Devin Baker

Imagine that you own 100% of the tokens for a PoS network, and it issues 100% of new tokens to stakers. This makes it clear why it seems silly to tax this issuance. This looks like a stock split – it’s just a redenomination.

In fact, capital markets themselves are no longer systems for raising new capital, but have become vast mechanisms for refinancing these huge debts. This makes the balance sheet capacity of the financial sector, or ‘liquidity’, far more important than interest rates as a cycle determinant and it means that the business cycle increasingly hums along... See more

The goal of an equities research analyst is to determine the price of a stock. There are established methods to calculate the DCF component but what about the memetic component? As more assets trade off of their memetic value, it will become necessary to develop methods to model memetic value. Sophisticated investors already use things like... See more

We reduced inflation, but the token holders’ profit is unchanged. The only difference is that there is directionally less incentive to stake rather than hold idly (because the staking yield is reduced). On its own, PoS issuance is simply an internal tax which redistributes network ownership among token holder subsets to incentivize staking.

Subnets are composed of three stakeholders:

1. Subnet Owners: Subnet owners are responsible for creating and maintaining the subnets, as well as defining the incentive mechanisms for miners and validators.


2. Miners : Miners compete to provide solutions to complex problems within each subnet. They strive to provide outputs that will score well against

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At a basic level, the protocol consists of:

• A substrate blockchain (Subtensor) that serves as a system of record


• A Native token (TAO) that incentivizes participation


• A network of specialized projects (called “subnets”) that compete for TAO emissions


• A consensus mechanism (Yuma Consensus) for scoring performance and allocating token rewards

The three fundamental pillars of this argument are,

1. Blockchains are differentiated from traditional finance through their strong property rights – the inalienable right to store and transmit value.


2. Centralization provides a means by which powerful entities can influence the outcomes of blockchains.


3. The value stored in a property rights system is

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Looking ahead, the US is likely to see lower policy rates (circa 3%) and increased liquidity stimulus despite near-term inflation risks, as supply-side shocks from higher tariffs (taxes) slow growth and eventually curb price pressures. The Fed and Treasury are employing unconventional tools – including ‘Not-QE, QE’ (backdoor liquidity injections),... See more