Founders

I actually think that building in a bull market is much harder. It requires a lot more discipline and much stronger convictions.

During a bear market, you are practically on your own and comparisons make sense: of course your valuation is 1/1000 of the valuation of UNI, it makes sense.

During a bull market, it's when everyone is pressuring you. Use KOLs, add staking, you need FOMO, your valuation is 1/10 of this useless coin that launched just 10 hours ago, the hot thing is prediction markets, wait, now it's app-specific chains, oh, wait, you should use AI agents.

If you can manage your own psychology during bull markets (war time), there are even fewer people heads down building great products, ie. more opportunity 

The animal spirits siphon their attention and energy away, leading to more competition in the 6-month time horizon, and way less competition in the 6-year time horizon

Opportunity in downturns, focus on long-term