“Fish or cut bait”
It, allegedly, means to make a decision. But what’s implied here?
“Fish” is pretty clear: the act of trying to catch fish. But I’ve read in some places that “cut bait” refers to the act of preparing bait before, or instead of, fishing (i.e., cutting up fish into smaller pieces to use as bait) and in others that it refers to cutting the bait loose when the fishing’s no longer any good (i.e., cutting your fishing lines).
Which is it? Does it just mean to choose between two alternatives, both necessary to an overall activity, or, rather, to choose between continuing something and giving up that activity and going home (i.e., a choice between continuing or stopping and cutting your losses; knowing when to hold 'em and when to fold 'em)?