The constant rotation game between investors in crypto has always been the same, and $TAO and its ecosystem are no exception. Capital moves from one narrative to another. One token outperforms, another underperforms, and investors constantly reposition themselves in search of higher returns. It's simply the nature of a young asset class where liquidity is limited and most of the money already exists within the industry. The problem is that this doesn't create much new value. It merely redistributes the existing value between projects. That's why I believe the only way to truly break out of this rotation game is through consistent revenue flowing into the ecosystem from outside Bittensor, and more broadly, from outside crypto itself. The moment an enterprise pays for computer vision, sales intelligence, decentralized inference, or any other product built on Bittensor, something fundamentally changes. That isn't another crypto investor rotating capital from one subnet or crypto project to another. That's entirely new value entering the ecosystem for the first time. And what makes Bittensor particularly interesting is that an increasing number of subnets are designed to feed that value back into their Alpha tokens through buybacks and burns, so that value is never going to leave again. For years, crypto has largely relied on speculation to drive demand. Bittensor has the opportunity to let products create demand instead. When I look across the ecosystem today, I think we're slowly reaching that point. More teams are talking about customers instead of emissions, more products are reaching commercial maturity with enterprise partnerships being announced. And for the first time, revenue is becoming one of the main metrics investors are paying attention to. We're not fully there yet, but if you ask me, the writing is on the wall. The next phase of Bittensor won't be defined by investors rotating capital between subnet tokens. It will be defined by products bringing entirely new capital into the ecosystem. And I think that's when the investment thesis for $TAO becomes much easier for the rest of the market to understand. Enjoy your sunday, I added a photo of my current view ☕️

Great to see you back guys! That was a really good episode with some great guests. It does seem, however, that you haven't been following what $TAO actually is. @dim_ss brought it up at exactly the right moment while talking about AI money alongside Bitcoin and Zcash, but unfortunately about 90% of what was said about Bittensor afterwards was factually incorrect. The biggest and most obvious mistake was stating that Bittensor has had so many halving events. So far, it has only had its first halving on December 14 last year. Bittensor follows the exact same tokenomics as Bitcoin with a maximum supply of 21 million coins and a halving every four years. Regarding emissions, after the first halving the chain emits a little over 1.3 million $TAO per year (just like Bitcoin in 2013), currently worth around $300 million annually. The interesting part is that the 128 subnets are already generating around $35 million in annualized revenue (projected to reach around $100 million by year-end). We at @WeAreSubConnect published the Bittensor Revenue Index last week if you want to check it out, it's pinned on our profile. I wouldn't call this overspending on incentives. It may have been the case that emissions were flowing to the wrong subnets, but the Foundation is actively iterating/ optimizing the emissions structure. As for talent, I've been in crypto since 2017, and I've never seen this much talent concentrated in a single ecosystem. It's genuinely impressive, and if these teams succeed in building products that create real-world value, they're still very well compensated. After hearing all of this, I kept waiting for someone on the podcast to correct it, but unfortunately that never happened. It seems there's still a significant information gap. If you guys, with so much experience in crypto, aren't aware of what's happening in Bittensor, then It seems like there needs to be some more outreach by either the @opentensor foundation or the community. If any of you want to know more, feel free to send me a DM. I'd also be happy to jump on a call if that's easier. Good luck with the podcast. Looking forward to the next episode.