Everyone in the circle knows the term "Big Pumpkin" (大饼), but those truly forged by its faith have often experienced at least one complete bull and bear cycle.

The most common skepticism is: When a big drop occurs, why do you still dare to hold on without selling? Where does this confidence in "dead-holding" come from? Rather than being blind, it’s better to say there are three solid logical reasons behind it.

**First: These are rules written by mathematics, not stories written by emotions**

The total cap of 21 million is hardcoded into the code. In the current environment of fiat currency over-issuance and inflation erosion, this mathematical ceiling appears especially precious. While the Federal Reserve presses the print button, Bitcoin is undergoing halving—this is not coincidence, it’s pre-set.

Believers see not just a string of code, but "the first truly personal, unstealable private asset in human history." When the world is full of uncertainties, algorithms provide the purest form of certainty.

**Second: A distrustful network is more reliable than promises of trust**

The fire ignited by the 2008 financial crisis sparked Satoshi Nakamoto’s idea. Bitcoin’s supporters are essentially decentralization believers—no reliance on bank ledgers, no expectation of intermediaries’ promises, only verification through the PoW consensus mechanism.

In this network, there are no stories of "too big to fail," only an unending blockchain. The geek motto "Don’t Trust, Verify" is the backbone that has carried it through countless rumors of "it’s going to zero."

**Third: HODL is a journey of long-term believers**

Short-term fluctuations are just noise to long-term holders. This is not a gambler’s obsession but a test of faith. Those who can stay calm during downturns have elevated their investment philosophy into a life philosophy. "Hold On for Dear Life"—that’s the story of these people.