Why HODL is not always a good advice

I was recently reading about a project on Solana that will vote to delete its token for treasury purpose, leaving holders with a great loss. That got me thinking of all the times I see HODL as the main motto in crypto. While I agree that holding through bad times can bring you big satisfaction during good times, I also think that it can bring further losses if you chose the wrong coin. Admitting to be wrong is much more difficult than holding. This has to do with the Loss Aversion, a well described cognitive bias.

We have to learn when it’s necessary to let go, cause a crappy project won’t recover just thanks to your holding on for dear life. So, if your bags consist in BTC and ETH, you can be pretty sure that HODL is a good idea. For everything else, maybe it’s good to gather more information, don’t expect HODL to be a magic wand.