²Jordan

3 weeks ago I argued the US goal in Iran is to seize the global oil spigot. Venezuela in January -> Iran in February. Neutralize every supply channel outside the dollar system within 90 days. Achieve a compliant successor government and complete energy dominance. The oil thesis was the obvious layer. However, when you zoom out & view the last four years as a single sequence rather than isolated geopolitical events, the architecture of the grander US plan becomes visible. 1st was Europe, which laid the groundwork. The Ukraine conflict provided the justification for sanctions that collapsed Russian pipeline gas from 150 billion cubic meters to 40. Then Nordstream was destroyed, which rewired the entire European energy system permanently. The US went from supplying 28% of Europe's LNG in 2021 to 58% by 2025, exporting a record 111 million MTs, the 1st country in history to break 100 MT. Europe was transformed from a customer with options into a captive market now purchasing its survival in USD. 2nd was Syria. The fall of Assad severed the critical node connecting China's Belt & Road Initiative to the Mediterranean. The trilateral railway linking Iran, Iraq & Syria, designed to bypass Western maritime chokepoints, was completely destroyed. This isolated Iran geographically & cleared the path for what came next. 3rd was Venezuela. In January the US effectively took control of the world's largest heavy crude reserves. The US Gulf Coast has the most advanced refining complex on earth, specifically built for heavy sour crude. Phillips 66, Valero & the rest are now positioned to process hundreds of thousands of barrels of Venezuelan crude daily. The US captured a massive strategic reserve & solidified its position as the dominant exporter of refined petroleum products, an industry worth $110 billion in 2025 alone. Venezuela & Iran were the two major oil supply channels that existed outside the dollar system. Both produce heavy crude sold primarily to China & evaded US financial supervision. Both now being neutralized within 90 days, which leads us to.. 4th is Iran & the Middle East energy shock. Israel struck Iran's South Pars gas field, the world's largest natural gas reservoir. Iran retaliated against Qatar's Ras Laffan, the single largest LNG facility on earth, responsible for a fifth of global supply. QatarEnergy's own assessment is that 17% of export capacity is gone and recovery will take up to 5 years. The Strait of Hormuz is closed. European gas prices spiked 70%. Asian spot prices doubled. The only remaining scaled supplier? The United States. If Iran falls & a successor government is installed that the US controls or influences (the Delcy model described weeks ago) then roughly 40 to 45 million barrels per day of global production out of 103 million is effectively under US control. OPEC becomes irrelevant because the US coalition is now the marginal producer. Now add the gas dimension & it goes beyond oil. This war is solidifying the petrodollar system as it evolves into a hybrid petro/LNG-dollar. The old system was built on Saudi crude priced in USD. The new system is built on American crude plus American gas from the Gulf Coast, with no alternative supplier of comparable scale. The dependency is deeper because LNG infrastructure requires long term contracts & regasification terminals that lock buyers into supply relationships for decades. Europe & the Pacific allies (Japan, South Korea, Taiwan, etc.) cannot pivot away as there is nowhere left to pivot to. They're now locked into the US energy system. The market confirms this. DXY went from 96 to 101. Gold down ~20% from its January all time high. Bitcoin down 20% on the year. Brent above $100. European & Asian institutions are liquidating precious metals and crypto to buy dollars because they need dollars to buy the only remaining scaled energy supply. The world is selling its gold to buy American energy in American currency. The dollar is now being weaponized through energy dependency. The structural repricing is happening regardless of how the conflict resolves. But the US grand strategy goes deeper.. Artificial intelligence is a physical industry. It runs on power and chips. Data centers require massive uninterrupted baseload electricity, primarily provided by natural gas. Semiconductor fabrication requires helium & rare earths. By choking the Strait of Hormuz & crippling Middle Eastern LNG & helium production, the US is systematically degrading China's ability to power its data centers & fabricate semiconductors at scale. The US is energy self sufficient, especially with newly captured Venezuelan reserves & expanding Gulf Coast capacity running on domestic gas. On the other hand, China is import dependent & every joule it imports effectively now transits chokepoints the US Navy controls.. Iran was the Belt & Road's overland energy bypass, the corridor that allowed China to mitigate the Malacca Trap. With Iran neutralized that corridor is severed. China faces a world where its compute infrastructure competes for scraps on a depleted global LNG market, while American data centers run at full capacity on domestic energy. Russia is next in the sequence. A post-war Iran reopening under US influence competes directly with Russia for the same refineries in China & India at lower cost. Iran's production costs are lower. Russia loses its last structural advantage in heavy crude & its economic lifeline. Additionally, under the Iran war cover, Ukraine has been opportunistically destroying Russian energy infrastructure & all signs point towards Russia being at the end of the line. The message from Washington becomes very simple: we dismantled two regimes in three months, your economy is about to get crushed, sign the Ukraine deal. Then Trump sits down with Xi holding every card. Complete energy dominance. The hybrid petro/LNG-dollar fortified, Iran cleared, Russia cornered, & China facing the Malacca Trap fully closed with no remaining energy bypass. Israel & the GCC are absorbing the kinetic cost of a conflict whose primary beneficiary, counter to the mainstream narrative, is actually America (First). Qatar offline for 5 years reprices the entire global gas market in favor of US exporters for the remainder of the decade. The Gulf states face years of rebuilding. Europe faces its 2nd energy crisis in four years. Sure, the average American might face temporary moderate inflation & higher gas prices. But if you are the architect of the US empire & you view the rise of China & Chinese ASI as an existential winner takes all scenario, the collateral damage is acceptable cost. Whoever controls the energy corridors controls the monetary system. Whoever controls the monetary system & the energy supply simultaneously controls the compute infrastructure that determines which civilization builds ASI first. The US is seizing all 3.

