Spartan Group Partners: What is an 18-year crypto bear market like?

This article is from Spartan Group partner Jason Choi Twitter and translated by Chain Catcher.
Many of you have not experienced the 2018 crypto bear market. Here are my feelings:

1. Everyone was lamenting on Twitter, "DeFi" was not a thing yet, and NFTs were just a few people holding CryptoKitties. There were one or two Discords still active, but that was it.
2. Many investors in the space had completely given up on tokens and turned to equity. Small crypto funds closed down, and people returned to tech/trading.
3. Media attention was completely depleted. Most of the CT traders who are now making a big splash as VCs and builders were mostly talking nonsense. Even people in crypto stopped creating content, and podcasts were put on hold.
4. Fundraising was tough; investors wouldn't pay a dime for today's primary projects at a 1/100 valuation! World-class developers, who could boost a small country's GDP in a week today, wouldn't even get an email reply back then.
5. The good side? You have time to build and understand how projects like MakerDAO and Synthetix actually work. Call at 1 AM to take notes.
6. I now spend 10% of my time bringing newcomers into the crypto industry, talking about the magic of DeFi with TradFi people, developers, macro funds, and corporate groups. But in 2018, all the panels were for insiders, preaching to the choir.
7. Spartan Cap is just a small part of our size today. The market rebounded in 2019, and I flew to about 9-10 countries to meet people, but it wasn't as glamorous as McKinsey makes it sound. We flew cheap flights, shared rooms, and traveled frugally.
8. Growth similar to today had no hope. All the opportunists and marketers had left, so almost everyone was here for the same reason: this was still the most exciting thing we encountered in our lives.