@binance,
Thanks for including me in the top 100 blockchain people list, appreciate the signal!
I must decline the Dubai invite though. I do not wish to disrespect, but many of the award voters are avid kaspians who rooted for my kaspa status at least as much as for my research. Let them win or count me out.
Crypto has turned from a euphoric cypherpunk project to a house-friendly casino. You may not be the culprit, but as a top player you hold the lion’s share of the responsibility to correct this, and the October crash your USDe oracle glitch helped trigger adds to what needs to be addressed.
There are three classes of crypto, as @mert put it recently: commercial crypto, casino crypto, cypherpunk crypto. <<Binance should hold a privilege policy for the latter.>> A TBTF CEX should know better and play a different game with hardcore crypto projects.
When binance lists a green frog three weeks post its “launch” but skips a fair-launched-Nakamoto-Consensus-100ms-upgrade-ATH-top-20-the-only-nonbitcoin-marathon-mined project, this is not merely binance rationally calculating; it is also binance molding the market in a way that is alas misaligned with the roots of the movement.
You may feel that kaspa’s sovereign money thesis is boring – that bitcoin is already money and that implementing an internet-speed bitcoin is useless - fine. Wrong but fine. But what’s the thesis for the green frog?
Money is a classic chicken-and-egg product. It is a scam up until one moment before tipping point, “most of the value comes from the value that others place in it.” Considering your resources and influence, I think it's safe to say you can serve as both the egg and the chicken and make it worth your while to push sound attempts towards tipping point.
@cz_binance tweeted recently that “strong projects will be listed.” But binance is part of what defines "strong", it bears responsibility for the market’s compass and impulse and definition of strong. It is not a read-only entity.
Binance listing fees are legit, they are just unfit for category cypherpunk. Kaspa devs and early supporters fairly mined less than half what satoshi and hals mined. We don’t have a 20% ZEC-style founders’ reward or protocol-enforced dev fund; this is not a jab at ZEC and the wonderful @Zooko, who was crashing in my car on a late Thursday back in the low ZEC MC days – if somebody deserves to win it is zooko – but assuming binance is not taking a maxi bet, it should revisit its relationship with hardcore crypto.
We are here through bull and bear, ICOs NFTs XYZs; and we are the source of confidence that restores faith and capital inflow post meme-induced or CEX-induced crashes.
Please fix this.
Thanks again,
hashdag
cc @michaelsuttonil
Exhibit A: Binance Innovation Zone
Exhibit B: 10 bps Nakamoto Consensus
People discovering $KAS often have the same reaction: “This can’t be real.”
Then they dive deeper and realize the technology is real and even more impressive than they first imagined.
"it's that perfect ... this thing sounds like the best thing ever created ... This is a perfect Bitcoin. This is what Bitcoin and Ethereum were combined.¨
Conversation on KAS starts at 1:27:40
WSX News: Kaspa (@kaspaunchained) has taken a major step toward programmable Layer 1 applications following the activation of its Toccata hard fork in June 2026.
The upgrade introduced native covenant programming, transaction v1, expanded introspection opcodes, and infrastructure for based ZK applications, allowing application state to be enforced directly on Kaspa’s UTXO layer.
One of the more interesting pieces is the ability to run computation off-chain and return a cryptographic proof to Kaspa for verification, rather than forcing the entire computation onto the base layer.
Partitioned sequencing lanes further allow ZK applications to prove activity related to their own lane instead of processing the network’s entire transaction flow.
That gives Kaspa a new programming model without abandoning its UTXO architecture, opening the door to stateful applications and proof-based systems while keeping the base layer focused on verification and settlement.
While others are waiting for the perfect entry, I’m focused on one thing:
Accumulating $KAS whenever I can.
I’m not trying to predict every candle.
I’m building a position in something I believe can matter for the next generation of blockchain technology.
Time will tell.
Until then: HODL.
🚨 22 days until $KAS Gemini listing?
Winklevoss twins finally researched Kaspa?
They are already targeting 5% of the Zcash (ZEC) supply with @cypherpunk. Kaspa sovereignty fits the description like none other.
Could they be wallet #1?
Clever marketing one way or another.
“Definitely the time of Kaspa will come, I’m sure.
I’m sure because of two things:
I don’t think anything interesting will come from the $BTC community in terms of technology at least.
