Quote from: ParabellumLite on June 15, 2017, 04:00:23 PM

Quote from: FlamingFingers on June 15, 2017, 03:54:11 PM

Other than the 'hodlers' mistake, I don't think they are idiots. They are just going the safe route. They hold their funds (in cryptocurrencies) as long-term investments for the future, and forgetting about the whole thing, instead of buying and selling which require guts, have risks, and emotions. At the very least, they won't panic about every drop in price.

It's because they told themselves Bitcoin will continue to rally forever, mostly on what they've read on boards like these. That's the only reason they can stay content with themselves - and the same reason why they'll likely lose everything in the end. Holding is a two-sided sword: it protects people from panic selling, yet it also obstructs profit taking and cutting losses. It is absolutely no 'safe route' as you describe it: it's a route that requires one to shut his/her eyes and ears, and not act on any external stimuli that runs counter to ones own observation.

I do laugh at them a little, but feel sorry for them at the same time. It's mostly the people that have no idea what they're doing in my opinion that settle down to become a 'hodler', because it feels safe.

As I write this, there will be hordes of them thinking at this very moment: 'Yeah, but Bitcoin went back up after late 2013/2014, so it must happen again!'. There is no such guarantee, and if Bitcoin gets overtaken by new technology - something which appears to be already happening (given how much Bitcoin's market share dropped in a mere few months!), they will very likely end up holding the bag. Those people deserve to hear this perspective as well, so that they again start weighing their options and do the right thing.

HODLing requires one to believe that an asset with continue to appreciate in future. There is always a chance of getting burned in the end but that is a chance we all have to take unless you are a trading guru. Trading is a game in which most people are destined to lose by design or else a few people cannot get rich.