To give up or surrender.
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To admit defeat and stop trying.
When you throw in the towel, you decide that going on is no longer worth it.
It comes from boxing, where a corner team throws a towel in to stop the fight.
"Give Up the Ghost"
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Accept that something has already failed or come to an end
"Wave the White Flag"
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Publicly surrender or admit defeat to others
"Throw in the Towel"
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Actively decide to stop trying and admit defeat