Talking TAO: Mark & Siam chat!

Siam kicks off by revealing a commissioned Bittensor artwork (“Michealeagτao”) he’s gifting to Const, then he and Mark run a no-guest AMA. They cover near-term market timing (expecting the bigger move into late-2025), the risk to compute subnets if TAO fell sharply (miner exodus) versus a healthier ecosystem at higher TAO, and how funding really follows credible, revenue-led plans (examples: Targon, sundae_bar, Shak recycling ~$1.4M into growth). A big chunk focuses on the TAO halving: pools fill more slowly so volatility rises for thinner subnets; historically halvings are “nothing-burgers” day-of, with the impact compounding over time.

They dig into alphanomics: buyback-and-burn is simple but building a digital asset (alpha) treasury that compounds—and can be borrowed against—is often stronger. Siam runs quick yield math (e.g., Apex’s high APY) to show how accumulating alpha can 4–12× holdings over a few years even before price moves. They expect more “captive demand” models (hold alpha for access), validators and front-ends to package subnet services, and ultimately a power-law leaderboard (S&P-style concentration). DSV’s approach: partner for the long term, avoid short-term rotation, prioritize force-multiplying subnets (e.g., Hippius storage, LeadPoet leads) and real revenue. They close with basics on DSV (min ~$50k; regulated) and promise more Revenue Search sessions.