Скачать или смотреть Bittensor: Digital Capitalism, Subnets, and Asymmetric Returns

The documented structural unfairness of traditional venture capital (VC) markets centers on the massively asymmetrical distribution of returns and pricing power, favoring a *super super tiny group of people*. Bit Tensor specifically mitigates this structural unfairness through its decentralized, permissionless, and open ecosystem design, which bypasses traditional venture funding and the public offering (IPO) process.

Documented Structural Unfairness in Traditional VC and IPOs

The sources highlight several areas of documented structural unfairness in the traditional system:

1. *Exclusion of Retail from VC Returns:* Historically, retail investors have never seen a single public technology company enter the public markets in the last 10 or 15 years that has delivered *venture capital-like returns*. VC returns are defined as needing 50x to 100x returns, or even 500x to 1,000x returns on their winners, to be successful at the deal level.
2. *Inflated IPO Pricing and Drawdowns:* The IPO process often results in retail investors getting screwed*. Investment bankers are incentivized to misprice the IPO allocation, valuing companies as high as possible to generate maximum fees. This allows venture capitalists, who typically *exit at the IPO when they can no longer value the company any higher, to sell their shares (often 30-50% of the company) during the lockup period sell-down. VCs price private companies to perfection, often using vastly higher revenue multiples than the public markets will bear. This structure results in *no returns left for the retail investor*.

Bit Tensor's Mitigation Strategies

Bit Tensor's architecture and ethos, described as *digital capitalism*, provide a direct solution by transforming the creation and capitalization process of technology assets:

#### 1. Fair, Permissionless, and Insider-Free Access
Bit Tensor is designed to create a *fairly priced equilibrium of asset discovery, asset creation and asset trading from zero*.

*No VC Involvement:* TAO and Bitcoin are noted as the only two tokens in the top 100 that are not VC funded*. This design mitigates the problem of *VCs dumping their tokens once they are unlocked and eliminates the presence of insiders and *venture capital getting their take*.
*Open and Available to All:* The ecosystem is presented as the transformation of capitalism into full liquid real time priced from zero fairly available permissionless assets*. The system is *totally open to the retail investor*, and individuals do not need *any permission from any VC to acquire the assets at market valuation.

#### 2. Access to Ground-Floor Returns
Bit Tensor facilitates investment in nascent companies (subnets) at valuations where VC-like returns are still possible.

*Early Investment Opportunity:* An investor can buy into subnets, which are akin to decentralized startups or companies, at extremely low market caps—such as **$8 million or $5 million market caps**—*before they go on to be multi-billion dollar market caps*. For instance, a subnet like Ridges is currently worth $40 million, competing head-to-head with companies worth $30 billion.
*Mitigation of IPO Mispricing:* By having full liquid real time priced assets from the beginning, the system mitigates the *mispricing of IPOs*. The price discovery mechanism is designed to mitigate the *potential for insider manipulation and perverse incentives*.

#### 3. Creation of a Startup Stock Market
The subnets built on top of TAO function like a *stock market of startups*. The success of these subnets immediately translates into TAO being worth more.

This structure allows investors to buy a piece of the ecosystem and participate in the early growth stages of decentralized companies. This is contrasted with traditional accelerators or funds, such as Y Combinator or Peter Thiel’s funds, where retail investors cannot buy a direct piece.

In essence, Bit Tensor generalizes the ideas and design of Bitcoin, applying them to capitalism to create a transparent, liquid, and open marketplace for technology assets, thus challenging the concentrated price discovery and asymmetrical returns inherent in the traditional VC-to-IPO pipeline.