Devin Baker

Each subnet has its own subnet-specific “alpha” token with the same fixed 21m supply and tokenomics as TAO. The only way to access alpha tokens is through Uniswap v1 style AMM pools with TAO. Bittensor participants delegate TAO to the AMM and receive the “alpha” token which offers both a higher APY and potential price appreciation of the alpha... See more

Consider the contrast with centrally planned economies. USSR’s economic model, for instance, relied on predetermined outputs and strategic decisions made by a select committee of party officials. It's a system that wins praise for its ability to mobilize massive resources toward national priorities but is widely faulted for its inflexibility.... See more

To the extent that it is an empire, America is an empire defined not by its ability to expand geographically to capture existing resources, but by its ability to expand technologically to create new ones. America, therefore, is a boundless empire.

Debasement (the expansion of the money supply beyond productive output) is occurring right now. As we’ve established, precious metals are capturing this through spot price appreciation against dollar weakness. Silver’s nose-bleed rally alongside gold at record highs confirm the dollar is losing purchasing power against real goods.

But Bitcoin isn’t... See more

After the latest bear market toward the end of 2023, over 70.7% of coins hadn’t moved in over a year. That figure is down to about 63.2% now, and so about 7.5% of previously locked-up coins have moved. I expect that this bull cycle still has room to run, although nobody can be sure. I consider it useful to monitor these waves of distribution to see... See more

Fred Wilson pointed out that being onchain opens up the opportunity to build an AmEx-like loyalty program where all the loyalty points are onchain.

“$FLY is like a stablecoin. It’s not something like Bitcoin where you buy it and hope it goes to $100k,” he said. “But the idea of taking loyalty points onchain is a big deal.”

Specifically, it will... See more

Now, it is still incredibly useful to calculate net income = income – expenses when evaluating any subset of token holders (and you’re not concerned with directly comparing the line items from PoW vs. PoS). For example, if you are considering staking a given token, you especially need to also know the expected net income from staking. The inverse... See more

TGE's are at-best more akin to SPACs.

When bitcoin surges to a new high, that’s like a “pioneer price.” That’s like the first couple houses on a street selling for new highs. And then over months and years, as more and more bitcoin trades hands at those higher prices, it raises the average cost basis and makes that price more real, more liquid, with a substantial market depth at those... See more