The strategy certainly works but only on quality coins and not dead or weak coins. Although I do not understand why people sell cheap and at a loss, let's just accept that fact and take advantage of discounted quality coins.
Those who sell cheap and at loss are mostly panic sellers and newbies. Most of the coins I got from bounty last month are all still there. I can't sell them cheap because I also worked for them. People should really learn to be patient. That will help.