I love what dTAO is offering. I agree it won't be easy for new subnets to join and extract $TAO for funding, but they can still survive, a different game is just being played.

To be comfortable giving away 41% they will have to enter the space valuing the data that's shared by other subnets. This will make a huge difference in how Bittensor is valued.

If Bittensor becomes valuable for its central data then 41% of the emissions stake won't be a huge deal, as the network itself could be 100x its current value today. 

This is why teams such as @latentholdings and @YumaGroup are being formed.

In the end, the game is acquiring as much $TAO as possible. Those who understand that are onboarding with that mindset, that's why getting funding will be worth it as opposed to starting your own project on a different layer 1 blockchain.

It's not just you building the value. A Subnet might be worth $1B fdv on Solana, but because you built on $TAO your subnet could be valued at $10B, due to the amount of $TAO you have.

At its core, subnets are building something similar to @MicroStrategy, they're just on the $TAO standard.