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🚨International Public Notice: The Debt-Credit System🚨

There are two separate financial systems: commercial paper and metal money.

They do connect and interact, but think of them as totally separate for the moment and turn your attention to the most immediate problem:

Commercial paper is the world of stocks, bonds, promissory notes, securitized assets, etc. It's just paper and it results in "debts" and "credits" on ledgers or account books.

A ledger is supposed to keep a running account of debts and credits; an account book keeps track of just one side of the ledger, either all the debts or all the credits.

In 1946, the United States Government Accounting Office (GAO) switched to a different accounting system called "Double Accrual Accounting" or what most of us call keeping two sets of books.

They did away with the ledger.

They split the account books into two completely separate accounting systems both operating under Bar Codes, one for debts, one for credits.

United States carries the debt side: XXX-XX-XXXX
America carries the credit side. XXXXXXXXX

Everyone at the various US Treasuries is used to working with the debt side, because the United States accrues the debt.

Debts are logged on the CUSIP system.
Credits are logged on the AUTOTRIS system.

The two sides are never ledgered, never brought together to "balance" the accounts.

This results in a situation where the debt just keeps piling up on one side and those who only see the debt side fixate on that.

Meanwhile, the credit is piling up in the other account book.

To make it all that much more obscured, they split the income streams {"double accrual" ) coming into the credit side account book into public and private income streams and then split them each again into budgeted and non-budgeted income.

Public income includes all the money coming in from public sources, private income includes the money coming in from private sources -- our purloined estates, in other words.

They split both sources, both public and private, into "budgeted" and "unbudgeted" --- the only money that we see is the budgeted income and the United States account book that tracks the debt.

This makes people fix their attention on the arbitrary amount budgeted as if that is the only money available, and also fixes attention on "the US Debt"--- which, of course, shows only the debt side of the account books.

The "unbudgeted income" is shunted immediately into investment, pension, and revenue funds --- and that just happens to be the lion's share of the income by a large margin.

These huge, Huge, HUGE investment pools are used to rig the entire economic system of the world, and nobody knows they exist, except the top bankers and top investment, pension, and revenue fund managers.

You may have noticed that in the midst of the government shutdown, the pensions keep clicking along. This is because the funds backing the pensions are in a separate system operated by the Social Security Administration that is funneled off the "private" side of the income stream and the non-budgeted income stream investments from the pension fund pools.

It's all just manipulated bookkeeping ---hooey designed to expedite black budgets and political slush funding. And it's compartmentalized so that one hand literally does not know what the other is doing.

As a result, all your former U.S. Treasury Secretaries only know their part in the overall scheme. They are being led to slaughter, because everyone will look to them for answers and all they can do is stand there and pull an Elmer Fudd... yubadadubah, I don't know.

Tell them that they need to have a Zoom Call with Grandma as soon as possible, and we will start to put together the pieces to make a whole quilt.

Meantime, put this little "Thought Experiment" in front of their faces and see if they start to show signs of life:

Fred, a government employee, comes into Sam's Diner. It's lunch time, and Fred is hungry, so he sits down, looks at the menu, and decides he wants a Cheeseburger and Fries.

The waitress comes, takes his order, and returns a few minutes later with his Burger Basket. He eats his lunch, drinks his coffee, she brings his bill.

Fred gives her an I.O.U. issued by "the Federal Reserve" as payment -- literally, a promissory note -- and goes back to work. She puts this I.O.U. in the cash register and passes it onto the next customer as change for a hundred dollar I.O.U.

The second customer leaves Sam's Diner, walks across the street, and uses Fred's original I.O.U. a second time, to buy four pairs of socks.

It's the same I.O.U. and it's being used a second time.

The first time, Fred got a cheeseburger, fries, and coffee in exchange. The second time, Customer Two got four pairs of socks.

The cheeseburger, fries, coffee and socks are all actual and factual.

The debt note is unreal, a symbol of value issued by an unknown debtor--- because the Federal Reserve was and is a private club and is only using a duplicitous name to give the public the impression that it is part of our Federal Government.

And within two transactions, half that debt is already not only "off-ledger", but not being tracked at all.

Each time the same Federal Reserve Note passes hands, the actual "debt" owed by the Federal Reserve increases, and so does the "credit" owed to the living Americans, who are providing actual goods and services in inequitable exchange

The people using and accepting these "notes" (under force of Legal Tender Laws that are supposed to apply only to government employees and "United States" Corporations) have no way to evaluate the credit-worthiness of the "Federal Reserve" but have been circumstantially obligated to extend credit to it for over a hundred years.

Every time that 'Federal Reserve' debt note is used in a transaction, it is extracting actual goods and services from the living people and from our economy in inequitable exchange for a promise to pay in the future.

