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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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191

Summary

Iman and Will on Episode 191 of TBR 1 hr Podcasts reflect on the year 2023 and the content pivot focusing on Ordinals and how it has led to an impressive track record of gem finding.

This episode is a tapestry of tech debates, reminiscences of mascot memes, and the duo's reliance on their instincts that nearly always steer them right. They shed light on emerging trends in the crypto space, such as Bitcoin ordinals and Bitmap's potential, while keeping an eye out for new developments in NFTs with Magic Eden's entrance.

Now that Bitmap is proven to be the most valuable web3 metaverse opportunity, how will development begin to deliver true fundamental value? Bitmap Operating System is an attempt at enabling a feature rich option for Bitmap owners to plug into.

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190

Summary

Topics: 

  1. First up, discussing an unreported vulnerability in cryptocurrency and the potential for a bitcoin fork driven by cultural influence and miners' choice
  2. Next, teasing our work with Nat and DMT and preparations in the Bitmap Arena
  3. Then, We’re excited to talk about the ongoing developments in data indexing on Bitcoin's blockchain
  4. and Finally, we will delve into the pending Jubilee update for ordinal clients that's set to end the beta phase.
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189

Summary

Join Iman and Will on this TBR 1 hr Podcast as they zoom in on the iconic Tesla Cybertruck. Dive deep into a conversation that covers everything from Cybertruck's showcase to its bold design and revolutionary features like the steel alloy body, bulletproof, and remarkable performance – including a race where it beats a Porsche 911!

It's not all about the Cybertruck; the hosts also navigate the dynamic Ordinal community's trials, from the strife stirred up by egos and financial motives to the scaling issues flagged by Trac developer Benny. They reflect on the fascinating social experiment that is the market's response and theorize about the future of cryptocurrency and its applications.

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188

Summary

Check out our thoughts on the aftermath of the Digital Matter Theory framework release. Will and Iman spend time breaking down the initial reactions and why Non-Arbitrary Tokens (NATs) create a new vector of value creation that anyone can leverage for their token generation. 

 

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187

Summary

In this episode of the TBR 1 hr Podcast, hosts Iman and Will delve into the world of cryptocurrency, specifically discussing niche digital tokens like pipe, BRC 20s, rune, STAMPS, Atomicals, tap, and of course Taproot Assets along with their interaction with emerging platforms such as Nostr. They discuss the unique principles of the DMT, as well as the speculation surrounding protocols such as Ethereum, Avalanche, and Solana.

The show's narrative explores the market dynamics of digital assets, their pattern recognition value, and the role of taproot assets in the Bitcoin core ecosystem. Discussing the BRC 20 space, the hosts also share predictions about the potential alignment of a specific standard to DMT principles.

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