I don’t think you can achieve the properties of Kaspa without the protocol that Kaspa is operating with.
Add to this the frenzy of AI that will require everything to be very fast. People are using things with various low levels of patience. Which is good, we hate patient people.”
@hashdag $KAS
December 2029 $TAO 2nd halving ⏳️
But Bittensor does not have one scarcity clock.
It has 129 of them
One for $TAO.
And one for every subnet alpha ⏰️
Each subnet has its own 21M alpha cap and its own halving schedule based on when that subnet launched.
And the OG dTAO cohort is already more than halfway to its first one.
Compute Horde SN12: 55.99%
Targon SN4: 55.62%
Chutes SN64: 55.46%
Orion SN27: 54.63%
Desearch SN22: 54.50%
Those percentages are not toward 21M.
They are toward 10.5M alpha, where each subnet’s first alpha halving hits.
At current rates, the first cohort lands roughly around spring to mid-2028.
Now compare that with the base layer.
$TAO is around 11.22M / 21M issued.
Next halving happens at 15.75M, currently estimated around late 2029 into early 2030.
So the interesting part is the sequence:
Subnet alpha halvings first.
$TAO halving roughly 18–21 months later.
Two separate supply shocks.
Not one.
And here is where it gets more interesting.
As a subnet issues more alpha, the protocol can inject less $TAO directly into its pool.
More of that $TAO gets used to buy the subnet’s alpha instead.
Look at Targon SN4 today.
Root proportion: roughly 14.7%
Meaning about 88% of its $TAO emission is already being routed into buying its own alpha.
Using the current inputs, by the time SN4 reaches the 10.5M alpha halving threshold, root proportion falls to roughly 8.75%.
LET THAT SINK IN
That means more than 91% of its $TAO allocation would be buying alpha.
Think about that setup 🤔
New alpha issuance gets cut in half while the protocol is already routing over 90% of its $TAO allocation into buying that alpha.
Not Max buy pressure. It can keep changing after that.
But the convergence is still important.
Supply falls while protocol buyback intensity is already extremely high.
And that is only one layer.
Stack what Bittensor has already changed:
Base $TAO issuance already halved to 3,600/day.
Actual circulating issuance since the halving has been running around 82% of that theoretical maximum because recycled $TAO goes back into the unissued pool.
v440 concentrated emissions toward the subnets actually clearing the gate.
v441 removed root’s automatic mechanical selling of alpha back into subnet pools.
Maturing subnets increasingly use $TAO allocation to buy their own alpha.
Then the OG alpha cohort starts halving around 2028.
Then TAO itself halves again around 2029–2030.
That is the setup I care about.
Imagine a strong subnet surviving into 2028.
It is competing for emissions inside a much more concentrated market.
Root is no longer automatically dumping into its pool.
More than 90% of its $TAO allocation may be buying its alpha.
Then its new alpha issuance gets cut in half.
And roughly 18 months later...
the $TAO pot funding the entire system gets cut again.
That is multiple scarcity curves stacking on top of the same surviving subnets.
But there is one thing people need to understand:
None of this creates demand.
A halving cannot make a useless subnet valuable.
Scarcity without users, revenue, applications or demand is still just scarcity.
Which subnets deserve scarce $TAO?
Then concentrating capital there.
Then reducing their alpha issuance.
Then eventually reducing $TAO issuance again.
That is a very different economic structure from simply saying:
21 million.
Number go up
Bitcoin has one major issuance curve.
Bittensor has a reserve asset with its own curve...
and underneath it, an entire economy of independently maturing assets with their own curves.
128 subnet scarcity schedules sitting underneath one 21M $TAO reserve asset.
2028 gets interesting.
Less alpha gets created.
More $TAO buys it.
Emissions concentrate into the survivors.
Then $TAO itself halves behind them.
One halving was simple. Bittensor built an economy of them.
$TAO | DYOR.
We are just 7 days away from one of the biggest moments (we belive) for the bittensor ecosystem. $TAO
Our new miner goes live with $3 million dollars worth of new permanent compute - ofcourse powered by 100% green power.
Not spare capacity, not for use when not busy , not here for a few months . Built for bittensor and here to stay .
250 x RTX 5090s go live on the network - this is just the beginning.