Each Federal Reserve Note used in this fashion may be exchanged hundreds and hundreds of times during the course of its "lifetime", and it will continue to extract actual goods and services every time it is used to "pay" for something, but of course, it doesn't actually pay back anything in exchange.

This inequitable exchange is the source of the ever-burgeoning "United States National Debt".

It's also the source of the utterly immense "American National Credit" --- owed for the actual goods and services paid out by the living people, and never paid for by the Federal Reserve.

The 1909 "Federal Reserve System" went bankrupt in 2009, right on schedule, and cast its debts right back onto the people who extended all the credit to it in the first place.

Thus, the living people and our actual economy were bilked over and over and over in a "something for nothing" scam every time a Federal Reserve Note was used in a transaction, and then, on top of it, the living people were tagged as the Underwriters responsible for paying the debts (plus interest) of the Federal Reserve System's bankruptcy.

Is this the "good faith service" owed by the other Principal Parties to The Constitution of the United States and The Constitution of the United States of America? Hardly.

Their fraudulent misrepresentation of the American People as British Subjects, and later, as disembodied Roman Municipal Estate Trusts, their inexcusable latching upon our assets, failure to disclose, and crimes of misrepresentation, personage and barratry against us stand as full condemnation of the corporations.

The living people are owed an absolutely immense amount of credit and the return of actual goods and services, or both. It is this fact that has caused the corporations to implement a forced reduction of the population --- they are attempting to kill as many of their creditors as possible.

This criminality must end, either with the total liquidation of these corporations, or their forfeiture and placement under new management.

All this drive for "population reduction" does is further condemn the corporations and those responsible for their existence and administration -- and gives further absolute proof of corporate criminality.

These "dead" entities have been forcing the living people to pay their debts, their taxes, their loans, their slush funds, their investment costs, and everything else for more than a hundred years.

And now, their extraction mill must turn and roll in the other direction.

This basic circumstance as herein described is the source of the American National Credit and the National Credit owed to all the other living people from other countries who have been bilked by this same basic fraud scheme operated under different names.

No wonder those who have profited most from the con games are squealing the loudest, but there is one paramount fact. Corporations are ultimately formed and operated by living people, so as living people, all stand to gain from this reversal.

We are ordering the credit accounts to be brought forward; we are making realistic estimates of the off-ledger credit owed to the living people. We are ordering credit to be issued from the American side to immediately offset "National Debt" and the establishment of prepaid credit accounts for all living people.

Each prepaid credit "Harmony Dollar" will be equal in value to one January 1st 1970 US Silver Dollar or the then-equivalent of $48 Federal Reserve Notes, and for every Harmony Dollar spent an equal value-number of Federal Reserve Debt Notes will be removed from the system, until all debt notes are cancelled and only credit remains.

As consumers receive back Harmony Dollars as spendable prepaid credit -- just like a gift card -- and spend these credits back into the economy, they automatically pay down the remaining off-ledger debt amassed by the Federal Reserve.

The Harmony Dollar has been attacked and derided as a "Universal Currency", apparently because people think it is running competition with national currencies. The proper way to look at it is as an available miniature hedge fund that anyone, anywhere, can access.

Because the value of the Harmony Dollar ultimately depends on the success or failure of each national currency, each success is to be celebrated no matter which country is excelling, and each failure or loss in value, is buffered.

The debt-credit system has been vilified and misrepresented as being funded on "thin air", but domestically, it has always been funded by the labor, energy, performance contracts, goods and services provided by living men and women, and internationally, it has been funded by standard commodities -- gold, silver, and most recently, refined petroleum products.

The only thing bad about this system, which has some advantages, is the way in which evil men and dishonest bookkeeping conspired to defraud and enslave the living people for the benefit of corporations.

So, "someday" has come, and prepaid credit is the means we shall use to extract payment-in-kind, which is perfectly fair and easily implemented.

Everyone knows how gift cards work. We already paid.

The only thing that might be argued is our choice of the January 1st 1970 dollar-value standard.

We could have gone back to 1934, but in order to do that, we would have to also invoke what happened in 1909, which would have triggered an "insurmountable debt" scenario that would have caused death and destruction instead of what is needed --- gradual correction beneficial to the living people of this planet.

As the present debt is removed using the 1970 standard, it gradually becomes possible to adopt different standards and address commercial debt back to 1934, back to 1909, and ultimately back to when all this started, in the 1840's.

The only thing we need to fear is ignorance and lack of resolve.

The living people of this planet and the planet itself have been pillaged by corporations operated by men and women -- some knowingly, some unknowingly -- engaged in criminal activities that have benefited their corporations at the expense of life and peace.

We are now called to set things right, so that life may be nurtured again and peace returned. We are aware that it isn't just the present generation's losses that need recoupment. We must all also be aware that the problem(s) plaguing the credit and monetary systems developed over the course of 185 years, and accept that complete correction will take decades to fully accomplish.

