that when shattered in a matter of hours/minutes breaks even people that are “mentally strong”. When someone gets into stocks, he/she is expecting a 10% up in the next year if it goes super well. But in crypto it’s all about the 10x, 100x. It’s 2023 and people still don’t realize those moves now are as rare as a hot grandma.

3.This is going to be controversial. But the CEXs UI/UX. Those things look like goddanm casinos (I’m looking at you KuCoin). I know people are free to do what they want, but neuromarketing is a thing and it works all too well in casinos and crypto exchanges. In my opinion there should be regulation around these types of UI/UX, it gets to a point when you are just praying on your customers.

Anyway what are your thoughts on this? Am I being over dramatic and it’s not as bad as I make it seem?