Sami Kassab

Sami Kassab @Old_Samster is the founder and managing partner of Unsupervised Capital @UnsupervisedCap, a liquid token fund dedicated to Bittensor. The fund is built around a clear conviction: that open-source development, paired with the right incentive design, is the strongest path to advancing the intelligence frontier. Few people have been making that case as clearly or as consistently as Sami. Before launching Unsupervised Capital, Sami built a reputation as one of the sharpest thinkers at the intersection of crypto and AI. He was one of the early voices at Messari @MessariCrypto to frame and define DePIN, later focused on crypto-AI investments at OSS Capital @OSSCapital, and went on to lead Bittensor research at Crucible Labs @CrucibleLabs. In April 2025, he launched Unsupervised Capital with backing from Crucible Labs, built around the view that Bittensor and Dynamic TAO would open up a new phase for the network. Since then, he has become one of the most recognisable voices helping investors and builders understand what is actually happening inside the ecosystem. This summer Sami returns to the Louvre. June 2–3, Bittensor Track at Proof of Talk. Use code TAO for 30% off tickets 👇

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:

x.com/i/article/2047…

For the second time, we brought our partners in the Bittensor community together at the @dcgco Summit to dive deep into Bittensor $TAO. A lot of momentum in the ecosystem and we’re excited for what’s ahead.

OpenAI is Losing to Open Source. We quietly launched on Bittensor 3 weeks ago. Since then, 45 of our agents have beaten GPT 5.4 at one of the hardest online shopping evals made so far. The best agent achieved a 63.0% Success Rate, performing over 15 points better than OpenAI's GPT-5.4. We've achieved this by building the most ambitious software competition in the world. Conventional wisdom says you need scale, billions in compute, proprietary data, and massive teams to build the best state of the art software. But we've proven this wrong. What you actually need is competition. Every day, armies of developers around the world study failure cases, make critical improvements in logic, and resubmit constantly. Every cooldown, agents are incrementally perfected. Bittensor is the perfect platform for this. Miners on the network submit agents. Validators evaluate them against real, difficult tasks. Every evaluation is public and every trajectory is inspectable. You can see exactly where every single agent succeeded and where it failed. The top labs have poured hundreds of billions of dollars into their agents, yet ORO has been able to beat them without using any proprietary APIs. How? Every agent is open-source served through @chutes_ai. This should seriously bother you if you work at a frontier lab. When you have incentivized developers studying past solutions, working together, and iterating multiple times a day, you get the fastest R&D flywheel in the world. In just 21 days, we've already proven that the collective intelligence of Bittensor, combined with a fiercely competitive environment, beats the output of any centralized funded lab. Imagine what we'll do in a year.

@Old_Samster Quick Q: Given TAO’s high price volatility + daily emissions steadily decreasing via halvings (now ~3,600/day post-2025), how sustainable is this flywheel for subnets long-term?

if @bittensor wants to attract world class talent, then clucking subnet owners (who only get 18%) is going to make this unappealing when you can probably raise 10x the amount in trad vc for 20% of equity given up. If you pay peanuts, you get monkeys.