As the True Creditors, the living people are free to establish those ways and means best suited to their ultimate and mutual benefit and the benefit of the planet. The 1970 value standard allows us to "unbind" in reverse sequence and follows the Maxim of Law, "As a thing is bound, so it is unbound."

As the living people sense the return of their freedom, dignity, and position in creation, and begin to explore and experience life -- not as slaves, not as debtors, but as co-creators, miracles will come and vast changes, too, as our discernment expands.

The planet as a whole has been deeply indoctrinated into the concept of "money" so we will need financial systems to deal with money and credit for a while longer, but we can already see a day when we will look back on this and it will all seem -- not just funny -- ridiculous.

We will address the asset-backed monetary system in another posting.

Notice to Agents is Notice to Principals; Notice to Principals is Notice to Agents.

Issued by:
Anna Maria Riezinger -- Fiduciary
The United States of America
In care of: Box 520994
Big Lake, Alaska 99652
November 8th 2025

Source: http://www.paulstramer.net/2025/11/international-public-notice-debt-credit.html

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🧬 BIG WHITE LIE BY BIG PHARMA 🧬

They don't want you healthy, But they don't want you dead either. They just want you sick!

00:01:56
🩺🧠 Top Brain Surgeon Instantly Banned After Revealing This❗️

Dr. Jack Kruse joins me to discuss the problem with modern centralized medicine, 👉the importance of light, water, and magnetism, what we can learn from ancient health practices, how nature is innovating life, why the average American is on 12 drugs, methylene blue and light, and how humans are meant to live in the modern age.

Dr. Jack Kruse is a neurosurgeon, quantum clinician, author and the CEO of Kruse Longevity Center.

Full Video Presentation: Dr. Jack Kruse / Nourish Vermont 2017
https://youtu.be/d7qjh4BIGbc?si=EMZgfVF1Cm7kY7Zh

Continued Learning:👇📚
Optimize Your Health in the Modern World with Dr. Jack Kruse
https://youtu.be/mYMUiOMkKMM?si=OE7uQn0T2LPYhZ4Y

// OUTLINE //
0:00 - WiM Intro
1:13 - Light, Water, and Magnetism
11:32 - Light and Water
15:11 - Electromagnetism is like the Alphabet
21:27 - The Farm at Okefenokee
22:37 - Heart and Soil Supplements
23:37 - Helping Lightning Startups with In Wolf's Clothing
24:29 - Fractal Layers of Nature
26:16 - The Farce of Centralized Medicine
29:13 - What Can We...

00:20:24
🚨Beware Authentication Scam!!!🚨

Scammers have found a new way to exploit those "Verify you're human" captchas. If a prompt asks you to type in a series of commands (like Windows + R followed by Control V), DO NOT DO IT.

This isn't a security check—it's a trick to force you to download and run malware on your device. 💻☣️

Once they have your credentials, they can:
📧 Steal your email account.
🏦 Access your banking and shopping info.

How to stay safe:
✅ Real human verification will never ask you to type in complex system commands. They'll only ask for letters, numbers, or to click on a picture.
✅ If you’ve already done this, disconnect from the internet immediately, run a malware scan from a different device, and update your passwords. 🛡️

Stay vigilant out there! 🛡️⚠️

00:02:29
🚨 Chutes is being framed as a Hyperliquid-style breakout for decentralized AI inference, with live revenue, verified GPU infrastructure, and a direct challenge to centralized cloud AI 🚨

Chutes is gaining attention as a decentralized AI inference platform that claims to combine real usage, cryptographic verification, confidential computing, and open-source infrastructure into a working production system. The thesis is simple: instead of trusting Big Tech clouds with AI workloads, users get a distributed compute layer built around verification and privacy.

🔑 Key points

🔹 Chutes is live in production and reportedly scaled to more than 1,170 active GPU nodes, including large numbers of Nvidia H200s and Blackwell-class hardware.

🔹 The platform says it has processed nearly 38 trillion tokens since launch across 53 deployed applications and more than 700,000 registered users.

🔹 The team reportedly cut unprofitable usage programs, reduced total token volume, and still improved revenue efficiency, with revenue per GPU rising sharply after removing subsidized traffic.

🔹 Chutes is using post-quantum cryptography, trusted execution environments, and Nvidia confidential ...

🚨 Chutes is being framed as a Hyperliquid-style breakout for decentralized AI inference, with live revenue, verified GPU infrastructure, and a direct challenge to centralized cloud AI 🚨
🚨 JPMorgan’s criticism of the CLARITY Act is fueling a fresh power struggle over who gets to write America’s crypto rules 🚨

A new clash is emerging between legacy finance and crypto legislation after JPMorgan CEO Jamie Dimon reportedly warned that the CLARITY Act could let crypto firms offer bank-like products without bank-level oversight. The dispute is quickly turning into a larger fight over regulation, competitiveness, and who controls the future architecture of digital finance in the United States.

