Building during bear markets means shipping when no one is watching: Ethereum's 2018-2019 bear saw teams like Consensys and OpenZeppelin release foundational infrastructure that powered the 2020-2021 cycle. Real builders don't wait for price recovery—they reduce burn, extend runway, and solve problems that only become obvious when speculation dies. The 2022-2023 bear produced Solana's validator improvements and Bitcoin's Taproot activation precisely because capital constraints force ruthless prioritization.
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