Why do so many people buy an alt near the top of a pump and ride it all the way to the bottom? As a matter of fact, many of them consider it a badge of honor that they never sold (even though their investment is now worth 10% of what it once was). Any thoughts?
I think that often people are afraid to lock in their loss. As long they still hold the coin, they still have hope that some day they might break even. Once they sell, they have to admit that lost.