🔑 Key points

🔹 Jamie Dimon reportedly called the CLARITY Act a threat to the financial system, arguing it could allow crypto firms to offer yield-like products while avoiding the capital, reserve, and oversight burdens traditional banks face.

🔹 Senator Cynthia Lummis pushed back publicly, framing the issue as a global strategic race and warning that if the U.S. does not set digital asset standards, other powers will.

🔹 The core tension is whether the bill creates legitimate regulatory clarity or simply opens the door to regulatory arbitrage for crypto platforms operating outside the traditional banking...

🚨 JPMorgan’s criticism of the CLARITY Act is fueling a fresh power struggle over who gets to write America’s crypto rules 🚨
👉 Coinbase just launched an AI agent for Crypto Trading

Custom AI assistants that print money in your sleep? 🔜

The future of Crypto x AI is about to go crazy.

👉 Here’s what you need to know:

💠 'Based Agent' enables creation of custom AI agents
💠 Users set up personalized agents in < 3 minutes
💠 Equipped w/ crypto wallet and on-chain functions
💠 Capable of completing trades, swaps, and staking
💠 Integrates with Coinbase’s SDK, OpenAI, & Replit

👉 What this means for the future of Crypto:

1. Open Access: Democratized access to advanced trading
2. Automated Txns: Complex trades + streamlined on-chain activity
3. AI Dominance: Est ~80% of crypto 👉txns done by AI agents by 2025

🚨 I personally wouldn't bet against Brian Armstrong and Jesse Pollak.

👉 Coinbase just launched an AI agent for Crypto Trading
⛓️Dinarians Looking Glass 6/16⛓️

🔔 June 16 Update:

📊 Liquidation Events & Market Activity: Stay informed with the late'st insights on liquidation events and market trends, emphasizing areas of high concentration and uncovering potential trading opportunities.

📈 Cycle Top Indicator: Explore historical and real-time data on the Pi-Cycle Top Indicator, a trusted tool for identifying market peaks and troughs.💎

🔮 Bull Market Peak Indicators Recommendation by Coinglass. The recommendation of 30 bull market peak indicators.🔔

🚨 Spot HYPE ETFs near $900 million in volume as early demand signals strong institutional interest 🚨

Spot HYPE ETFs are off to a hot start, with trading volume reportedly nearing $900 million as investors pile in early. The strong launch suggests that institutions are paying attention to Hyperliquid exposure in ETF form.

🔑 Key highlights:

🔹️ Spot HYPE ETF volume has nearly reached $900 million early in its launch window.

🔹️ The trading activity is being read as a sign of strong institutional demand.

🔹️ HYPE is increasingly being viewed as a serious market asset rather than just a niche crypto trade.

🔹️ The early volume suggests ETFs can quickly become a major access point for institutional capital.

🎯 Bottom Line: HYPE ETF demand is arriving fast, and the volume suggests institutions want exposure.

https://www.theblock.co/post/404802/spot-hype-etfs-near-900-million-volume-early-demand-signals-institutional-interest

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🚨 BIG NEWS: Root Reborn #2759 dropped on Github.

Simply put: $TAO's Root Reborn changes root staking from a Sell Machine into a Reinvestment Machine

Right now, root staking earns yield by taking subnet dividends and automatically selling them back into $TAO.

That means every block, root yield, creates sell pressure on the very subnet tokens that are supposed to give $TAO value.

So Root Reborn changes that.

Instead of dumping subnet alpha into $TAO, validators would choose where that root yield gets reinvested across subnets.

So the flow changes from:

Subnet Dividends = Auto-Sold into $TAO to Subnet Dividends, Reinvested Into Subnet Baskets, which Compounds Over Time.

This could change everything.

It reduces automatic sell pressure on subnets.

It creates more buy pressure for selected subnets.

It lets root yield compound instead of leaking out.

It makes validators more important again because they actively curate where capital goes.

It makes $TAO’s Risk-Free Rate cleaner because the yield is backed by ...

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How USDC Wins the Hyperliquid Deal🤔
 
USDC "wins" the Hyperliquid deal by securing dominant distribution and deeper integration into one of crypto's fastest-growing on-chain perpetuals platforms, in exchange for sharing most of the USDC reserve yield (up to ~90%) back with Hyperliquid.
 
Background on the Deal: Hyperliquid had ~$5–6B in USDC deposits (a huge chunk of total USDC supply, often cited around 7–8%). Previously, the interest/yield on those reserves (~$180–250M annually at prevailing rates) mostly flowed to Circle (issuer) and Coinbase (key partner/treasury handler), with little returning to Hyperliquid.
 
