Its the only option that we got in this dip.I agree that we should sale when the dip starts but not everyone gets to know when is this starting.Some who are relatively new can't predict whether it is a dip or not.And this hold option is only for those who gets trapped in this crash and panics.As they are already in loss and if they sell their stakes in crash than that would completely stupid that's why people tell them to hold.
In my opinion the days of waiting are over now, the decline will no longer be there. The reason why everybody suggest to hold is just that we have a strong believe that its price is going to increase again and the one with the element of patience will only be rewarded because he was the one who had the patience to wait for the prices to go up, because there are many cases where people just sold all of whatever they had just because they were reluctant to wait or they get panicked looking at the prices.