AHEM!Because if you really believe that it will be worth (much) more in the end, it's not even doubling down, it's just getting bargain buy-in prices. Unfortunately, you first have to believe, and to believe, you have to understand; so if you just blindly follow someone's advice you are destined to doubt, fear, and consequential losses. That's why I would not recommend for OP to ever buy bitcoin as an investment before (s)he understands.
"if you just blindly follow someone's advice you are destined to doubt, fear, and consequential losses."If I may direct everyones attention to the highlighted text from piramida below. A Post he made when Bitcoin was still trading in $1000 range on Stamp and I was selling some Bitcoins at a loss.
!!!SMACK DOWN!!!I have now entered at top of market and done quite well, although am losing now and selling at lower prices than I paid to limit damage.
Oh man I considered you to be smarter than that.
You just never sell bitcoin cheaper than you bought it, because every dip is a temporary retrace. Your panic mode for bitcoin should mean "stop buying" and then when you think it stopped falling you start buying again. Any other way - and you are just robbing yourself. Can't stop you, of course, but sad to see.
May I just say, thank fk I know better than to listens to nutters like you!
Yes sir, I will keep my money and am looking forward to owning much more btc than I had, at yet lower prices.
Piramida is of course far from being alone in this sort of delusional thinking, but this is representative of the sort of advice that is in perpetual gross surplus on Bitcoin Nutter forums like this and noobs have to be on perpetual guard against.
Mat calm down, take your pills and a cold shower, you are reacting like a child who caught his dad dressing as Santa. I still stand by every word I wrote then. You just never sell bitcoin cheaper than you bought it, because you will regret it later. The only reason I even started giving you advice is because you pretended that you are a pro trader when you arrived, obviously I understand now that it's not true. My advice to noobs in trading, like OP and you, would be only one - stay out until you understand what you are doing. And if bought already, hold tight.
That is, by the way, also what I said to you when you were getting out at $200 in November saying that it will never go any higher and will implode any moment because of . You lost about 600k usd of unrealized profit on that trade alone, provided you said the truth that you cashed out 100k then. So if I were you, I'd listen to me more closely instead of going into denial.