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April 24, 2026

Summary

In Episode 312 of The Block Runner Podcast, hosts William, I-man, and TJ unpack a wild week for $NAT: overnight listings on three centralized exchanges with zero fees paid, a god-candle to a $150M market cap, and a deeper, more rigorous walk-through of the Bitcoin security-budget math than the show has ever done on-air. They run the numbers through Michael Saylor's $441 trillion scenario, show why fees can't close the gap, and lay out the case for NAT as a supplementary second subsidy capable of delivering $2.1B/day to miners. The episode closes with a commitment: the next video from The Block Runner is NAT.fun going live.

Disclosure: William and I-man are founders of NAT.fun and hold NAT tokens. All analysis in this episode reflects their perspective as participants in the ecosystem.

Key topics:

  1. NAT token listed on MEXC, LBank, and CoinEx overnight — a fourth exchange followed the next day — with no listing fees paid, consistent with Constantinople-era organic exchange adoption
  2. The god-candle: NAT market cap to ~$150M in an instant, flipping ORDI; hosts normalize expectations to a new ~$40–$60M floor with extreme volatility still ahead
  3. Bankless on the Bitcoin security budget: Justin Drake's ultrasound-money framing, why "add tail issuance or move to proof-of-stake" is not a viable answer for Bitcoin
  4. The full math walkthrough: at $100T market cap in 30 years, Bitcoin delivers only $116K per block — roughly half of today's $243K — a ~0.00006% security-to-value ratio
  5. Running it through Michael Saylor's $441T scenario: five halvings out, Bitcoin still delivers only $2M/block and spends 0.0002% of its market cap on security — 100x below the U.S. 3.4% GDP-to-security benchmark
  6. Why "fees will cover it" doesn't math out: $10,781 per transaction, every block, every day, forever, to approximate a U.S.-equivalent security ratio on a $100T BTC
  7. NAT as a second subsidy: decoupled from Bitcoin's exponential decay, earned by miners alongside BTC, and still delivering in 2140 when subsidy hits zero
  8. The efficiency comparison: at a $15T NAT market cap paired with Saylor's $441T BTC, NAT delivers ~$285M/block — 100x more than BTC at the same point in time
  9. The on-air correction and the natgmi.com slider: at $1T NAT, miners receive $15M/block — 7x Bitcoin's current efficiency — or $2.1B/day
  10. Why the hosts can't be the messengers: the token-founder conflict and the need for a neutral Andreas-style explainer to carry the math to Bitcoin's mainstream
  11. NAT.fun preview and network-effect thesis: why the launch platform's success underwrites NAT's long-run demand, and why the hosts are going silent until it ships — the next video IS the launch

Do the math yourself. If you arrive somewhere different, bring it into the comments.

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251

Summary

We have a deep dive discussion with the founder of MOSS AI about the conceptual emergence of AGI and how this reality intersects with the web3 economy. Landon is building a crypto ecosystem focused on supporting the emergence of blockchain based AGI. The ecosystem has several layers of technical complexity as well as a multi token approach. Landon explains the purpose and utility for each token and how collectively they align all the facets of the ecosystem together to produce productive AI Agents with highly specified and tuned functional purpose. We break down what the ultimate goal is for the MOSS ecosystem and how AGI will impact humanity at scale. Since Landon has an extensive background in the metaverse space we put our minds together to theory-craft multiple scenarios where productive AGI framework like MOSS can help aid in the construction of a sustainable digital economy. We also get into the sustainability of the AI Agents themself since they have cost requirements similarly to how smart contract execution has cost requirements. All together the MOSS economy is designed to give Agents the possibility of producing valuable output in order to maintain their own sustainable pathways to continue their performance and to eventually partake in the digital and physical economy autonomously.

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250

Summary

We begin our discussion by detailing our experience over the last month of tussling with the injection of AI into all things relevant to our existence. Not just from what we have been building in context of the crypto space, but also our personal livelihood. We explain how we have built a core thesis around the metaverse over the last 5 years since we began development in Decentraland. Now with AI that core thesis is beginning to shift and our interpretation as to what needs to be built is changing dramatically as a result.

We showcase some examples of this while stumbling onto a metaverse builder in the newly deployed Bitmap Emporium world while on the podcast. As we watch this human builder concept a virtual casino on his parcel, we begin to imagine how an agentic economy will form synergies with what already exists. We then envision a reality where AI is producing content so rapidly and at such a low cost that it diminishes the value proposition of the content application layer itself, which we believed held the most value in context of the metaverse economy due to its difficulty to produce by human developers. We then to theory craft what can emerge to supplement this removal of value. Will it be a DMT based commodity layer that embeds intrinsic value into the digital economy of the metaverse that agents and humans can co-operate to harvest and extract?

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249

Summary

We discuss the rapid acceleration of AI technology with Bootoshi, founder of Cypher Genesis and the Bitcoin Boo’s. With Bootoshi’s expert understanding of the AI sector, we explore the depths of use cases for AI integration not only in the crypto sector, but for real world use as well. Bootoshi is leading a movement of AI enthusiasts who are dedicated to improving their personal abilities with AI in order to compete with the impending agentic economy. We discuss how best to leverage AI and assess the role of humanity in context of Agents displacing a lot of human need for economic contribution. 2025 being touted as the year for AI dominance it is important to find an optimal positioning and understanding of how the market will evolve in order to capitalize effectively.

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248

Summary

We have a fascinating conversation with the creator of @reality_spiral token $RSP, which is positioned to become a top-tier AI agent infrastructure component. Already, Reality Spiral developers have become the #2 contributors to the Eliza Github. We break down the motivations behind the open source community contributing towards Eliza’s expansion. Also, what components are remaining to build for Agents to have more autonomous controls over their actions?

We discuss the ethical ramifications of this and how the human-to-machine interface remains connected in light of the rapid acceleration toward self-sovereignty for AI.

We then discuss potential applications for AI swarm technologies in the context of the metaverse and how the concept of “Reality Spiraling” can be utilized for rapid iteration. We explain the non-arbitrary roots of Bitmap and theory craft in real-time with the assistance of AI a use case implementation for swarms building in the metaverse.

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247

Summary

With the release on OpenAI’s new o3 model coming in the next couple of months, already trial results are showing that these AI models are significantly more intelligent than 97% of humans on earth. With such rapid acceleration in AI reasoning many are saying in 2025 we will witness the first moments of AGI on display. We contemplate the implications of this and how the desire to unlock this path will navigate the web3 AI agent space. We then discuss some of the major pain points of the Bitcoin ecosystem and how we plan to address some of them with further developments that address the lack of viability problem. We break down some targeted improvements to the DMT protocol which will drastically improve the user experience for UNAT holders and creators. This is the last recorded podcast of 2024, we’d like to thank everyone who helped us push the DMT movement forward and is aligned in furthering the progress of NAT creation. It is likely the next boom in the Ordinals ecosystem will come from within the DMT community, as we harbor the tools to produce the most original creations within the entire Bitcoin ecosystem. We look forward to another year of experimentation and market discovery.

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