Stop loss is a great tool in skillful hands, so to speak, and a real penance for those who don't know where and when to place it. I agree that it's very much like a knife or even like water - it keeps you alive but at the same time, you can drown in it. Everything is relevant, you know. There are tons of strategies to avoid stop loss hunting - some of them really work.
One can trade without a stop loss but it's possible only when day trading and being constantly glued to the screen. In that case, one may use the so-called "mental stop loss." Otherwise, you'll get stuck hoping that the market would "bounce back any minute now" while usually it just keeps sinking lower - been there, done that.
There is limit to using a stop loss and we need to have that in our mind. Stop loss is used to prevent further losses that might occur when trading the crypto market. We use it to reduce our future losses incase the market goes against our predictions. Stop loss help more than what we have lost. Stop loss can makes a person make further losses and it can also market one loss.