Penis Panic is:

where an individual or group actually believe that their dick is shrinking?

I kid you not, there actually are people and entire groups of people, who were convinced that their penis was gradually shrinking, and that it would actually disappear.

For more info visit:
Gaydemon Dicktionary.

Can you imagine what it must feel like, to imagine your penis is gradually shrinking and about to disappear?

WAIT! Isn't that called OLD AGE?

only big ones admitted here