Yes, but why do so many buy at the top of the pump and ride to the bottom of the dump and beyond without selling? Makes no sense. Why not cut your losses?
In general, every decision that a person makes, in every given circumstance (including inaction) is because they think it will make them feel better. So why do people "ride" as you put it, because they think it will make them feel better.
But I would also argue that most people aren't simply riding to the bottom they are buying on the way down. If you believe in your investment it is logical to lower your cost basis. Are they correct, are they wrong? That's why they call it speculation.
Yeah, but look at the short history of Altcoins. Most of them are in a terrible free fall. I'm sure that there a few coins that will pull out of their decline and eventually soar, but the majority of them are absolute stinkers, and those who bought them on the way down are in for disappointment.
I'm not going to name coins because I don't want to offend, but I'm sure we can all identify a number of really bad coins that offer nothing and are in the depths of an epic fail. Now just go to the thread of one of those coins and you will see that there are some really good people who believe strongly in that coin. We all know that they are wrong, and I doubt that those people are any smarter or dumber than the rest of us.
I wonder what it is that gives these people such faith in a failed project, and how can we avoid falling into the same trap (absolute faith in a failed investment) as they did.