One of the most challenging aspects of operating in crypto is that everything is bimodal.

Builders are either a single person with a laptop or massive financial institutions with a million regulatory requirements. 

The market is either constant up only or soul-crushing bear mode.

Participants are either anon degens trying to make a quick buck, or suit-and-tie TradFi.

The regulatory posture switches from pure antagonism to complete support in the course of an election cycle.

The public’s perception tracks all of this, going up and down in sharp step functions, leaving little time for the industry to adjust.

It is the only true free market, which is why it is so volatile.

It is not for everyone. But if you survive here, you will survive anywhere.