I've been dollar cost average buying for a few days now. Not too much, a few tens of thousands of dollars a day. Please carry on with the panic, everyone.
Congratulations on being rich and somehow dumb enough to think you can time the market while also believing that dollar cost averaging is a good strategy. If you are so sure you know where the bottoms are, just buy them. Don't waste your time with DCA.
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I don't know why you call it dumb. This is what happens in every down turn. The people with money take advantage and increase their possessions while the people without money lose theirs. The rich get richer. The more severe the down turn, the more drastic the swing.
OP said nothing about timing the market. As you mentioned, that's the entire opposite of DCA. I take your interpretation to be a bit disingenuous and lacking in good faith.
OPs point is clearly that the panic selling is not rational and they are acting accordingly. Whether or not that's correct remains to be seen, however.
It pays to remember that when one sells their shares, there is someone else who's buying at the other end of that trade. Right now that someone is me. 20+% discount sounds pretty awesome even if it's not "the bottom". I typically buy and hold, and not worry too much about turbulence, since I'm not on margin.
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