Investor. @TAOInstitute_ @KhalaResearch @SupercyclePod
Joined April 2015
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Apr 2
I only invest in $TAO now
It is the most compelling ecosystem in crypto
with the highest rate of product iteration and talent density I've ever come across
My discussion with Wei below on @supercyclepod
00:00 Introduction
01:50 Macro Outlook
09:48 Speculative demand shift from crypto to AI
12:31 JP Morgan and the institutionalization of blockchain
15:15 AI vs. crypto: intelligence amplifiers vs. value representation
22:50 Korea's "Salaryman" dream and social drivers of crypto volume
33:00 Discovering Bittensor and decentralized systems
41:42 Why decentralized AI matters as a counterweight to frontier labs
47:53 Metanova (SN68) and AI drug discovery on Bittensor
01:04:32 Babelbit (SN59), Yanez (SN54), Beam (SN105)
01:08:45 Why founders choose Bittensor over traditional VC
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Jun 12
Great to speak with @GSchvey as always on Bittensor
Last year, we thought that retail crazies were out of the market
we looked towards what smart money would like buying
new unique primitives enabled by crypto
what better place than the intersection with AI
and as we continued investigating, it was just so utterly clear that the smartest developers across ML, open source, privacy etc and investors from family offices to sovereign wealth funds
were in love with a competitive open AI ecosystem
Greg and I have an exciting conversation on where smart money views cryptos unique role in the race towards frontier intellegience
Jun 12
Coined the "Industrialists of Bittensor" by Bittensor Founder Const
We welcomed @YumaGroup COO Greg Schvey to discuss the institutionalization of Bittensor.
The story of Bittensor is the story of bottom-up capitalism, the individual developer building technologies that they think should exist, then open-sourcing them and inviting those who share the same passion, energy, and desire to co-build and commercialize.
Yuma has a great role to play in this evolution.
Timestamps:
00:00 Introduction
03:10 Greg's Background
07:04 The Tokenization of AI
11:11 Bottom-Up Capitalism vs. Centralized Systems
14:57 Institutionalization
21:44 Decentralized AI vs. Corporate Labs
29:48 Subnet Financial Models
43:08 Driving Mass AI Adoption
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Jun 11
Bittensor has evolved significantly since their TGE in 2021, we've met a majority of subnet owners and the scale of innovation is incredibly ambitious
To me, Bittensor represents a shining flag for open source: that people from around the world and come together to co-create new technologies & commercialise them together
That message is very optimistic for humanity
power back to the people
our updated ecosystem map on the subnet eco below
Jun 11
AI stocks outperformed every major index in 2025
Model development consolidated behind a few closed labs controlling the most capable models and the most valuable training data
A generation of crypto-native AI entrepreneurs chose an alternative path
Bittensor launched in January 2021 and is now the most developed public market for open-source AI intelligence
128 subnets with an aggregate market cap grew from $4M at launch to a peak of $1.5B
The market decides which subnets get fed with emissions flowing to subnets showing traction
Our latest report maps the three investment eras of Bittensor:
1) Era 1 - Genesis (2021-2024)
2) Era 2 - dTAO (2024-2025)
3) Era 3 - Institutional Era (2025 )
We also share a few subnets we are keeping a close eye on along with index options for those who want a hands off approach
Full report in the next post below
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Jack Ai-Leung retweeted
Jun 5
Had @mikecontango Founder of @generaltensor on the pod
Talking about what it takes to get $TAO to the top institutional investors
General Tensor are OGs who started some of the major subnets on Bittensor, acquired top validator Roundtable 21 and now have taken over trading venue Backprop Finance
No one better to speak to than Mike on all things BIttensor
Timestamps:
00:00 Intro
01:45 State of Markets
03:48 General Tensor Origins
09:21 Antifragility
11:11 TAO Capital Markets
15:12 Distributed Computing
20:18 Exponential Growth of $TAO
26:07 Subnet Analysis
29:43 TAO as a Diversified AI Index
35:36 Driving Institutional Adoption and Research
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May 28
Nova (SN68) is the #1 horse for healthcare on Bittensor
Sat down with founder @micaelabazo on why this is the mission for her and her cofounders lives
The truth is that pharma has only just begun on their AI revolution, and the whole ecosystem is being upended
Anyone from around the world can contribute to the progression of life via Bittensor
Robotics, Data Centres, Energy
What about the fight for humanity?
