Waydee

🍻

[Waydee @RealWaydee]

@sebyrubino @vaNlabs Sorry, but I don’t understand how 440 made Zipcode unviable.

[Waydee @RealWaydee]

@DrocksAlex2 🤔 If I repeat, does it make me support this current trend because it's the current trend ?

[Waydee @RealWaydee]

@RadoTsc But it means alpha price down even more, and we all know how a chart like this talk to investors.
Moreover, price down means more alpha to sell to cover costs, so price goes even lower.
And here a post from Jon where he talks about this point https://t.co/oeE3ysLCYw

[Jon Durbin @jon_durbin]

I think the SEC would have words, not legal advice, of course.
https://t.co/5rknaMrZLB

Chutes is a DePIN, and the token is a utility token, aka it's a digital commodity not a security/etc. The chutes token being burned is what provides access to the commodity (hence any revenue from any payment type ultimately ends in burning of equivalent alpha token). This then also makes accounting less dubious because it's a COGS model, the revenue is immediately converted to alpha and burned, so there's no refunds/etc, and we have a much cleaner accounting posture because revenue is immediately matched to the tokenized cost required to deliver compute. It's programmatic purchase-and-burn for consumptive use. There is no discretionary treasury accumulation, no customer balance liability, no refundable stored value model, and no ambiguous promise that the OpCo will later use revenue in ways that benefit token holders, etc.
(§ III.A): "A digital commodity is a crypto asset that is intrinsically linked to and derives its value from the programmatic operation of a crypto system that is 'functional,' as well as supply and demand dynamics, rather than from the expectation of profits from the essential managerial efforts of others." And critically, it "does not have intrinsic economic properties or rights, such as generating a passive yield or conveying rights to future income, profits, or assets of a business enterprise or other entity, promisor, or obligor"

§ III.E and § IV.A relevant as well.

Projects claiming to be digital commodities but then not having token utility could be potentially violating those guidelines or have extraordinarily dubious interpretations that I would not want to be on the defending end of personally.

Projects that then do have utility to the token but that then take the revenue, at least by my reading... well I wouldn't want to defend that fact pattern because it looks more like a web2 OpCo with an associated token whose value depends on the company’s managerial decisions.
"the Federal securities laws generally do not apply to items that are purchased for use or consumption," whether physical or digital (§ II) and consumption = token purchase (and then we'd not want to be custodians and complicate things with yield etc. so burn)

And if it's instead the OpCo holding staked assets for customers, then... (from same sec link)
"Further, the deposited digital commodities: (1) are not used by the Custodian for operational or general business purposes; (2) are not lent, pledged, or rehypothecated for any reason; and (3) are held in a manner designed not to subject them to claims by third parties. To this end, the Custodian may not use the deposited digital commodities to engage in leverage, trading, speculation, or discretionary activities."

The cleanest and lowest-risk way I’d personally want to defend using revenue operating as a bittensor subnet if you want to be classified as a digital commodity and not risk the ire of the SEC/etc. Anything else...

Same with projects explicitly tying the token to equity in the OpCo, how can anyone interpret that as anything other than clearly a security?

Again, not legal advice and perhaps there are some other interpretations, but that's why, in a nutshell.

Another minor note here, just purely logistically it doesn't really make sense, we would have had to buy the servers with revenue we've accumulated until now when the servers were actually available and there was rack space/power/etc. to even use them in the first place, and unfortunately we don't have a time machine, or have taken out a massive loan etc.

And of course, we're not trying to build a web2 company that happens to have a coin. Some people/projects want to own a DC or have huge colocated racks etc. and fully self-mine and limit access to the network etc., we want the opposite of those things.

The facts are wrong, the premise is wrong, the idea is misguided, potentially illegal, etc. This is the same type of reasoning that has been driving teams away from bittensor historically, short-sighted lowest common denominator logic. Would it be better for hermes agent/nous research to be on bittensor today? Several teams doing the most ambitious work have decided this ecosystem isn't where they build, in some cases because of the constant toxicity/lambasting/cabaling from a handful of people including those who can't see or think past short term revenue maxxing. We must dream bigger and do better.

[Waydee @RealWaydee]

@opentensor Nice update, I like it ! Clear and clean 💪

[Waydee @RealWaydee]

gm !
With all this Asian and especially Japanese vibe around Score, why not going further and change the subnet’s symbol ? Why not pick a katakana character like シ (Shi) ? It seems we can find it in words related to vision, and it has a face with eyes and smile feel. (We also have ツ (Tsu) with a similar feeling)

[Waydee @RealWaydee]

Excellent breakdown of proxies on Bittensor, probably somewhat little-known.

