Honest question for the community:
Does the Covenant departure make you more or less confident in $TAO long-term? Drop your take below.
Genuinely want to hear from all sides.
Leaving aside Sam Dare’s behaviour, Covenant’s rug-pull departure exposes one of the misaligned incentives in Bittensor: the fact that, as a subnet owner, it’s very hard to exit.
Divesting your token drives down price and angers holders. Selling equity to investors doesn’t work either, because sooner or later they’ll want to exit too.
If the alternative is running your subnet in perpetuity – with all the risks and demands that entails – then a rug-pull exit will always be a tempting option.
Voluntary dereg, where root buys out alpha and SN ownership at a fixed rate, would give subnet teams an honourable way out.
But even then, someone like Sam Dare might rug anyway. Some people just want to watch the world burn – even if it’s their own.
