Sold 66% of my #HYPE and rotated into #BTC
Being around ATH can give a lot of sudden sellpressure, therefore going to sit and watching how it unfolds.
Why #BTC and not USDT? Simple I think #BTC has a leg up in the tank.
Rough price action on $TAO last night.
Even though I don't post about this one often, it's one of those I always have my eyes on and consider pretty good.
Price action might have taken quite a tumble on the 1-hour chart but zooming out it actually ain't all to bad imo.
I feel for everyone who had $TAO exposure to any of the Covenant subnets.
From what it looks like, Sam cashed out $10M+ tonight.
Whatever the reason may be, this is not the way.
This isnโt just an exit. It comes at the expense of everyone who put trust in him: the team, validators, miners, investors and the broader ecosystem.
Const supported Sam heavily, and Sam spoke highly of him, even as recently as last week in his interview with @JesusMartinez.
I could be wrong, but to me this looks like a bad actor leaving the ecosystem and simply looking for a moment to do so.
That said, what stands out most to me is the reaction.
Subnet owners reaffirming their commitment to Bittensor.
Community members actively thinking about how to move forward and improve.
A shared belief that this, in the long run, will make the ecosystem stronger.
Yes, Bittensor took a hit.
But this is far from the end.
So.. here is what happened
@tplr_ai founder took offense to some actions made by #bittensor co-founder @const
He/they then made the decision to announce they are leaving the #Bittensor network
In the process.. then made the incredible decision to dump 37,000 $TAO worth of subnet alpha tokens across Grail, Basilica and Templar
A move that has completely destroyed the investments of everyone who followed and trusted these guys over the past few months/year
Expecting anyone to follow you elsewhere after making such an incredibly irrational and dumb decision that screwed all your investors by nuking the token yourself.. good luck
This, imo.. looks like a rug for max extraction
Maybe that's wrong but that's exactly how it looks to me..
Its a massive fucking shame after Templar had the largest public exposure of any subnet to date, thanks to positive breakthroughs in pretraining
I cannot express how disappointed I am in all this
#Bittensor will grow stronger..
It always does
$TAO
Btw i should address some of the points in the article which AI slop influencers are now repeating.
> I suspended emissions to his subnets
I do not have the ability to suspend emissions. What i did do is sell some of my alpha holdings on his three subnets, because they were not running, and were on near 100% burn code. This changed the emission the same way all buys and sells on Bittensor do. I donโt have any privilege beyond what normal TAO holders have.
> I deprecated Covenantโs channels and removed moderation rights
No, Samuel specifically deprecated his own channels which he did via a pinned comment and also a Twitter post. To be clear, he is talking about a discord channel.
> I removed his ability to moderate his community
Sam was deleting posts in his channel of genuine, honest criticism. I removed that ability temporarily and then reinstated it later. I did not remove his moderator role. I simply stopped him from deleting posts from others in his channels.
> โdeprecating infrastructureโ
Not even sure what this one means.
> large visible token sales
Not large. Less than 1% of what i had invested in his teams. Visibility is impossible to avoid in my position. I reserve my right to buy and sell tokens which is what underpins the entire system of dTao.
Anything else?
$TAO will recover, buy the dip and trust the process.
The dump was done by someone that was not really trustworthy and imo it was good it happend. $TAO has becomer instantly more healthy and stronger than it was yesterday.
See it as an oppertunity. NFA DYOR