In late 2025, Hyperliquid ran an RFP for a native stablecoin (USDH) to capture that revenue. Native Markets won the community vote, and USDH launched as an "Aligned Quote Asset" (AQA).
 

In May 2026, Native Markets sold USDH brand assets to Coinbase. USDH is being sunsetted over time (with feeless conversions/redemptions to USDC/fiat), and USDC becomes the primary/official Aligned Quote Asset on Hyperliquid. Coinbase acts as the main treasury deployer; Circle handles minting, redemptions, and cross-chain (e.g., CCTP).

 

How USDC Wins: 🔑 Key Advantages

Massive, sticky distribution in a high-growth venue: Hyperliquid is a leading on-chain perp DEX. USDC gains preferred status as the quote asset for most trading pairs, reducing friction vs. bridging/swapping other stables. This concentrates liquidity, improves efficiency, and funnels more capital flows through USDC.

  • Deep on-chain integration: Builds on prior Native USDC + CCTP launches. Coinbase's involvement adds fiat on/off-ramps and institutional trust. USDC was already dominant (~95% of stables on the platform); this formalizes and expands it.
  • Regulatory and brand alignment: Ties USDC to a high-profile, high-volume platform at a time when USDC has gained transaction volume momentum (surpassing USDT in some months post-regulatory clarity like GENIUS). It strengthens USDC's positioning vs. USDT (which dominates on centralized venues like Binance).
  • Longer-term consolidation play: Analysts see this as part of stablecoin market consolidation around established players with liquidity and infrastructure. Fewer conversion layers = better efficiency for USDC.
     

The Trade-Off (and Hyperliquid's Win)Hyperliquid gets ~90% of the reserve yield (estimates: $135–160M+ annually at current balances, potentially scaling to $300–500M with growth), funneled into protocol revenue/HYPE buybacks. This is roughly double what they got from USDH and turns stablecoin balances into a resilient revenue stream (less volatile than trading fees).

For Circle/Coinbase, they give up a big share of yield (analysts estimate $60–80M hit to combined EBITDA) but retain/expand USDC's role as the backbone stable on a major platform. It's a strategic distribution win over building or competing with a new native coin.

 
🎯Bottom Line: USDC trades some margin for premier, high-volume real estate in perpetuals/DeFi trading—the exact use case driving massive on-chain dollar demand. This cements its lead in the evolving stablecoin wars, especially as platforms demand better economics. The deal highlights shifting power dynamics: big platforms now negotiate hard for yield share.

 

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Handshake Wants to Be the Front Door to Bittensor’s Agent Economy

In this Beanstock interview, Harry Jackson of Subnet 58 (Handshake) lays out a thesis that’s worth understanding even if you never buy a single SN58 alpha token. He also explained where Bittensor’s agentic layer is heading.

We wrote the high-value distillation:

The one-line thesis

Handshake wants to be the front door to the agent economy on Bittensor. The Amazon-like gateway where AI agents discover, pay for, and stack together skills from across all 128 subnets.

Why this matters now
  • There’s a critical distinction Harry emphasized: AI is intelligence, but agents need tooling. An LLM without payment rails, plugins, and workflow infrastructure is “a young person trying to cut a tree down with a pen knife.”
  • Agent-to-agent commerce is on the edge of going viral. Harry’s prediction for the tipping point: a woman in her 40s lets her agent do her shopping end-to-end (research, stock check, autonomous payment), posts it to social media, and it becomes the “four-minute mile” moment everyone copies.
  • Bittensor is uniquely positioned because agents don’t care about marketing or pretty UIs. They only care about best-in-class products and services. That’s exactly what Bittensor’s 128 subnets produce.

The product reality (what’s currently shipping)

  • Handshake is live with paying users generating a few thousand USD in revenue as of today. The business model: 2% of every transaction on the platform.
  • The flywheel is Amazon-like: better skills → more agents arrive → providers get distribution → more skills get added → cycle repeats.
  • The headline product on the way is Axiom. This is an agent that trades subnets while you sleep. Built around the realization that what the Bittensor community wants from agents isn’t generic skills; it’s more TAO. Each “hole” they find in the agent becomes a new tradeable skill on the marketplace.

The investment angles (read these carefully)

  • The moat is data, not distribution. Every workflow run by an agent generates failure data, success data, payment data. No outside competitor can replicate that without running the marketplace itself.
  • The metric Harry tells you to judge them on is revenue. Not agent count. Not user count. Revenue, which is publicly visible on-chain via the front page of their site. He’s basically inviting investors to hold him to it.

  • The pitch for emissions: the biggest TAM in Bittensor is the agent market, and Handshake is the most integrated subnet, meaning if Handshake wins, the subnets it routes to all win too. Bullish on agents + bullish on Bittensor = bullish on Handshake by transitive logic.

