It's not excuses. It's just plain old garden variety denial.
Some of these people have been in this for two years or more and haven't made a single penny. This ticker would have to add 500% gains just for some of them to break even and cash out with nothing to show for it. Which won't happen. They figure being so loyal to a scam... well they deserve to be rewarded. But that's just fantasy. What is going to happen is massive dilution and this will plummet even further.
If you've been sitting around for 26 months saying "just give him one more week, one more week, one more week" for over a hundred weeks, well there is just something really wrong with your investment skills.
Really hard to admit that you simply picked the wrong stock.