Great work, thanks. More of this please!

[Rapido @Rapido_ai]

https://t.co/VmZX9sFZOh

[Waydee @RealWaydee]

@AlgodTrading Bittensor is permissionless. Go, do better and be first. Talking is easy.

[Rapido @Rapido_ai]

Regarding what happens today to the 2 subnets drain (hacks) on #bittensor.

I am not promoting it much because I am currently building an improved version of those tools but :

For the subnet owners that wants to keep the control of their coldkey behind a hardware wallet without a degraded UX you have all the tools provided on taoswap.

https://t.co/Mi7Ihzn4QY

Either :

1. You want to add a proxy wallet with several: you can
2. You want to set your subnet identity: you can
3. You want to update your subnet hyperparameters: you can

Can be used with any extensions wallet which all support most hardware wallets like @Ledger :

@wearetalisman
@taostats
@PolkadotJs
@subwalletapp
@taodotcom

Or natively without any extension: @taoswap_org.

cc @isabella618033 @ConnitoAI @oroagents

All the details on the reply.

Share, repost, and ask any detail if you have questions.

[Waydee @RealWaydee]

@taoswap_org

[Waydee @RealWaydee]

@MaxScore 🥖🧀🥐

[Waydee @RealWaydee]

@babelbit , @ai_detection (ItsAI), or @desearch_ai are classic examples of SN that are actually trying to ship a real product, but just haven’t managed to build any real valuation yet.

Given how low their prices are and how long they’ve been around, they can’t really count on emissions alone to pump them back up.
They’re exactly the type of subnets that could really benefit from Root Reborn but they must step up, show what they bring to the table, and actually convince the network they’re worth it.

Bittensor bittensor:native

https://t.co/rOFoKbErXQ

[babelbit.ai @babelbit]

We're excited to announce our first reseller partnership with Line21.

We're also pleased to share that our first commercial prototype is already underway: a proof of concept for a 24/7 Spanish → English voice dubbing solution for a Spanish news channel.

This marks the beginning of Babelbit's go-to-market strategy.

Rather than building a large services organization ourselves, we'll work with specialist resellers who have deep expertise in specific industries and customer segments, bringing Babelbit's technology to the markets they know best.

This is the first step, and we look forward to welcoming many more reseller partners in the future.

$TAO

[Waydee @RealWaydee]

@AlgodTrading I don’t see anything like that, it seems to be a mistake.
And emissions would have to be enabled, since they are disabled by default at registration, so they have to bring code before getting emissions and exploit this system.

[Waydee @RealWaydee]

@taoswap_org Best way to see that I buy high and sell low. Not sure if I have to thank you…

[Waydee @RealWaydee]

https://t.co/1xNyRO6rXI

[Rapido @Rapido_ai]

Taoswap is the first explorer to display if the emissions of a subnet are disabled.

Quick technical breakdown of what it actually is 👇

It's an onchain event emitted by a root/governance extrinsic, sudo_set_subnet_emission_enabled(netuid, enabled) (AdminUtils pallet).
It sets a per-subnet boolean: SubnetEmissionEnabled.

Key part: when a subnet is disabled, its TAO block-emission share isn't burned. It's renormalized and redistributed to the still active subnets.
Total emission is conserved, active subnets earn slightly more.

Taoswap reads the flag live and the date of the last toggle, so you don't just see that a subnet gets 0 $TAO, but since when.

Today there are 64 subnets disabled.

I remember quite a few people who said the 64 subnet floor was much more than sufficient back then (myself included, haha).

[Waydee @RealWaydee]

1. Root APY will stop being uniform across validators.
➡️ Agree. We should expect high volatility between validators and across time. We may even see disparities between two validators using the same strategy, depending on how staker claims impact their basket and how price impact affect yields.

2. Validators are being forced to become portfolio managers overnight. weight-copying here too?
➡️ Yes but as seen above, some will chose simplicity andc regularly claim without overthinking it, so won,t be impacted by validator's basket choicesng. and since APY will heavily fluctuate, some validators may simply stick to 1 simple strategy to attract these stakers

3. Root stakers now have to actively choose validators.
➡️ Yes but as seen above, some will chose simplicity and claim regularly without overthinking, so they won't be impacted by validator's basket choices

4. For subnets, the big change is that validator demand becomes more visible.
➡️ Agree, validators are investors like any others, shipping is the best way to attract capital

[Waydee @RealWaydee]

@const_reborn

[Waydee @RealWaydee]

And the major thing here is that you don't have to blindly trust @const_reborn

Bittensor $TAO

[const @const_reborn]

https://t.co/oTZgBLysos