I discuss all things opensource, AI and social change on Supercyle Podcast. Only available on Youtube/Spotify
Timestamps:
00:00 Intro
02:19 Intro to Pharma & Drug Discovery
05:40 Price of Healthcare Innovation
09:18 Advantages of Decentralized Pharma Research
18:53 Subnets as a Competition for Drug Discovery
27:12 Micaela Story
37:21 Future for Biotech Startups
41:09 2026 Roadmap
43:44 Lessons from Bittensor
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May 21
SCORE (SN44) is now a top 5 subnet on TAO
There's not many people I admire more that Max to discuss the market & their hardwork
Locked in, focused on taking Bittensor to the masses
Reading FC
AVIA
PwC France
As always, Full ep on Youtube
00:00 Market Discussion
01:08 Web2 markets
02:51 SCORE (SN44) entering $120b chocolate market
12:52 History and Evolution of SCORE (SN44)
17:33 Robotics: The Final Boss of AGI
27:45 The New Age of Compute
33:38 Visual Learning in Robotics
38:24 Closing
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May 20
Inarguable that robotics will have it's breakout moment over next decade
Most of these gains will be in the private markets, inaccesible to the public
Think about the SpaceX $2T valuation
Tokenised VC allocations in these robotics companies will bring down barriers for access, which is such a great use-case for crypto
We're excited about XMAQUINA solving this problem
May 20
In the U.S., 2.1M manufacturing jobs will go unfilled by 2030, at a cost of $1T annually
That’s the demand side.
The supply side: 16,000 humanoid units deployed globally in 2025, up from 2,000 the year before
Private robotics equity has already created tens of billions in value
Embodied AI changes labour cost structure the way software changed information cost structure
BMW has run Figure AI robots on daily 10-hour shifts for over 11 months across 30,000 vehicles and 1,250 runtime hours
Leading companies carry combined valuations exceeding $85B, but most of that value will accrue to private investors
No retail-accessible instrument offers specific exposure to named pre-IPO humanoid companies
RoboStrategy is the exception that proves the rule: a listed fund trading 160–700% above NAV because scarcity drives premium
XMAQUINA’s RCM Protocol converts verified private robotics equity into onchain subDAO tokens, bringing liquidity to illiquid markets
Full Khala Research report in the next post below
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May 20
Hosted a conversation on @xmaquina with founder Mauricio and Simon from Moonrock earlier this year
x.com/supercyclepod/status/2…
Apr 7
Robotics is a trillion dollar opportunity, but most people can't participate
Tens of billions of value has already been created in private markets
Figure AI went from $2B to $39B in just one year
Crypto likely has a unique oppurtunity to provide access to millions of people into the new robotic revolution via @xmaquina
Mauricio from XMAQUINA and Simon from Moonrock Capital joined us on the pod to discuss the current landscape
00:12 Intro
01:24 Origin Story
07:51 Bull Case for Robotics
11:11 Macroeconomic Outlook
16:16 Intersection of Crypto and Robotics
19:21 XMAQ Portfolio Deep Dive: Apptroniks, Agility, 1x
41:52 Future of XMAQ
56:19 Long Live Token Launches
01:06:13 Rapid Fire Round
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May 20
Competition in AI is critical; the most important asset of our generation
in our interview with @Dr_JohnFletcher of $TIG, he shares his perspective of lessons from Linux and the market driven mechanism they are employing for algorithms
More participants, more solutions will enable a battle field of ideas, ensuring that power is not concentrated within the major AI Labs
Follow @supercyclepod for more content on the opensource AI movement
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May 17
The $TIG thesis is that algorithms are the most undervalued and most monopoly-prone layer of the AI stack, and TIG is building the open-source alternative to what Google DeepMind / Anthropic / Open AI could otherwise own outright
- innovators submit optimised algos
- benchmarkets test algos vs. test cases
- TIG manages license rights to these algos
Critical to this endeavour is Philip David
Who spent a decade at ARM, who licensed their chip design to companies like Apple, Qualcomm, Samsung etc
But let's be clear:
their commercial model is not yet empirically proven
Licensing revenue is the long-term engine, but the network is still in its build phase and trades as such
1. TIG has assembled fascinating token architecture
2. Run by a Class A team
3. Tackling one of the defining problems of our time
Available in the public markets
May 15
Yeah $TIG is flying under the radar
An open protocol for algorithm development
listening to John explain how algorithms can optimise & help you extract maximum utility from any given chip
DeepMind, OpenAI, Anthropic, they're all racing to own the algorithmic layer
if they win, you pay a tax on every optimized query, every solved route, every compressed model
Over the last 50 years, we focused on hardware
The fight was between Intel, ASML, TSMC: who could etch circuits smallest and cheapest at scale?
