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I've never returned to a project as much as Bittensor. I see the promise, I see the rise of open source ai, but every time I think there is momentum I am reminded that there is a centralised committee endlessly tweaking monetary policy. Getting this right means calibrating $TAO 's monetary policy, the system mechanics, and subnet incentives simultaneously, so grifters are priced out, real builders are paid and $TAO holders are not subsidising extraction. This is a very hard problem. There has been a lot of emission wastage so far, but there is a persistence to get it right, and it is remarkable they have even come this far. The dedicated cult is strong, and bears a similarity to early Ethereum. The subnets are a bit like the early DeFi projects that looked rough around the edges/totally implausible (a few look better than that). Like a moth to a flame I do return to see how the subnets are doing, and what they have produced, and there are continually results of note, and that is unique in crypto. It's intellectually stimulating, unlike the other dark side of our speculative crypto spectrum (memecoins). One subnet breaking out reprices $TAO , which is another reason why I can't just dismiss Bittensor, as some do. I would be more surprised if this didn't happen at this stage. I have gone through many periods convincing myself that Bittensor will never work, but then I have a look again a few months later and my monkey brain sees the bull case (especially for the next cycle). There are still far more reasons why Bittensor will fail in the long run than succeed (this is always the case with early stage innovation), but at least there is a very big ambitious vision that looks like it would add a lot of value to the world. #Alphabet25BBond #UniswapLaunchpadBet