RE: Afternoon all16 Apr 2026 09:11
1. Sunk Cost Fallacy & The "Anchor"
Many of these investors have been around since 2022 2023. When someone holds a stock from much higher prices down to 0.23, they often feel they "can't leave now" because the loss is too great to realise. They are anchored to the old price, making the current price feel like an "impossible" or "fake" valuation, which fuels the hope for a miraculous recovery.
2. Cognitive Dissonance (The "Copium")
As Simple Simon correctly pointed out, there is a massive gap between the reality (the share price is 0.23 and the platform lacks key licenses) and their belief (that they made a smart investment).
The Fix: To stop the mental pain of being wrong, they create "copium." They ignore the missing MICA or regulatory hurdles and focus on distant dates (like "Oct 2039") to justify staying in.
3. Choice-Supportive Bias
Once an investor has committed publicly (especially with over 11,000 posts like BFD), they develop a need to defend that choice. Admitting the stock is a "dog" would mean admitting a personal failure in judgement. Instead, they "ramp" (promote) the stock to convince themselves—and others—that the thesis is still alive.
4. The "Hero" Complex
When previous "champions" of the share leave, new ones often step up to "take up the mantle." This gives the investor a sense of purpose. They aren't just losing money; they are "fighting the shorts" or "holding the line" for the community. This social bond makes it even harder to sell.
5. Gambler’s Conceit
At 0.23, the psychology shifts from "investing" to "gambling." Investors start looking for any "crumb of comfort" (a minor RNS a rocket emoji or a vague crypto news article) and treat it as a sign of a guaranteed 10x return. They believe they can "quit while they're ahead" if it just spikes once, but they usually stay far too long.
The Verdict
The BFD is currently a closed feedback loop. The "rampant" optimism in the face of zero evidence is a defense mechanism to avoid the crushing reality of an 80-90% loss.
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