@ABREG_1 @PlayersTribune LFG - Happy Opening Day! Future is bright

Chicago!!!!! I can’t wait to play for you. Let’s go! @PlayersTribune theplayerstribune.com/alex-bregman-m…

@ZeroHedge_ Brother - She has been spending countless hours developing her own tools. She may use yours as a guide and template but for her own work. Anybody this day and age can recreate any software or tools. Let her be and focus on your own business and continued success.

@NoKapRich Hateful rhetoric

Keep putting these dumbass jew cucks on blast!!!!!!

@La_Lola_Larue Elinas

What's the best chicken parm in Chicago...

@corgil @bittingthembits Would love to see some solid proof behind these VCs and KOLs getting deals under the table

your account is sadly way too small to get paid for it bud $TAO cabal is much bigger, "believers" like yourself aren't getting paid - you don't need to because you held through chaos real problem are big KOL's and VC's getting deals under the table just to dump on everyone else like yourself if you're smart enough and in TAO for so long, you know that to be true

This take is making the rounds. "90%+ of $TAO shills are paid." I've been in this ecosystem since before subnets existed. I have never received a single dollar, token, or backroom deal to post about Bittensor. Not once. Not from Opentensor Foundation. Not from Yuma Group. Not from any subnet team. Every post I've written, probably close to thousand, came from conviction built by watching this network evolve from the ground up. And I'm not unique. The Bittensor community is full of people who showed up because the technology spoke for itself. No airdrop campaigns. No KOL rounds. No partnership announcements that are just paid placements dressed up as news. "Coordinated cabal." Go look at the actual community. Subnet founders building in the open on GitHub. Validators staking real capital. Miners competing for emissions based on measurable performance. Independent researchers publishing analysis because the architecture is genuine. Coordination implies a top-down playbook. Bittensor's community grew bottom-up, from people who understood what a permissionless incentive network for AI actually means and couldn't stop talking about it. "Most centralised 'decentralised' ecosystem in crypto." This is the claim that tells me, hasn't done the work. Bittensor has 120+ active subnets. Each one is independently operated. dTAO shifted emission control away from the Root network to individual subnet token markets, meaning the community decides where value flows. The code is open source. The registration is permissionless. Anyone can launch a subnet, mine on one, or validate. The Opentensor Foundation doesn't control which subnets succeed, the incentive mechanism does. Compare that to OpenAI, Anthropic, or Google, where a handful of executives decide what gets built, who gets access, and where the profits go. Then tell me which model is centralized. "Trade it, don't marry your bags." This is the line that tells it all. It's a trader's perspective. And that's fine, everyone has their strategy. But some of us aren't here to trade a chart pattern. We're here because Bittensor is building the infrastructure layer for a $183B+ autonomous AI agent economy and growing. Cause Ridges Agents smashed well know agentic benchmarks. Because Grayscale launched an SEC-reporting $TAO trust. Because Jason Calacanis just featured Bittensor subnets on This Week in Startups. Because Templar trained a 72B parameter model through decentralized coordination. Because subnets like Chutes are generating real revenue serving real customers. The data doesn't care. It speaks for itself. I don't need to be paid to talk about something I believe in. The people in this community don't need a cabal to stay aligned, they just need to keep watching the network prove not promise, every single week. That's organic conviction. And it's the hardest thing for outsiders to believe because in crypto, it's rare. $TAO

@corgil Damn you’re actually making TAO more interesting with this post. I think I’ll add more

This post hit a nerve on CT today. A lot of you asked for receipts $TAO has 2x'd in March - the timing of all this promotion is not a coincidence Here's who's behind it, what they're not telling you, and what the data actually shows 🧵

@corgil @uhonyn Source? You do know TAO was a fair launch with no VC pre mine

@uhonyn Hyperliquid gave tokens to its users, no VCs, no presale, airdrop to real users, on-chain everything TAO gave tokens to KOLs to dump on its users, insider-controlled emissions, retail is the exit the difference isn't even close. but keep coping

For those unaware - 90%+ of $TAO shills are paid Coordinated cabal. Biggest KOLs on CT. All pushing simultaneously They dump freebies on your head, rinse, repeat Most centralised “decentralised” ecosystem in crypto Trade it - don’t marry your bags!

