Selling to buy back lower to increase ones position is one thing (provided your hunch is right and it does indeed go lower). But anyone that panics sells when 30%-50% underwater and "locks in" their losses just baffles me... I'm at a complete loss for words. All because they have zero patience??
Yea it doesn't make any sense but some people are more adverse to risk and the bitcoin story does seem too good to be true. Also, most don't take the time to understand the underlying technology, either from a computational or economic perspective.
Edit: I don't think it'll go that much lower for long. Me even posting this is evidence of my own form of feeling despair if I must be honest.