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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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196

Summary

Hosts Iman and Will in the 196th episode of TBR 1 hr Podcast delve into the dynamics of human behavior in scenarios of resource abundance versus scarcity, questioning if our competitive nature will shift from resource to attention and problem-solving in abundance.

The conversation then pivots to a critical assessment of the Meta protocol DMT NAT standard's deployment, emphasizing the need for robust governance in the crypto space and exploring a token allocation system to democratize technical development and decision-making.

The duo discusses the problematic nature of IDOs, drawing parallels with the ICOs of the past, while recognizing recurring patterns in crypto market trends. They emphasize the need for due diligence, especially in the face of market manipulations and anonymous project promoters.

Iman and Will also reflect on historical analogies like the Manhattan Project to discuss the balance between concentrated vs communal efforts in the advancement and governance of technology.

The episode concludes with a look at upcoming developments like Nat, DMT experimentation, Mscribe and Metazone updates, and discussions on the market reliability of cryptographic projects like Trac and Satoshi VM amidst funding mechanisms and market waves.

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195

Summary

Iman and Will, navigate a myriad of topics at the intersection of technology and finance. They kick off the conversation by revisiting their diverse interview content, ranging from metaverse musings to deep dives into digital matter theory and the stalwart bitcoin. As they reflect on the initially polarizing and now widely embraced non-arbitrary aspects of bitcoin, they unravel how such innovations often overcome early resistance to revolutionize industries.

The episode takes a timely turn as Will shares his eager anticipation for the upcoming headset release, contemplating the far-reaching implications of cutting-edge technology on both our health and social fabrics. The duo dives into the pervasive influence of AI, predicting how self-driving cars will augment our relationship with tech and hypothesize the deep cultural shifts accompanying AR and VR technologies.

Iman and Will broaden the scope to examine the digital economy, discussing the impact and challenges of introducing token generation tools and hashing out the nuances of non-arbitrary vs. arbitrary tokens in the marketplace. With the debut of Non-Arbitrary Tokens on the horizon, they dissect market reactions, index system updates, and the volatile trading sphere these tokens navigate.

They touch on the compelling philosophy behind bitmap, the most significant NFT project to date, and implications for the metaverse—an environment where branding is as crucial as the technology that underpins it. They convey the magnitude of change over the last century, urging an embrace of transformation and adaptability.

Delving into the role of financial institutions in the burgeoning metaverse, Iman and Will critique skepticism towards technological advances. They conclude by addressing job trends, the discovery of patterns in blockchain technology, and the enthralling prospect of "block running" and how that could potentially become as ubiquitous as mining in the cryptocurrency space.

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194

Summary

Join hosts Iman and Will on the TBR 1 hr Podcast as they welcome Chan, the Chief Technology Officer of Alex Lab, for an insightful discussion on the intersection of Bitcoin and decentralized finance (DeFi). Key highlights of this episode include:

Discussion on the reliance and risks of off-chain indexing for DeFi applications and the role of Bitcoin Oracle in securing data integrity.

Alex Lab's groundbreaking approach as a DeFi platform for Bitcoin users, offering a seamless experience across its services by amalgamating bridges and AMM.

Insight into the game-changing Nakamoto release by the Stacks network, aiming to reduce block time significantly and improve the DeFi user experience on the Bitcoin blockchain.

Exploring the scalability challenges associated with processing off-chain data for BRC 20 tokens and the implementation of an "on demand data model" to enhance decentralization.

A nuanced debate on the trade-offs between security and convenience in the blockchain space, with observations on the Bitcoin ecosystem, including the risks and benefits of keeping assets on the more secure l1 layer.

Insights on the strategic development of business-focused DeFi solutions on Bitcoin, the advantages of its secure base, and the unexpected innovations like the BRC 20 token standard.

The episode wraps up with a forward-looking perspective on Bitcoin's continued influence and the strategic importance of early adoption in the blockchain sphere.

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193

Summary

Iman and Will, alongside guests from BasedPad and LAMBDA, discuss the intricacies of cryptocurrency project launches and token integration. The guests introduce the Basebad platform that rewards token holders and is testing a new solution for token offerings, and is going to start with Lambda. The panel addresses the important balance in tokenomics for sustainable growth and considers the regulatory challenges for global participation without KYC.

Basedpad advocates for the use of launch pads in the crypto space due to their value during bull markets and the advantages of offering more tokens. Basedpad reveals upcoming expansions for the based token, the potential of liquid staking, and airdrops.

The conversation moves to the technical aspects, with discussions on smart contracts flexibility through platforms like LAMBDA, the issues around airdrop implementations, and gas fees. Will and Iman further explore the development potential in blockchain, the pros and cons of layer two solutions. The episode wraps up with insights into blockchain scalability, liquidity access, and the anticipation for the new features that LAMBDA and other protocols may introduce to the crypto ecosystem.

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192

Summary

Topics:

  1. First up, who is Cryptachu and how did they get into the web3 space
  2. Next, the repercussions of Tornado Cash's shutdown
  3. Then, what is Ghosty Cash and how does it stand out in the web3 space
  4. and finally, what does Cryptachu think of the future of crypto
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