YouSaid · the spoken record

Mark Jeffrey

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65
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2026-04-14
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2026-04-14
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  1. “This is all allegedly, and a lot of ifs here. But if the trail is true, then essentially one might speculate that a large amount of money was at stake and it would be like somebody raising venture capital and saying, wow, there's millions of dollars in the bank. I should deposit in my personal account and shut the company down, which is actually one of the big fears in venture capital. We run on a trust-based system and it has happened. You can go look at the history of venture capital every year or two. Somebody takes the money and goes to Vegas or abscond to another country.”

    2026-04-14 · This Week in Startups · Bittensor's (alleged) $10M rug pull (feat. Mark Jeffrey) | E2275 · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “Yeah, and what was coming next? I kind of pushed them on hey, what are you doing next and how does this work? And the answers, Mark, weren't as crisp or as tight as I might have expected from somebody running something significant, let's just say. So What is the back channel here? And maybe you could explain constant the founder of Bitenser and his role in all of this.”

    2026-04-14 · This Week in Startups · Bittensor's (alleged) $10M rug pull (feat. Mark Jeffrey) | E2275 · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “Can also, if you have leadership and you have responsibility, you can mess with it. So we had last week somebody running one of the subnets decided they wanted to take their marbles and leave the game. And that's the core of what happened. Yeah, Lon?”

    2026-04-14 · This Week in Startups · Bittensor's (alleged) $10M rug pull (feat. Mark Jeffrey) | E2275 · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “Now, Laun, it's important incentives matter. And so I want to sort of tee up this story here If somebody runs a subnet, they do get a little bit of power. They have the subnet, they recruit miners, they have validators, making sure the work was done properly, but they become like a small business owner and they can do what's called a rug pull. So they can either be virtuous and they can provide people with this incredible opportunity to give and give knowledge through a large language model or an algorithm. They could give compute, they could give storage, they can contribute something in order to win the prizes of tau or the subnet token, which is essentially one and the same in some ways. So they can earn money.”

    2026-04-14 · This Week in Startups · Bittensor's (alleged) $10M rug pull (feat. Mark Jeffrey) | E2275 · IDENTIFIED FROM THE TRANSCRIPT · source

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    2026-04-14 · This Week in Startups · Bittensor's (alleged) $10M rug pull (feat. Mark Jeffrey) | E2275 · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “Wasn't saying crypto is bad in any way, just saying if you're in crypto, I would pivot to AI because there's such a much more application for AI because intelligence touches everything. Whereas with crypto, finance doesn't touch everything. Finance people might say, yeah, finance touches everything. Finance doesn't touch me writing a poem. Finance doesn't touch me going and cooking a meal or something. Like it doesn't touch everything. But intelligence does, right? And that was very similar to I think what the Tao people were saying was, hey, AI is so complex and there's such a need for compute. There's such a need for transport moving packets around. Hey, maybe there's something here. You're running essentially a fund like a venture fund, but for Tao, I'm a partner in it. I'm an LP in it. I'm deep down the rabbit hole on this, but you're picking subnets in which to buy those tokens and invest in. So what are some of the ones you've invested in?”

    2026-04-14 · This Week in Startups · Bittensor's (alleged) $10M rug pull (feat. Mark Jeffrey) | E2275 · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “Okay, so thanks, Blood. Let's get to tau and bit tensor. What attracted you? Yeah, what attracted you to this specific project and why, Mark?”

    2026-04-14 · This Week in Startups · Bittensor's (alleged) $10M rug pull (feat. Mark Jeffrey) | E2275 · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “Can't keep up, and I got to be present here. So, what do I want to do? I have my plot pin, I press the button, boom, I get a haptic, now it's being recorded, and it's going to be summarized, red light on it, so I'm not like covertly recording anybody. I'm just keeping my notes. So when you're in a meeting, if you don't have your phone handy and you don't want to flip through, you know, your different apps to try to record something. The plot stores it all when I put it in the cradle at night to charge the battery and the battery lasts forever. It seems like I charge this thing every two weeks. And I use it constantly. It syncs everything and then it automatically runs it against an LLM, does the summary. It's one of the more brilliant products, and I'm addicted to it. I hear you got one for your mom. I did.”

