Addiction 3: FOMO – The Driving Force Behind Crypto Trading?

In the third episode of Addiction: An Hour With Auer, we meet Paul Delfabbro, a Professor of Psychology at the University of Adelaide, to discuss the complex relationship between cryptocurrency trading and gambling. Paul shares insights on the psychological factors influencing crypto traders, including the role of FOMO (Fear of Missing Out) and the socio-demographic profile of those involved in crypto trading. The conversation also explores the emerging field of Web3 gaming, the rise of crypto casinos, and the prevalence of problem gambling in Australia. Additionally, Paul delves into the impact of conspiracy theories on gambling psychology and the cognitive biases that affect decision-making in both gambling and crypto trading.Choice quotes:"FOMO plays a crucial role in crypto trading behaviour.""Australia has one of the highest rates of gambling expenditure per capita."Episode length: 1:05:51Chapters00:51 Introduction to Paul Delfabro03:43 Exploring Cryptocurrency and Gambling06:35 Understanding FOMO in Crypto Trading09:38 The Psychology of Crypto Trading12:44 Comparing Crypto Trading to Traditional Gambling15:36 The Socio-Demographics of Crypto Traders18:31 Web3 Gaming and Play-to-Earn Models21:32 The Rise of Crypto Casinos24:37 Problem Gambling in Australia27:37 The Future of Currency: Crypto vs. Traditional30:42 The Impact of Gambling Culture in Australia33:22 Conspiracy Theories and Gambling Psychology36:13 The Intersection of Crypto and Gambling Disorders39:20 Cognitive Biases in Gambling and Crypto42:01 The Emotional Drivers Behind Gambling and Trading45:16 Conspiracy Beliefs and Their Influence48:01 Conclusion and Final Thoughts

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