many years ago we realised Moore's law seemed to be hitting a ceiling, that there may be fundamental limitations of physics
as such, the focus changed to how we could extract maximum utility from the hardware
the fight will be for the most optimised software
I spoke with @Dr_JohnFletcher to discuss the TIG mission
Full ep on our youtube
00:00 Intro
00:26 Primer on $TIG
02:18 Cambridge, ARM and the TIG Team
06:33 Why open source?
15:21 Why challenges for algorithms
20:00 Role of IP licensing
23:29 Defending Against Algorithmic Monopolies
27:40 Monetisation
28:40 Use Cases
36:23 Power Struggle vs AI Labs
39:12 Freedom Ideology
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May 15
Yeah $TIG is flying under the radar
An open protocol for algorithm development
listening to John explain how algorithms can optimise & help you extract maximum utility from any given chip
DeepMind, OpenAI, Anthropic, they're all racing to own the algorithmic layer
if they win, you pay a tax on every optimized query, every solved route, every compressed model
Over the last 50 years, we focused on hardware
The fight was between Intel, ASML, TSMC: who could etch circuits smallest and cheapest at scale?
many years ago we realised Moore's law seemed to be hitting a ceiling, that there may be fundamental limitations of physics
as such, the focus changed to how we could extract maximum utility from the hardware
the fight will be for the most optimised software
I spoke with @Dr_JohnFletcher to discuss the TIG mission
Full ep on our youtube
00:00 Intro
00:26 Primer on $TIG
02:18 Cambridge, ARM and the TIG Team
06:33 Why open source?
15:21 Why challenges for algorithms
20:00 Role of IP licensing
23:29 Defending Against Algorithmic Monopolies
27:40 Monetisation
28:40 Use Cases
36:23 Power Struggle vs AI Labs
39:12 Freedom Ideology
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May 12
Bittensor is at an inflection point with smart money
beyond all the new noise, it's people like dear friend @here4impact from Karis Capital
who have been long time advocates for fundamental-led value investing on Bittensor
I learn so much every time I speak with him
Conversation is live on Youtube
Follow to get our conversations with the best
Timestamps
00:00 Intro
01:50 New TAO Conviction Mechanism
08:25 Trade offs of Root vs. Subnet Alpha Allocation
14:08 Karis Capital Portfolio Allocation
21:11 Tracking Subnet Turnover
22:41 "Bet on the Founder" Investment Philosophy
24:34 Oro Agents (15)
27:54 SYNTH (SN50)
28:34 0xMarkets (SN35)
33:02 Institutional Adoption
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May 7
Subnet reg cost is up 7x on $TAO over last 6 months
back to $500k / subnet slot
Below accounts for public registrations, many subnets are transferred OTC so won't appear on public dashboards
Existing subnets, new owners biding their time
shows the supply / demand dynamic of Bittensor
Wild to see
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May 7
Full Ep on Youtube and Spotify:
Youtube: youtu.be/k6LZWBJgSEE
Spotify: open.spotify.com/episode/5dQ…
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