    2026-04-14 · This Week in Startups · Bittensor's (alleged) $10M rug pull (feat. Mark Jeffrey) | E2275 · IDENTIFIED FROM THE TRANSCRIPT · source

  9. “We're off to the races here. So much interesting information. Hard to keep track of. And I've got my notepad here and I've got my favorite pen. This is my zebra G750. But as fast as we're talking, I'm not going to get it all down, right? I might write down two or three words. It's not going to be structured. I'm going to have to go back.”

    2026-04-14 · This Week in Startups · Bittensor's (alleged) $10M rug pull (feat. Mark Jeffrey) | E2275 · IDENTIFIED FROM THE TRANSCRIPT · source

  10. “Explain Uniswap. You mentioned that. I'm sure people in the audience are going, oh, that is real, Uniswap is kind of an automated market maker of some type where people can swap value, yeah?”

    2026-04-14 · This Week in Startups · Bittensor's (alleged) $10M rug pull (feat. Mark Jeffrey) | E2275 · IDENTIFIED FROM THE TRANSCRIPT · source

  11. “Very well established uses of crypto, of course, between Bitcoin and stablecoins, great to transfer money around and great to speculate and all that stuff. I care about the application layer and actually some value being created. And he said, yeah, let me tell you about this thing, BitTensor Tau and subnets. And I was like, that's legit. And then I watched the people getting involved in it and said, these are legit people as opposed to crypto mark, which I think you would agree. You had the early cyberpunks, crypto heads, and then it kind of got hijacked a bit along the way.”

    2026-04-14 · This Week in Startups · Bittensor's (alleged) $10M rug pull (feat. Mark Jeffrey) | E2275 · IDENTIFIED FROM THE TRANSCRIPT · source

  12. “Mark started telling me Lon about Bit Tenser and Tau because I was like, hey, what's going on? Because I think crypto's turning a corner here. It's becoming legal. It's becoming regulated in a very intelligent way. And I'm curious, is there anybody doing anything where a consumer or an enterprise gets value other than store of value and money transfer?”

    2026-04-14 · This Week in Startups · Bittensor's (alleged) $10M rug pull (feat. Mark Jeffrey) | E2275 · IDENTIFIED FROM THE TRANSCRIPT · source

  13. “All right, everybody, welcome back to Twist. It is Monday, April 13th, 2026 AO 77 something. There was a lot of handwringing in the Tau Bit Tensor community over the last week or so. And there's been a lot of progress made. So to break it all down with us, Lawn brought on my friend Mark Jeffrey, known for 30 years, who was an early OG in Bitcoin, created one of the first online virtual communities, the palace back in the 90s when many of you were not born and is one of the OGs of the Internet Online Space and also now crypto and Tao distributed computing. Welcome back to this weekend startups, Mark Jeffrey.”

    2026-04-14 · This Week in Startups · Bittensor's (alleged) $10M rug pull (feat. Mark Jeffrey) | E2275 · IDENTIFIED FROM THE TRANSCRIPT · source

  14. “This was all allegedly and a lot of ifs here. But if the trail is true, one might speculate that a large amount of money was at stake and it would be like somebody raising venture capital and saying, wow, there's millions of dollars in the bank. I should deposit in my personal account and shut the company down”

    2026-04-14 · This Week in Startups · Bittensor's (alleged) $10M rug pull (feat. Mark Jeffrey) | E2275 · IDENTIFIED FROM THE TRANSCRIPT · source

  15. “If somebody runs a subnet, they do get a little bit of power and they can do what's called a rug pull. If you have leadership and you have responsibility, you can mess with it”

    2026-04-14 · This Week in Startups · Bittensor's (alleged) $10M rug pull (feat. Mark Jeffrey) | E2275 · IDENTIFIED FROM THE TRANSCRIPT · source