HODL'ing requires a willful ability to be irrational or unreasonable. This ability is difficult to model into software, and even more difficult to execute through corporate or institutional governance, where reputations are built and destroyed at these crucial points. Human action is based on an individual's unique set of circumstances at a given moment— specifically, the largest source of dissatisfaction that can be removed at the lowest cost. This is the water/diamond paradox : a person would forgo all the diamonds in the world for their first glass of water. At an institutional level, the decision to remove the largest source of dissatisfaction stems from the human beings who have the pow...
From: HODL'ing Bitcoin is Irrational