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However, most of these notions are far from reality. Therefore, today I would shed some light on why crypto winters barely impact your line of work. This is a first hand narration of someone who has seen the transition from ‘coolest job ever’ to ‘god what are you doing with your life’.
What is a Crypto Winter?
Okay. Boring definition first. Crypto winter is defined as the prolonged bearish sentiment in the market where prices continue to fall or stumble sideways. Crypto winter as a term came into being when Bitcoin was stuck between a fixed price range for over a year back in 2017. There was a downturn of 84% in the price of BTC during this winter season.
However, in my personal opinion, crypto winters aren’t bad. It is absolutely brutal if you are in here for money. Because it will definitely test your patience. But then, for the ones that believe in the technology, it is a great time to build.
Markets have less noise, all the paper hands have already left the market and there’s no buzzing on your social media channels asking ‘wen token’.
Apart from that, shitty projects also get weeded out. That means only the serious folks stay back, fostering an amazing environment for development.
Best of innovations are likely to happen in this period.
How does it Impact Me?
Okay. Coming to the main concern here. A lot of us feel that people who are working in the web3 space face a lot of problems during the bear market. So today, we are going to talk about the impact that it has on builders.
A. Funding:
Although funding often dries up during a bear market but if your project is fundamentally strong, there is no dearth of money. For example, I know a couple of exchanges that were building something half heartedly. Both of them shut down as soon as the bear market hit.
On the flip side, some projects I am associated with are still growing strong. In fact, we raised some money about 4 days after the Luna debacle. So what I am trying to say is that look for projects that have a vision. Be upfront and ask the questions related to bear markets.
B. Money in the Bank:
Apart from that, if you have already secured funding, there is no need to worry. Because this is the time to work harder as there is no noise in the market to digress you. All the beautiful projects out there like Cosmos, Aave, Compound were built in the previous crypto winters. It is a great opportunity to build and prepare and set yourself up for the next bull run.
C.Job Opportunities:
Once again, since the ‘building’ now takes a front seat in the bear market, you’d often find a lot of opportunities to be a part of the core team. These opportunities would now involve a more long term engagement rather than a short gig. Why? Once again because the projects are now eyeing the long term vision instead of making a quick buck.
On the job type, people who are working as developers would have a chance of shipping better products with slightly realistic timelines. Community folks would get to build a stickier, smarter community.
D. Thought Leadership:
Once a bear market has set in, there would be little to no one who would be ranting ‘gm’ ‘wagmi’ on social media. Therefore, it would be an extremely good time to build your brand with thought leadership on various platforms. Once again, you would have access to a serious audience now.
So, Welcome Bears?
Well, to be honest, a better way to put it is that I barely care. Or should I say ‘bearly’ care! Whatever. I am here for a long term. Money is just a by-product of my actions. Bulls couldn’t excite me enough and bears couldn’t pin me down for sure. We are going to make it. For real.
How are you impacted by the bear market?
Let me know in the comments section below. If this article adds value to your life, please consider sharing it with your friends using the links below.
Until next time..
For our beloved “non readers”, I also do quick carousels on these topics over Instagram. Come join the fun. Hit me up here.
‘This blog post is part of the blog challenge ‘Blogaberry Dazzle’ hosted by Cindy D’Silva and Noor Anand Chawla.’
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