This episode of the Blockrunner Podcast breaks down one of the most revealing weeks we’ve seen at the intersection of crypto, AI, and creator monetization.
What began as a promising experiment in creator capital markets quickly turned into a live stress test for liquidity, incentives, and trust. We walk through the rise and collapse of the Ralph token, why it initially made sense, how it gained traction, and why it unraveled the moment the creator sold. The fallout wasn’t just about price action. It exposed deeper structural problems that most internet capital markets haven’t solved yet.
From there, the conversation expands into the accelerating timeline toward AGI, why looping AI systems and agent swarms change the nature of work, and what happens to human purpose when intelligence becomes abundant. We react to Davos conversations, including moments where Bitcoin is openly laughed at by legacy financial institutions, and explain why those reactions reveal more ignorance than confidence.
We then tackle the uncomfortable question most Bitcoin holders avoid: how the network remains secure long-term. Transaction fees alone are not a viable answer. We explore why Bitcoin’s security budget faces a real challenge over the next decade and why a second subsidy may be the only credible path forward without changing Bitcoin’s core protocol.
This episode ties everything together into a single thesis. Internet capital markets are early, powerful, and inevitable, but without proper incentive design and liquidity structure, they will continue to fail in dramatic fashion.
If you’re thinking seriously about AI, crypto, creator monetization, and Bitcoin’s future, this episode will challenge your assumptions.
Learn more about the second subsidy thesis at natgmi.com.
We explore the DMT space in its current state and ponder its market presence as a force to onboarding new interest to web3. We draw parallels from previous cycles when new ideas emerged from nothing to eventually become leading market niches that generated billions of dollars in market activity. For DMT to follow in those footsteps would require momentum to catch fire in a similar fashion which would encourage wide spread adoption. We discuss what the domino pieces may be and ponder the ideas behind expanding the scope and applications of DMT for metaverse native construction. We then finally reflect on the successful Royals blockout, the first UNAT to launch successfully on Mscribe using the new blockpad feature we have developed over the last couple of months.
Will and Iman discuss Roaring Kitty's return discussing the value of meme stocks and why a goal helps motivate and propel meme value capturing the attention of every day people. They discuss the components that make a meme successful and uncover the intricacies required for attention to spread. AI is another topic continuing to make progress that will impact everyone. Could it be the next technological wave that affects every business that exists? Predictions for the next market cycle is always a natural talking point as they rationalize what they think is going to happen next. Finally they discuss the importance of keeping up with the Youtube game with clickbait. Why sometimes its a necessary tactic to capture the most attention while at the same time bring value to the viewer in a responsible way.
As we prepare for the biggest UNAT launch on Mscribe, the rest of the Ordinals community is in Hong Kong preparing to party the night away. We ask the question, should we not be fading these kind of conferences and what actually happens at them? We then get into the L2 discussion brought up by Bitcoin Wizards team on Bankless Podcast. Sentiment around L2’s to Bitcoin seem to be rapidly declining, are they all scams afterall?! We then discuss the upcoming Royals mint and explain why this isn’t like a typical Ordinal collection.
We recap the events of the last week leading up to what was supposed to be the Redacted launch. After the testing results the Mscribe team felt the need to delay the launch another week to refine the Blockpad experience and address minting issues. We walk through the individual tests and talk about a major debacle we had to overcome. We then discuss the process of Blockpad minting and speculate on the future evolution of it.
Afterwards we reflect on the previous bear cycle and identify the similarities between then and now. Also, we discuss Bitmap and it’s stagnant state, emphasizing the need for more developers to step in to push the ecosystem forward.
Will and Iman discuss the current state of crypto markets and the mass delusional state backing the importance of meme culture and the dissolution of utility driven initiatives in web3. Ultimately are meme influencers and tokens hurting the crypto space as a whole? Or is this just a separate sector of importance that has no influence on the progression of web3 innovation and potentially will be used for good to drive more interest and participants toward projects with more substance.
We then discuss the importance of DMT and non-arbitrary tokens and how they can potentially influence market sentiment given wider adoption. In a market where inspirational innovations are largely lacking, can the idea of Bitcoin data utilization for token generation captivate the minds of the people similar to how early day NFTs did?