Running a Montecarlo tree search on the implications of fixing share issuance at 21 million total shares … for all startups … with no possible methods for share inflation / issuance. The real-time version of this is … 128 subnetworks on Bittensor over the last 8 ~ months.

Some inference outputs from my biological neural network as I get this very large program to compile… taking a while for some reason: Startup valuations would likely be a lot higher at the earliest stages. Instead of $2-10M at pre-seed, $10-100M at “seed”, $100M-500M at A, etc … perhaps we’d see everyone start off around A-level valuations who raise even a modicum amount — situationally dependent on expected future financing needs. Another implication could also be (and this one is actually super healthy!) that founders view the sale of shares in any context whatsoever as an extremely expensive way of raising capital, so they would either almost never do it, or if they did, it would be done much much much more carefully and selectively. Yet another consequence of this could be that accurate and “bubble free” price discovery would occur much more rapidly given the scare and constrained supply of equity that is always known to be available — perhaps startups could even “issue” circulating supply only when real value was delivered by the company, but then we get back to Bittensor subnets rather quickly with this line of thought.