The crypto native community hasn’t figured out what Bittensor has built and so it has been structurally undervalued for years. Outside capital, far less jaded, is figuring it out first. Eventually CT will catch on but only after the charts are vertical. At that point many will realize what they’ve missed up to that point. It will be one of the most hated lockout rallies we’ve ever seen.

“Bittensor has created a problem where the TAO-holders are the electorate” This is where you lost me - what an absurd admission. TAO holders directing emissions isn’t a problem the network created, it’s literally the entire design. Emissions are funded by diluting every holder, so the people paying for the subsidy decide who receives it. There is no free lunch, this is not a permissionless grant program. I also think you’re underweighting what a team gets for opting to build on Bittensor. Consider the counterfactual: The traditional path is ~6 months convincing VCs you’re fundable, in exchange for a meaningful chunk of your cap table and usually a board seat. Register a subnet instead and on day 1 you have a global pool of miners competing to build your product (paid via emissions rather than your payroll), 18% of subnet emissions capitalizing your balance sheet, and an ecosystem of holders/analysts/validators/etc financially incentivized to amplify everything you ship (I.e. distribution on day 1). Landing customers / generating value with these inputs is still entirely on the founder. But capital + talent + attention at t=0 is a cold start basically no seed stage team gets anywhere else. The cost of all this is having to keep convincing the people funding you (I.e. the TAO electorate) that you’re worth funding. Founders already spend half their lives doing this, it’s called fundraising. Bittensor just swapped the 6 month roadshows for a live price that reprices block by block. Neither of your examples (Tesla/Apple) survived by ignoring the market. Tesla raised $2.7B in 2019, Apple took $150M from Microsoft in ‘97, and both lived because they kept convincing capital providers to fund them at the bottom. That’s the exact position Babelbit is in today. Getting deregged is what a failed raise looks like when your cap table trades in real time.