What's your take here? How does this sort itself out in the next couple of years?

Yeah.

So, I mean, I saw the Elon tweet and I also watched the all-in summit where you guys talked about CoreWeave, right? And the mismatch between the borrowing that's done to set up these data centers and the contracts that CoreWeave is using to make money.

And my initial thought was the way we do things in the BitTensor universe is very different from the other universe.

In our universe, we have a subnet called Liam, subnet 51, which is basically like a neighborhood or an AI company, and they do compute.

And the way that they acquire their compute, they don't rent data centers.

They don't borrow money.

What's the job submission? Like, what's the interface? Like, can I submit a code metal job to the cloud there? Yeah.

it.

Yeah, totally agree.

And remember that BitTensor, you know, unlike Bitcoin, you know, we have the subnets, right? So we have this added, you know, extreme complexity of having emissions, having subnet tokens, having the dynamic of staking Tau to get subnet tokens.

That's the only way you can get them.

and figuring out how to do the emissions.

And the most recent thing that Jake has tweaked is what happens with the emissions, right? And before Root Reborn, which is what's got everyone in a twist right now, well, with Root Reborn, before that was released, the emissions that were produced by the chain were being used to sell subnet tokens with every block.

So the chain was dumping roughly a thousand tau tokens worth of subnet tokens on the market, the chain was working against you.

And if that accrues down to tau, you're talking at least a 10x from right here, which is $2,000 on one subnet success.

And he said, "Yeah, let me tell you about this thing, Bittensor, TAO, and subnets." And I was like, "That's, that's legit." And then I watched the people getting involved in it and said, "These are legit people." As opposed to crypto, Mark, which I think you would agree, um, you had the early cyberpunks, crypto heads, and then it kind of got hijacked a bit along the way, but-

I would s- I would say that within the Ethereum community, um, when that all booted up, when decentralized finance booted up, you had the invention of Uniswap and the decentralized exchange, and the invention of decentralized lending, and that was valuable.

These are financial products, so they're not really, you know, products in the, like, the way you and I are used to, uh, seeing built.

Um, but they do have value, and they're not, like, sort of nonsense.

Um, but I'd say 80% to 90% of it is nonsense.

When I encountered Bittensor and started digging around the subnets, um, you know, having been a participant in many early ecosystems, including the '90s, as you, you know, talked about earlier, uh, as well as early crypto, what I saw in Bittensor was quite a lot of early signal.

I would say, you know, half the teams, uh, were doing something of value and were decent, um, hypotheses.

I'm sure people in the audience are going, "Oh, that is real." Um, Uniswap is kind of an automated market maker of some type where people can swap value, yeah?

is it the most important crypto since ETH?

Well, I mean, I think if you look at, you know, what Bitcoin did, what Ethereum did, right, is it looked at Bitcoin and it said, this is super interesting.

But this little tiny smart contracts thing, let's blow that up.

Let's make a Turing complete machine.

Let's make the world computer, right, as Vitalik was calling it.

But a great idea.

And that led to the explosion at first of ICOs and then DeFi summer.

And you see, what was it? jack joseph or joseph jack one of these ai guys jj who's not he's like not a crypto if anything they're anti-crypto and they're like okay cool fuck it tau why aren't these tech adjacent anti-crypto crowd like talking about bit tensor like what just happened

since we first discussed OpenClaw on this show, AO41.

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Lemon.

Building a great team is essential to any business.

Hmm

(laughs) So much.

We said Satoshi and we found it out.

So basically, Satoshi proved the point.

So what was the end result of this, right? In aggregate, Satoshi created the world's largest supercomputer by several orders of magnitude.

Even AI GPU, you know, in aggregate-... is, is not gonna catch up to the Bitcoin network's computing power for at least five years.

If, you know, if they...

If all the chips that are created go to AI, that still won't catch up to Bitcoin for a very long time.

Why complicate the overall economics here and not just stay true to just the TAO token, which is capped and so forth?