First of all: I'm no hodler. I cashed out when things got a bit too scary for my taste. Second of all: I feel bad for everyone that has lost money or is on the verge of losing money. You have my sympathy.

Bitcoin is in a prominent bear market at the moment and the current exchange rate might just be a pitstop on the road downwards. What amazes me however is that so many people, people that can actually read a chart, really feel entitled to another quadruple digit rally. Wait, check that. They are sure it is going to happen. Even amidst the chaos of the last days I can still see people claiming that it will reach 10.000 dollars; some even say it will reach that number in three months already.

What I find so curious is that many HODLers here seem to have a very religious devotion to Bitcoin, despite the serious situation Bitcoin is in. Some seem to be even more devoted to their own religion of Bitcoinism than the pope is committed to the Roman Catholic Church.  I believe this to be a very dangerous attitude, given the risks involved. It wouldn't surprise me if quite a few posters on these boards are all in with all their life savings - or have even indebted themselves - and are sure shitting themselves at this moment. It might be a religious, god revering response to look up and say to yourself: 'Everything will be all right, I just know it'. They discard any possibility that some guy will come around with a new, superior protocol in as short as the next few years and just blatantly ignore the fact that Bitcoin is not alive at all among the vast majority of the population. Next to that: they probably have a good feeling that governments will not allow capital to flow unrestricted and out of their scope, but still they ignore it.

Question is why? What is it? Desperation? Total mania? Tell me. I just can't explain it anymore.