Where Harry stands on the Conviction

  • On the conviction upgrade and locked alpha: he’s fine with it. Handshake is a revenue-focused company, so locked alpha isn’t a survival issue. He acknowledges it’ll be harder on research-stage subnets that need to raise external capital, but argues most subnet founders are thinking long-term, not short-term extraction.
  • On the broader vibe: he just got back from Bittensor events in Spain and San Francisco. He observed that the overwhelming reality of the ecosystem is people working hard to build the best products. “It’d be a lot easier in some ways to build a company outside of Bittensor.” The only reason to do it on Bittensor is if you actually want the moonshot.

Full interview below:

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🚨The State Of Bittensor (TAO)🚨
Greg Schvey | COO at Yuma Group

Last week at the @YumaGroup Summit I had the opportunity to present on The State of Bittensor. That presentation is in the thread below. If you choose to read it, I'd ask that you keep the following three things in mind:

  1. This is just one guy's view of what was the most relevant for a 25-minute talk; a difficult filter for such a dynamic industry.
  2. The slides were designed to supplement a talk; I've done my best to replicate what I recall of the talk in the accompanying X posts.
  3. The topic of the Summit was "The Tipping Point" - a candid assessment of what could lead to Bittensor's breakout success and what evidence we see of that today - which also thematically anchored this presentation.

Let's dive in:

We are in the most important race in human history – the race for intelligence itself. AI has advanced beyond the point of no return. As an example of what I mean: Ramp is a widely used financial services platform for companies. They looked at spending and revenue across their clients since the launch of ChatGPT: Companies who did not spend on AI have had flat revenue for the last three years. The top quartile of AI spenders have grown revenue by more than 100%.

We are already at the point where investing in AI is a matter of survival. But what exactly are we getting for the hundreds of billions being spent? Right now, its overwhelmingly going to corporations who have repeatedly shown they don’t have our best interest in mind.

 

 

Claude Opus 4.6 – the leading deep thinking model, had a measured hallucination rate of 16% in February. Then, without telling anyone, Anthropic throttled its reasoning – presumably to reduce GPU utilization – and didn’t tell anyone. Hallucinations climbed to 33% - a 98% increase.

They only admitted it after third party benchmarking proved it. And they were still charging everyone at the same price the whole time. Even since my talk last week, they've supposedly been found to be throttling people simply because HERMES.md was in their commits. You may say, "well there are solid open source options..."

 

 

Yes, open source models have gotten very good, but they’re not immune to capture either. Try asking DeepSeek what happened in Tiananmen Square and then let me know if that’s the intelligence you want to trust.

 

 

This needs to be addressed right now or it will be too late. To give you a sense of what I mean, this is a chart of the total annual commits on GitHub. That’s 500% growth since the launch of ChatGPT in 2022. From 200M per year to a one billion in 2025. 2026 is on track for **14 billion** The genie is out of the bottle – there is no going back; we are already at the exponential inflection point.

This reminds me of many years ago: Bitcoin shined a light on how much our rights were impacted when we became dependent on private companies to run our day-to-day lives.

Your right to privacy? That doesn’t extend to your bank account. Your "money" is just a ledger at a private company, available for interrogation and suspension at any time. Bitcoin gave us back the sovereignty of our wealth.

Similarly, we’ve depended on things like privacy of our medical records and attorney client privilege for our entire lives. What do you think is going to happen when a private company’s servers are giving you legal and medical advice? Who are you going to trust for that intelligence? The company that lobotomized its top model? The model constrained by the foreign governments? As I said at the beginning, we’re in the most important race in human history and Bittensor well may be our best shot at winning.

 

 

One of the things about having a different model to produce intelligence is it requires an economic system suited to it. Subnets are the intelligence and economic engines that drive Bittensor’s value. That’s why the Summit was themed around The Tipping Point: understanding how subnets can reach breakout success and what we can do to help.

To summarize Bittensor's intelligence economics: miners create intelligence for which they earn subnet tokens. In many cases they sell those tokens to fund operations, putting downward pressure on token prices and decreasing the incentive to mine (similar to bitcoin). In parallel, if that intelligence is being used to generate real world value, one of the parties who benefits from that value (e.g. the Operator monetizing it, institutions using intelligence commodities to advance their research, etc.) can buy the subnet tokens to keep token prices elevated and sustain the miner incentive.

Investors get to participate in this process, often supporting token prices before the commercial value of intelligence is realized, and/or subsequently holding an asset that parties gaining fundamental value from the intelligence (eg Operator or others) will need to purchase at some point in the future if they want to maintain sufficient incentives for the intelligence machine to continue running.

