The well-known crypto influencer, Eric Wall, has raised thoughtful criticisms over the new hyped artificial intelligence (AI) cryptocurrency, Bittensor (TAO). Its community, however, surged in disapproval.
On March 29, Eric Wall made a long post on X (formerly Twitter) explaining how Bittensor’s AI system works. The influencer mentioned TAO’s “spectacular uselessness” through the different subnets and their mining mechanisms that reward miners with the token.
Using the ‘Subnet 1’ for text prompts as an example, Wall highlights a “redundant” work. In his explanation, all miners will run the “exact same task,” and will validate each other outputs according to their similarities.
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Therefore, the network excludes all outliers from the reward, while paying everyone with a similar answer. This, in Eric’s opinion, creates incentives to miners simply copying the first broadcasted output, to increase the mining profitability.
Common users still can’t interact with Bittensor’s crypto AI
Additionally, the post brings to light the issue that common users still can not interact with Bittensor’s Subnet 1. In particular, only people running a node can prompt and use the crypto AI system.
On that note, Eric Wall slams that this system is simply a way for miners to feed each other with random prompts, that they give the same responses while farming the issued TAO tokens as rewards.
However, for this to be a profitable endeavor, the cryptocurrency market must be willing to pay a high price for TAO. In this context, Wall continues his criticism mentioning what looks like an overbought $10 billion market cap “useless” asset.
According to the post, this looks like a non-sustainable long-term economic model, which Eric wants to see priced at $0.00.
TAO community fights back
Such harsh criticisms have fueled a determined community to unite and defend the AI crypto project they are invested in. Among the supporters, Dr. Martin Hiesboeck slammed Eric’s post as “one of the most misinformed, ignorant post about TAO ever written,” calling it “hilariously dumb.”
In the original post, another community member linked a front end for common users to interact with Bittensor. Nevertheless, Eric explained that the app does not integrate Subnet 1.
“You fundamentally do not understand what you’re looking at. This is just a centralized LLM.”
– Eric Wall
As the polemic develops, investors of this trending crypto AI can access a different perspective and make their conclusions.
All in all, learning how to filter the information available is fundamental to thriving in the cryptocurrency landscape. Investors must be able to meet different perspectives and challenge their biases while researching trending projects like TAO.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
