In this episode, James and JJ tackle explaining Bittensor's complexity (vs. Bitcoin/stablecoins), its federation of 100K+ TAO holders unbeatable by companies, Bitcoin as inflation solution (not hedge), necessity/constraints driving creativity, US dollar privilege, AI/DeFi as crypto's biggest use cases (e.g., Ridges for code, Bit Minds for deepfakes, 404 Gen for 3D AI), Bittensor's $3B AI leadership vs. Hyperliquid's $12B (with Subnet 35 Kartha launching Hyperliquid on Bittensor), evolution of equity (alpha tokens as permissionless value creation), DCF vs. incentive analysis for valuations, subnets undervalued vs. 200-300 AI unicorns (most failing with negative margins), alpha for buying resources/companies (e.g., Ridges' 1/20th-1/30th compute cost via Shoots/Targon), and investing in alpha over equity.Key Timestamps & Topics:00:00:00 - Intro: Bittensor's unbeatable federation; Bitcoin as inflation solution; necessity/constraints/creativity.00:01:00 - Explaining Bittensor: Complexity vs. Bitcoin/stablecoins; Satoshi's "convince you" quote.00:02:00 - Money Evolution: Barter to crypto; $27T stablecoin transactions.00:03:00 - Use Cases: Ridges (code gen), Bit Minds (deepfakes), 404 Gen (3D AI); AI/DeFi dominance.00:04:00 - Community: Philosophical vs. trading; Satoshi's properties; Hyperliquid ($12B) vs. Bittensor ($3B AI lead).00:05:00 - Subnet 35 Kartha: Hyperliquid on Bittensor; evolution of equity/alpha tokens.00:10:00 - Alpha Value: Permissionless mining; buying resources/companies (e.g., Ridges' cheap compute).00:15:00 - Valuations: DCF vs. incentive analysis; subnets undervalued vs. AI unicorns (200-300, most fail).00:20:00 - Alpha Utility: Sustainable mechanisms; investing in alpha over equity.00:55:00 - Wrap-Up: Short episode; teaser for subnets.Key Takeaways:Bittensor as 100K+ TAO holder federation unbeatable by companies (e.g., OpenAI/Anthropic); abstracts incentives for any problem, generalizing Bitcoin's proof-of-work.AI/DeFi as crypto's top use cases: $27T stablecoin volume; subnets like Ridges/Bit Minds/404 Gen lead globally—philosophical community drives innovation.Evolution of equity: Alpha tokens enable permissionless value (mine without vesting, buy resources at 1/20th-1/30th cost)—replaces flawed VC (subnets undervalued vs. 200-300 failing AI unicorns).Valuations shift: DCF to incentive analysis; Bittensor's $3B AI lead (vs. Hyperliquid's $12B) undervalued—alpha for buying companies/resources, sustainable off-ramps needed.Complexity challenge: Harder than Bitcoin; Bitcoin solves inflation, Bittensor solves equity/VC—optimistic on penetration, like 15-year Bitcoin mainstreaming.Resources & Links:Bittensor Official: bittensor.comTaostats (Explorer/TAO App): taostats.ioxAI: x.aiFollow Hosts: @jaltucher & @josephjacks_ on XSubscribe for more on Bittensor subnets, AI building, and crypto trends! Leave a review and share your thoughts. #TheTaoPod #Bittensor #DecentralizedAI #TAO

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