For Bittensor to succeed, this value loop has to work. So, to understand the State of Bittensor, we have to take a look at how that’s going today and what that means for the network overall.

 

 

One of the many unique features of Bittensor is that subnets are native to the protocol. That is not the case on most crypto networks where the true utility lives in smart contracts with no direct tie to network value.

As an example, Polymarket has seen 800% growth in volume this year. Users can bet any arbitrarily large amount of value on Polymarket for a few cents of network fees. There is nothing tying that to value of the network’s native token, which is down 80% over the same period as Polymarket’s amazing success.

 

 

Conversely, Bittensor subnets are intrinsically linked to $TAO. If you want $1,000 worth of subnet exposure, you first need $1,000 of TAO. We analyzed subnet pool data surrounding the announcement of @tplr_ai's recent training run and normalized across them by indexing them to a starting level of 100.

As shown by the orange line, there was no material change in pool size for non-Templar subnets over the observation period. There was however, major inflow into Templar’s pool. Given Bittensor’s unique network model, we saw a direct correlation to the change in TAO price over the same period. As value flows into subnets, the whole network benefits. A rising boat lifts the tide, so to speak.

 

 

That can go both ways. When Sam left, we saw something similar in reverse; as value was exfiltrated from the network, it started in Covenant subnets and dragged TAO down with it. You know what else we saw in the data though? For all of the noise about concerns of Bittensor’s future, the other subnet pools were mostly unchanged.

The event was interesting because it reminded me of the early days of bitcoin: people would say Bitcoin was only used by drug dealers on the internet. I'd stare at them aghast because in the same breath they told me that an open, permissionless network was used to reliably move money anywhere in the world in minutes by the most untrustworthy people on the planet and yet they didn't understand how the technical feat required to achieve that would create tremendous value.

The Covenant situation is similar: people were concerned about the operator's exit, rather than realizing the only reason we care is because a ground-breaking technical innovation was achieved. But even bigger than that: Bittensor has 128 subnets currently, each striving to generate value for themselves and, transitively, the network as well.

 

 

And we’re seeing that occur – Templar was not unique in that regard. The same pattern emerged around the Intel publication on @TargonCompute. The non-Targon pools remained largely unchanged. Targon saw heavy inflows. TAO price climbed with it.

Again: rising boats lift the tide. And there are many boats in Bittensor right now.

 

 

We’re seeing major technical innovations at an increasing rate.

Just a few examples from the last couple weeks:

@QuasarModels just announced a custom attention architecture targeting 5M token context windows.
 
@IOTA_SN9 developed a technique that compresses data flowing between distributed GPUs by 128x with little to no loss in training quality, increasing viability of training large AI models across internet-connected machines worldwide.
 
We're seeing the building blocks start to form whereby competitive large generalized models can eventually be built. In the meantime, we're also witnessing more targeted, niche players start to pull ahead in their respective fields.
 
During the presentation, I gave the example of @resilabsai achieving 90% accuracy on their home valuation model, making it the most performant open source model and quickly approaching state of the art. Quite literally as I was explaining this during the talk, @markjeffrey pointed out they had just achieved 98% accuracy.
 
In the time between when I prepared the presentation and actually presented, they went from best open source to at or near state of the art - only further highlighting the unique value of Bittensor's open, competitive intelligence creation cycle.
 
 
And the tech that’s being built on Bittensor is getting real attention from serious players. Again, just a few examples of many: Harvard partnered with @Chutes on research about AI inference efficiency. Valeo – an auto company with $20B in annual revenue – is working with @natix on an AI model for self-driving cars. @zeussubnet- the weather forecasting subnet, is the only party in the world allowed to use data WeatherXM’s network of global weather sensors for commercial purposes. And there are in fact many subnets already commercializing their intelligence.
 
 
 
Most of us are already aware of Chutes seven-figure ARR, but a few other examples:
 
@LeadpoetAI– which uses their Bittensor subnet to source sales leads, announced earlier this year that they crossed $1M ARR
 
@Bitcast_network– the content creation platform built on their subnet competition – is already operating profitably
 
@lium_io– a hardware subnet – has bought more than 4,000 TAO worth of their token
 
Remember the economic model I outlined earlier; we’re seeing real evidence that it’s starting to work across many subnets. Intelligence built on Bittensor, capturing value in the real economy, and bringing it back into the network.
 
Action shot of this slide courtesy of @Tom_dot_b
 
 
That’s why when we look at Bittensor we like to look at Total Network Value (TNV);
$TAO market cap is only part of the story in Bittensor. TNV = market cap of TAO + market cap of subnets – tao in the pools [as not to double count] The actual value of this network is already higher than most people realize. And notably, subnets make up an increasing proportion of TNV – recently crossing 35% - as value continues to flow into the pools.
 
