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SmartMoneyPulse
2.9K posts

SmartMoneyPulse
@SmartMoneyPulse
Smart finance pulse 📈 Daily market moves, news, & actionable takes. No hype. Just what matters. Not financial advice ⚡
United States เข้าร่วม Haziran 2024
375 กำลังติดตาม368 ผู้ติดตาม

@remarks Unfortunately the democrats were right about him. But the CIA and the elites gave us a choice between a giant douche and a turd sandwich once again.
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@ClownWorld Do those glasses come with windshield wipers.
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@katyXBT Retire at 85, live in a retirement home for 3 years and then die.
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"weed isn't addictive i just always have to be high. even during something as important as my wedding day i have to be balls to the wall high to be able to function"
w.@doublegee___
visual representation of me on my Wedding Day... 🤷🏽♀️😁😌
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The TAO/Covenant AI blowup isn't really about one team leaving.
It's about whether Bittensor's entire governance model is a lie.
Here's what actually happened 🧵
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Bittensor markets itself as decentralized AI infrastructure. No single point of control. Open, permissionless, community-governed.
The mechanism meant to prove this: a "triumvirate" — a 3-person multisig that controls all network upgrades.
Sounds distributed. It isn't.
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Tao Papers (a whistleblower site that dropped alongside Covenant's exit) pulled on-chain logs covering 41 network upgrades between 2023–2026.
38 of 41 were proposed, signed, and deployed from infrastructure controlled by one person: Jacob Steeves (Const).
The other two signers co-signed within minutes. No public discussion. No proposal thread. The multisig was a counter-signature ritual, not governance.
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So what actually triggered Covenant AI's exit?
Covenant (formerly Templar) built the Covenant-72B model — the largest decentralized LLM pre-training run ever. 72B parameters across 70+ contributors. Jensen Huang praised it. TAO pumped 90%.
Then Steeves suspended emissions to their subnets — cutting their income to zero. He removed their moderation rights over their own community channels. He deprecated their subnet infrastructure. And according to Dare, large TAO sales were timed to moments of conflict as economic pressure.
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Covenant founder Sam Dare's exact words:
"A subnet owner who builds his own community, makes his own decisions, and can operate without permission is a threat to someone whose power depends on everyone needing him."
That's not a technical dispute. That's a power struggle.
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Steeves' response? He said Covenant's exit would "birth the first subnets that run headless and as true commodities."
In other words: builders who can be controlled are being replaced by subnets that can't fight back.
Draw your own conclusions.
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The deeper issue for anyone staking or building on TAO:
Bittensor has 125+ subnets. But the market just proved it's pricing value around 2-3 teams. One exit = 18-27% crash.
If the network were truly decentralized, no single team's departure could do that.
The technology may be real. The governance clearly isn't — yet.
Watch what Steeves does next. That will tell you everything. 👇
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TAO hit $341 this week. Then one team blew it up.
Covenant AI (formerly Templar) — operators of SN3, SN39 & SN81 and trainers of the Covenant-72B model — just walked out of Bittensor, calling it "decentralization theatre."
Their founder accused Jacob Steeves of:
• Suspending emissions to their subnets
• Stripping their community moderation rights
• Running a one-person governance committee
Then sold 37,000 TAO on the way out the door.
TAO crashed 18% to ~$262.
A 125-subnet network shouldn't swing this hard on one team's exit. That's the real story here.
Is this a correction or is TAO cooked?
GIF
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@AmeliaRodrigJan My wife has more skill with a hammer than him.
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@BenjaminDa91346 Or just submerge it in water then seal it.
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@SStricklandMMA Check out a Q honey badger. You could take out a battalion of bears with it.
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@MHTruthUltra Wrong. Israel produces blackmail pedo sex rings.
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@oelma__ Nobody cares and your girlfriend or wife will think your a weak bitch if you express them.
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@alifarhat79 Looks like I was right. Only 15 hours off.
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@alifarhat79 20 bucks says Israel ruins the negotiations in the next 2 hours
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@Polymarket Hes just mad at the world because his parents gave him a girls names. Lindsey is pathetic.
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