@bloomberg_seth nice post ser

There have been a lot of good replies to this post, but I started writing this yesterday so I decided to finish and post it anyway. But before getting into the core of the piece, I want to correct some inaccuracies and statements presented as facts that are incorrect. For example: > “Daily emissions of 3,600 TAO are split programmatically: 41% to miners, 41% to validators, 18% to subnet owners.” Subnet participants (owners, validators, miners) don’t directly receive TAO, they receive subnet tokens. > “Chutes commands 14.4% of network emissions, the highest of any subnet.” Right now, Chutes is getting 0% of network emissions. But, that doesn’t even really matter for them. They have a market cap of $126M with a liquidity pool that has $135M worth of liquidity. Network emissions primarily just add liquidity for subnet tokens and Chutes is extremely liquid. Miners still get rewarded for their work (since they’re rewarded with the subnet token) even when a subnet gets 0% network (TAO) emissions. > “[Chutes has an] estimated external revenue of approximately $1.3-2.4 million per year.” This data is out of date. Chutes earned $1.3M over the last 90 days, annualized that’s ~$5.2M. > “When emissions halve again (projected late 2026 or 2027), either pricing roughly doubles, miners leave the subnet, or the gap between subsidy and revenue widens further.” The next TAO halving is expected to be in December 2029. And again, network emissions (i.e., TAO emissions) do not directly go to miners. So the TAO halvings have no direct impact on miners. > “A single team controls nearly a quarter of the network’s incentive distribution.” You’re implying here that Rayon labs “controls” a quarter of the network’s incentive distribution. But, the network's incentive distribution is purely market-driven. Holders of TAO get to decide where TAO emissions are directed, they vote via the subnet tokens they hold. As I mentioned earlier, there have been some good responses to specific parts of your piece, and some of your critiques hold true today. So, I’ll stay at a bit of a higher level here. Bittensor has a lot of moving parts to it, I’ll try to just run through how I see them all connecting. Subnets are startups launched on Bittensor. For Bittensor to succeed, it’s not necessary that all or even the majority of subnets do well. Most will actually fail since they are startups. It only needs a handful of breakout winners to (1) prove the network model works, (2) generate real revenue, and (3) attract new crops of builders. We’ve seen the probability of each of these points becoming true increase over the past few months. Templar is the latest example to show the network's core tech (i.e., incentive mechanisms) works. They were able to attract enough compute from global participants to train a 72B model over the internet. A year or so ago people basically thought this was impossible. Turns out if you create the right economic/tech mechanisms to fund interesting research you can actually get breakthroughs using distributed and decentralized methods. IOTA is in the same category here, just coming at decentralized training from a different angle and doing novel research in their own right. Chutes has built a real, live product and is generating multiple millions of dollars in revenue. They’re at ~$5.2M in annualized revenue, and becoming more efficient as a business (they just put out a lengthy blog post describing their focus on efficiency). Whether you’re using VC funding to subsidize your business or tokens, eventually you have to become profitable/remove the subsidy. Chutes team is dialed in on this. It’s also worth noting here that Chutes is commoditizing access to inference/models. I don’t think it’s fair to say it’s trivial to run models locally at this point, you can still create a strong/defensible business in this domain. Based on the pockets of success we’ve seen so far on the network, we believe a handful of subnets can hit an average ARR of $30M by the end of this year. With these valuations and associated multiples, subnets can achieve valuations of ~$900M. Again, we don’t need every subnet to have this level of success, only a few need to break out and multiple already have motion. As an aside (but thought I would include since you specifically discussed Chutes), all of the above notes on Chutes are focused on the demand side of the platform, but they also have a structural advantage on their supply side. Chutes provisions compute differently than every other inference provider in the market. Chutes has a permissionless and open supply side, they don’t have the operating costs of compute contract negotiation or sourcing/vetting compute providers. They have an onchain, continuous compute budget that is available for any compute provider that plugs into their network and performs well. Because Chutes leverages interruptable compute nodes, they will attract the lowest-cost compute, which will likely be a datacenter with idle hardware. These entities will take anything >$0, given they need to generate ROI on their hardware in a shrinking window of time. This lowers Chutes' cost of compute provisioning, giving them a structural advantage over their competitors. Traditional inference platforms have to commit capital to long-term compute contracts and take on that price and counterparty risk, or opt for shorter-term contracts that come with a premium (much more than what Chutes pays for the equivalent unit of compute). It only takes a handful of subnets to just chew glass for the overall betterment of the ecosystem. Every single crypto platform goes through this same cycle of attracting early talent that helps smoothen out rough edges of building in the ecosystem, paving the way for new builders to more easily join and find success. There’s already been a class of Bittensor builders who have done just that. And what they build for the entire ecosystem will attract new builders just like every other crypto platform has shown to be true. I know of a couple subnets launching in the coming quarter that will be raising the bar on subnet quality and they all will benefit from other builders in the ecosystem that came before them. And to that last point, every existing and future builder on Bittensor benefits from any singular success on the network. Subnets actually have a structural advantage that basically every other platform/ecosystem lacks. Because every subnet token is priced in TAO terms, every subnet benefits as the value of TAO increases. Take the recent run up in TAO price that was largely tied to the widely publicized achievements of Templar, a single subnet. Every single subnet on Bittensor saw their miner budget increase by ~70% over the past 30 days because of the success and public recognition of a single subnet. You don’t have this advantage if you aren’t built on Bittensor. There’s actually a local flywheel that every subnet is trying to get started, which in aggregate, creates a really strong global network effect. For each subnet, all the participants are incentivized to make the subnet token more valuable: token holders (including subnet owners, miners, and validators) benefit from price appreciation, and higher token prices mean subnet owners have a bigger budget to pay miners with. The only way to make the subnet token go up is by acquiring TAO and staking it (i.e., swapping it) to the subnet and holding the token. The simplest design for this is token buybacks by subnet owners, but there will be many other demand drivers developed for subnet tokens this year. Every subnet is effectively racing and incentivized to acquire more TAO into its subnet liquidity pool. And every marginal subnet benefits as the value of TAO appreciates. It’s a novel design that ties individual application success to platform success. At the end of that day, if you come to Bittensor and build something that genuinely gets people excited, whether it’s a consumer product or deep research, you can be successful. I believe it actually takes a mix of both “day 1” revenue generating subnets coupled with deeply technical subnets that attract bright minds that want to be a part of frontier research. Both are finding success right now (Templar, IOTA, Chutes and Targon are the perfect examples of each) and will continue to do so in the future.

