I wouldn't consider doing nothing as being too greedy, but reckless spending might be - especially at that price.
I also think the psychological impact of having cashed out your initial investment plays a big roll in how we cope with dips. Much easier to HODL if you know your initial investment isn't at risk...at the expense if missing out on possible gains.
Treating gains like "responsible" gamblers might also be an option. Each time you buy in more, maybe cash out that buy-in periodically. I dunno, I just worry that the wrong people are getting burnt by bitcoin , which could have the ripple effect of government intervention.