Responsible trading with cryptocurrency

07.12.2020

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Logout’s answer on new demands, which have appeared with cryptocurrency is in raising awareness around safety and person’s wellbeing when owing and trading with cryptocurrency as well as offering free of charge psychological support to those who have problems with high-risk trading.

Time between 2007 and 2008 is well remembered as the beginning of the global financial crisis. One of the most important american stock index S&P collapsed soon after the bankruptcy of financial institution Lehman Brothers Inc. and in March 2009 it reached a bottom at diabolic number 666. Great recession also reached Europe, and we felt it in all EU countries, from most echoed cases of Iceland and at the end joint efforts to save individual EU members, mainly Greece. As fear and uncertainty prevailed, countries and their central banks were forced one by one to try to save banks, which were in the biggest debt spiral, caused due to nontransparent and risky trading of hungry bankers. At the time London Times published an article with the title “Chancellor on brink of second bailout for banks”. Financial crisis became global which triggered a world and social crisis. 

On the 31st of October 2008, globally not so well known from the Cypherpunk cryptographic community one of its members under pseudonym Satoshi Nakamoto spread an article with the title “Bitcoin: A Peer-to-Peer Electronic Cash System”.

After a good year of programming Satoshi activated a decentralized network and with mining the genesis block of bitcoins (block number zero) transaction, he transferred the theory into practice and established the first pillars of the fast growing development of new technology. Real changes in the financial world have started to happen.

Bitcoin was born - an answer to a nontransparent, corrupted and non sustainable system of obsolete banking.

logout genesis block logout

Like a snowball, other programme solutions of chain blocks followed, most known among them are Etheru, Litecoin, ZCash and Ripple. New things started to emerge from establishment of the first exchange bureau for crypto coins and token, to the first auction of digital goods saved in a decentralised network, as well as the first mass collection of funds for startup companies with issuing of crypto tokens, and so called airdrop happened. In practice that meant that the first decentralised digital valuable paper came to life and first projects called decentralised finance (DEFI).

Technology fans quickly adopted all exciting activities. Following an exponential growth of the value and opportunity for additional income, the market was quickly full of scammers and unethical hackers. 

 

Healthy and responsible trading for good mental health. 

The biggest problem in all shining layers of technology is human - yet again. Desire to get quick money can lead to situations, when risk becomes bigger and bigger. One of the risks is lack of care for cyber safety and security of personal data when accessing trading accounts or key digital wallets, which expose us to scammers. Another risk is lack of care for our mental health when trading excessively, as well as risk of losing money. Any trading should be moderate and responsible. 

When someone’s behaviour patterns are risky, recurring, it can lead to dopamine exhaustion, mental health problems and emotional distress, which can be compared to those who gamble. Distress can lead to extreme situations, such as financial breakdown, depresion and even suicide. 

Logout-s answer on these new needs is in raising awareness about safety and feeling good when owing and trading with cryptocurrency. We offer free psychological support to everyone who has problems with risky trading

Possible risk triggers:

  • 24/7 access and possibility of trading

  • Limitless opportunities for trading and investments 

  • FOMO (Fear of missing out) - constant feeling of missing out on something, for example if we miss a single financial activity.

  • FUD - fear, uncertainty and doubt - sensitiveness to negative news

  • Risky trading with leverage (100x)

  • High level of fluctuation values of coins and tokens ( in case of negative trends even up to 90%)

  • Options of very low amounts of investments, which can give us misleading feelings that it is only a small change.

  • Open risky trading positions even during sleep

  • Personality characteristics

  • Trading as an escape from problems in other areas of a person's life.

  • Daily trading

  • Negative factors from a person’s environment

  • Multiple trading accounts and wallets

  • Poorly organised number of different currency/tokens

  • Trust in centralised exchange bureau

  • Lack of security and safety for password access, key words or personal keys. 

 

How can I help myself, If I have a problem? 

  1. Secure your account and wallets (change passwords regularly, two factor authentication, white list of addresses, etc.)

  2. Stop trading for some time.

  3. Speak openly and honestly about your trading problems with your loved ones.

  4. Contact us - anytime when you would like to get some extra support about controlling your cryptocurrency trading.

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