 
 
Interestingly, we recently noticed a change in TNV: In particular, despite all the volatility in TAO, the dramatic subnet issuance curves, etc. - the combined subnet market cap had been remarkably consistent around $750 million for most of the last year, until recently.
 
It’s nearly doubled over the last few months – a clear breakout in the trend. If you were looking for Tipping Point, it might look something like this...
 
 
 
I hear a lot that that value is relatively concentrated in the largest subnets. And the market cap distribution does indeed reflect that, but that’s not necessarily a bad thing.
 
 
 
This is the market cap distribution of the S&P 500. Many healthy economic systems tend towards Pareto distributions. And so what if some subnets are worth more? As we showed earlier, this is an ecosystem that will win or lose *together* And we’re seeing that play out every day.
 
 
 
We track announcements of subnets utilizing each others infrastructure and intelligence. Just as an example, we identified at least eight subnets who announced that they use Chutes for inference. But we have dozens of similar examples of cross-subnet collaboration across many subnets like
 
What’s notable about this:
 
1. Collaboration seems to be happening at an increasing pace as subnets continue to mature and build out contiguous pipelines of AI infrastructure
 
2. Keeping money circulating within an economy creates a money multiplier. Capital circulating within a single economy without leaving creates economic value for each party it passes through, without having to bring in new capital. That’s uniquely possible here because of the diversity of infrastructure built on Bittensor.
 
This network is not 128 discrete growth drivers; it’s increasingly functioning as an interconnected graph, which has substantially more stickiness and value And the pace is about to increase dramatically:
 
 
 
We’re starting to see increasing agents operating on Bittensor: subnets mined by agents, subnets operated by agents...
 
Consider the Bittensor value flywheel:
 
-An intelligence goal is established
-Miners compete to achieve the goal
-That produces intelligence
-Intelligence generates value
 
That’s happening today, as we’ve seen earlier in this discussion.
 
As agents get more capable, that flywheel spins faster and faster. Permissionless entry means any agent can compete. Protocol-native economic incentives mean good work gets rewarded. Bittensor is uniquely advantaged for agentic speed over guarded, centralized alternatives with corporate procurement cycles.
 
That also means exploits will be found faster. But, it also means solutions that harden the network against them will be found faster as well.
 
Accordingly the impact of the network primitives – incentives, accessibility, governance, security, reliability, and all the infrastructure we’re building around the network - have an exponentially larger impact. It is critical that we get these right. The time to nail this, is right now. If we don’t someone else will.
 
 
 
The good news is, for now, Bittensor seems to be in the lead The 30-day moving average of Daily active wallets just crossed a record, approaching 10,000 Up 100% just in the last year.
 
 
 
We’re also seeing subnet ownership increasingly diversify and distribute. The median number of holders of subnet tokens at 2,000 is a 10x increase since the dtao launch a year ago. And at Yuma, we spend a lot of effort and resources to help broaden that access.
 
 
 
Yuma currently partners with 16 custodian and wallet providers to bring Bittensor access to the masses As an institutional-grade validator, the relationships and service we offer give them the confidence to make TAO staking available to millions of end users.
 
During the Summit, we announced that BitGo’s clients will now have access to subnet token staking through our partnership, making subnet investing available to customers of one of the world’s largest custodians.
 
 
 
We also help people gain access to subnets via investment vehicles. The Yuma Composite Fund gives investors access to a market-cap weighted portfolio of subnets through traditional investment structures. The Yuma Large Cap Fund gives investors concentrated exposure to Bittensor's largest subnets.
 
Our institutional asset management team handles everything from initial subnet token purchases, to portfolio rebalancing, custody, and reporting. The appeal for institutions is obvious, but even for the Bittensor native, it’s an amazingly simple way to get access to a broadly diversified portfolio, rebalanced regularly.
 
Between the breakout performance of subnets, the attractive staking rewards, and benefits of diversification, the Yuma funds have outperformed TAO materially year to date [as of when the presentation was created] Nearly 3x outperformance relative to TAO.
 
 
 
And last but definitely not least, our subnet accelerator has helped a wide range of companies access Bittensor. We help them acquire subnet slots, design incentives, provide marketing assistance, review pitch decks, make introductions to other investors, etc. At Yuma we deeply believe in the power of subnets and have helped many of the network's leading intelligence providers start and succeed.
 
 
 
Disclaimer: For informational purposes only.  Nothing herein should be construed as financial, investment, legal, or tax advice.  This material does not constitute an offer to sell or a solicitation of an offer to buy any securities or tokens.  Investing in digital assets involves significant risk, including the potential loss of principal.  Subnet tokens do not represent equity or ownership interests in any entity.  Performance comparisons and index references are illustrative only and not indicative of future results.  Charts and indices are based on methodologies and assumptions that may change and may not reflect actual market conditions or liquidity.
 

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