Why do so many people refuse to sell a coin that's consistently losing money when they bought it at a high price, yet they would have no problem selling it if they bought it at a lower price? It shouldn't matter one way or another what one paid for the coin. After all, a dog is a dog no matter what it costs. Any ideas?
The behavior of the market is driven by the many egos of its participants. Decisions, both buying and selling, are most often times fear-based.
Any time anyone does anything, it is because they think it will make them feel better (pain avoidance). If someone refuses to sell a coin for the reasons stated, it's to protect the ego from the possibility of loss/pain; loss of investment, feeling stupid, loss from missing a potential price rebound, etc., etc..
I think you're really on to something there. A lot of people blame everything on greed when fear seems to be the motivating factor much more than greed does.