The Block Runner Logo

PodcasT

The Block Runner is your final source for cryptocurrency technology, explanations and news.

Listen to our latest podcast

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.

Please like and subscribe on your favorite podcasting app!

Sign up for a free newsletter: www.theblockrunner.com

Follow us on:

Youtube: https://bit.ly/TBlkRnnrYouTube

Twitter: bit.ly/TBR-Twitter

Telegram: bit.ly/TBR-Telegram

Discord: bit.ly/TBR-Discord

$NAT Telegram: https://t.me/dmt_nat

181

Summary

In this episode of TBR 1 hr Podcasts, hosts Iman and Will are joined by guest Gansy as they delve into the world of rare sats. The speaker, with a background in banking and coin collection, shares their fascination with the introduction of Ordinals and how it has made bitcoin collectible on a new level. They discuss their experience in art collections and the importance of pattern recognition in the world of rare sats. They also explore the concept of non-arbitrary asset types and the potential for creating new tokens on Bitcoin's blockchain. The discussion touches on the challenges and opportunities in the NFT space and the future of rare sats as a game mechanic.

Listen to Podcast

180

Summary

In this episode of the TBR 1 hr Podcast, hosts Iman and Will are joined by guest Jeffrey to delve into a fascinating discussion about the metaverse, Bitcoin ordinals, and the future direction of these topics. They explore the similarities between building experiences in 3D and virtual realms, the challenges of creating something with stickiness, and the best ways for the community to collaborate in the metaverse. The conversation also touches on the concept of open source and interoperability in blockchain technology, the potential of Bitmaps in the future, and the importance of continuous improvement in development cycles. Listeners will gain insights into the Recursiverse company, its focus on building games, metaverse, game engines, tools, and marketplaces. Discover the benefits of open and closed metaverse ecosystems, modular development in game creation, and the importance of supporting creators with a royalty system.

Listen to Podcast

179

Summary

Hosts Iman and Will are joined by special guests Randy and Josh from Ordinals Wallet. They dive into the era of building for Bitcoin. The conversation explores the challenges posed by Ethereum fees and the need for alternative platforms. The speakers also address the future of Bitcoin, the importance of addressing its underlying system inefficiencies, and the potential of Ordinals to revolutionize the market. They share insights on their journey as entrepreneurs and highlight the value of customer-centric innovation. Also, the founders of Ordinals Wallet breakdown the timeline of events that ensued after the release of Runes proposal and how they intend to further development within the fungible token environment of Bitcoin.

Listen to Podcast

178

Summary

In this episode of TBR 1 hr Podcasts, we dive into the world of decentralized architecture in game development with a special focus on the Metaverse game called Life Beyond. Our guest, a seasoned game developer with 15 years of experience, shares insights on how developers need to treat users differently in a decentralized architecture and how a player-driven economy can thrive in this environment. We explore the potential for additional experiences, mods, and services in decentralized gaming and discuss the importance of asset ownership for players. Our guest also shares their journey in the gaming industry and their vision for creating ecosystems powered by a token. Along with the many challenges of building a web3 game in the nascent Bitcoin ecosystem and what infrastructure is being built to support the metaverse on bitcoin ecosystem. Finally, what is Ben’s opinion on Bitmap and how can game developers bring their tools to that ecosystem.

Listen to Podcast

177

Summary

In Podcast 177 of TBR 1 hr Podcasts, hosts Iman and Will engage in a fascinating discussion with guest Xinyi about the growing trend of inscribing artwork on top of rare SATS, a term related to Bitcoin. They explore the concept of recognizing patterns and applying art on top of these unique Bitcoin units, creating a sense of authenticity and value. The speaker discusses the increasing popularity of inscribing among artists, particularly in the NFT space, and the potential for expansion beyond rare SATS. They delve into the concept of digital Matter theory and the emergence of a highly secure and immutable data storage layer. The conversation also touches upon a the platform tools Sating.io provides for the discovery of rare sat ownership and the processes behind how to utilize them when generating new inscriptions.

Listen to Podcast