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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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186

Summary

In this episode of TBR 1 hr Podcasts, hosts Iman and Will are joined by guest Danny Yang to delve into the world of Bitcoin and cryptocurrency. They discuss recent developments in the Ordinals ecosystem, including the increasing fees and potential issues with Bitcoin. Danny shares his background in Bitcoin and cryptocurrency ventures, highlighting his current company, Metagood. The conversation also touches on crypto art, the background in cryptography when getting into Bitcoin, early use cases, and the transition of crypto punks to on-chain art. The discussion further delves into the Ordinals protocol and its capabilities for securing digital assets on the Bitcoin blockchain. They touch on the importance of fees in supporting the security of Bitcoin and the push towards Layer 2 solutions. The conversation also goes into how On Chain Monkeys, Metagood’s flagship PFP project, plans to convert all of their Ethereum NFTs into Bitcoin Ordinals.

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185

Summary

Msquared is building critical technology to enable developers to build rich and robust metaverse experiences. Over the last several months they have showcased this tech in a variety of multiplayer demonstrations. This Halloween they created a maze experience where tens of thousands of players were competing to complete the challenge simultaneously, demonstrating the capabilities of their massive multiplayer technology. We participated and recorded our experience while discussing the applicability of this tech to the Bitmap ecosystem. Also, our review of the overall experience and thoughts on how it could be improved and reimagined to create an engaging experience for the non-gamer population of the world who seek to onboard onto the metaverse.

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184

Summary

In this episode of the TBR 1 hr Podcast, we dive into the world of crypto and art with special guest Bit God. Bit God shares his journey in the crypto space, from reselling sneakers to working at centralized and decentralized exchanges. We explore Bit God's transition to focusing on NFT marketplaces, including the discovery of Ordinals and the creation of a Twitter account for NFT collecting. We also discuss the exciting new release from Quadrillion called Perpetuals, a curated collection of established artists making their debut on Bitcoin. The artists' identities are revealed after the minting process to focus on the art itself. We explore the challenges of onboarding artists to Bitcoin, the importance of digital artifacts, and the potential of the metaverse for community building. The conversation delves into the complexities of token standards, the emergence of Pipe as a hybrid approach combining BRC 20 and Runes, and the need for consensus and direction in the community. We also touch on the potential use of pattern recognition in creating fungible or non-fungible tokens and the importance of developing proper infrastructure to support liquidity.

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183

Summary

In this episode of TBR 1 hr Podcasts, hosts Iman and Will delve into the fascinating world of the metaverse and its potential impact on our lives. They discuss the merging of virtual and physical realities, sharing personal experiences and insightful observations. From the allure of virtual environments to the emergence of new technologies and innovations, Iman and Will explore the possibilities of the metaverse. Join them as they navigate this immersive journey, uncovering the potential for connection and self-discovery in the metaverse.

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182

Summary

In this episode of the TBR 1 hr Podcasts, join us for an insightful discussion on Atomicals, the new mining craze that is revolutionizing the Bitcoin chain. We dive into the benefits of mineable tokens, the customization of transaction IDs, and the potential for developers to create exciting web3 products using Atomicals. Our guest, a seasoned blockchain expert, shares his vision for the future of token protocols and the significance of Atomicals in the evolution of digital identity systems. Atomicals has the potential to usher in a new era of efficiency improvements and programmable solutions for developers to build robust ecosystems on top of Bitcoin. Unlike many other projects promising to deliver on these same value adds, Atomicals has a working protocol that can be leveraged today.

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