@PineAnalytics Now do Bitcoin miners

Bittensor's biggest subnet receives $52M a year in TAO emissions. It generates $2.4M in actual revenue. Without the subsidy, it would cost more than AWS.

@RobbieV1988104 @Jason no

@SquareJordan @Jason It is.

$tao > $btc

@RobbieV1988104 @Jason Did I say that?! I hold a shit ton of BTC and no I don't think TAO > BTC Im pointing out that TAO is not a VC Rug Pull But Im sad you don't get it. It's not that hard.

@SquareJordan @Jason You don’t get how Satoshi disappearing and not touching his coins is a big deal, do you? I’m sad you don’t get it. It’s not that hard.

@RobbieV1988104 @Jason There were no VCs that got insider allocations or a pre-mine

@Jason This is called a “VC Rug Pull” and why we only do Bitcoin. See, Jason got paid to tweet this. He can’t wait to dump it on you. That is what every single crypto outside of Bitcoin is. Now, Bitcoin is such a big deal most haven’t even begin to understand the ramifications. Freedom.

@Micro2Macr0 @Jason I think you'd find TAO super interesting! The only comparisons that can be made are the 21M fixed supply.

@Jason How are you even rich?

@NoKapRich What a ridiculous post

Shit ain’t hitting the fan until the masses understand that Israel wants to get rid of WhitePeople in THE UNITED STATES.

@vladtenev Sounds like Bittensor

There are two possible futures: 1. AI companies generate the vast majority of major discoveries and inventions in-house, using their massive data-centers, and capture nearly all the value themselves. 2. AI companies build tools people can use, and the value and glory from the inventions / discoveries accrue to the users. This unleashes a torrent of mathematical discovery and entrepreneurial activity. The latter is the future we believe in and are working to build. The former is the dystopian one.

@1060WAddison @mattlindner Yes! Taco Maya low key a top tier taco joint

@mattlindner Nice! That taco place is 🔥🔥🔥

They absolutely do not need me hyping them up, but can confirm that the burgers at Red Hot Ranch absolutely slap. Also, $21 for a double cheeseburger, a single cheeseburger, a Chicago dog and two orders of fries? Can’t beat that in terms of value.

@NoKapRich You’ve gone anti-semitic dude?

Wait until the Rednecks of the South find out the Jews are trying to replace Whytes 😂