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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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301

Summary

Join William and I-man in this insightful episode of The Block Runner Podcast as they delve into the recent upheaval in the crypto markets. They explore how traditional financial influences and derivatives are affecting Bitcoin's price discovery, comparing the situation to a nuclear EMP that disrupts the system from within.

The hosts discuss the concept of non-arbitrary tokens (Nat) and the importance of Bitcoin as it faces its weak spots. They emphasize the need to re-establish foundational principles for ongoing industry security and growth, urging listeners to stay informed through their upcoming Discord call and other channels. Watch the full episode on YouTube: https://www.youtube.com/@TheBlockRunner

Subscribe to our newsletter at TheBlockRunner.com for more updates and insights. Hosts William and I-man provide expert analysis on market dynamics, the role of derivatives, and the future of crypto.

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300

Summary

Join William, I-man, and TJ as they celebrate an incredible milestone — 300 episodes of The Block Runner Podcast! In this special edition, they reflect on nearly seven years of discussions, the journey of their podcast, and the significance of reaching this landmark.

The episode dives into intense geopolitical developments, including internal conflicts in China and global power shifts, examining their implications for Bitcoin and the wider economy. The hosts also explore how advancements in AI and LLMs are revolutionizing automation and human productivity, stressing the importance of decentralized, permissionless networks in today's uncertain world. Tune in for insights on macro trends, digital resilience, and what the future holds for crypto enthusiasts.

Watch the full episode on YouTube: https://www.youtube.com/@TheBlockRunner

Subscribe to our newsletter at TheBlockRunner.com

Hosts: William and I-man

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299

Summary

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.

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298

Summary

AI isn’t just another tech cycle. It’s colliding with geopolitics, labor markets, crypto, and creator economies all at once.

In this episode of the Block Runner Podcast, we break down why the global landscape is shifting faster than most people realize. From delayed tariffs and geopolitical power struggles, to AI-driven job displacement, no-code engineering, and the rise of vibe coding, this conversation explores what actually matters beneath the noise.

We connect the dots between AI infrastructure, resource bottlenecks, robotics, and why this moment feels eerily similar to early crypto. Except this time, execution is possible. We also dig into where crypto still fits, how AI agents interact with crypto rails, and why new business models like creator capital markets are emerging.

To close it out, we run a live Doom deathmatch on Track to demonstrate peer-to-peer infrastructure in action, then share updates on NAT, community conviction, and why long-term alignment still wins.

If you’re trying to understand where AI, crypto, and creators intersect next, this episode is for you.

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297

Summary

We unpack how DMT, NAT, and AI-powered creation are converging into a new creator economy that looks fundamentally different from previous cycles. The conversation starts with a simple but critical idea: signal matters more than vibes, especially in markets driven by narratives.

As AI tools collapse the distance between ideas and execution, the definition of “building” is changing in real time. What once required teams, capital, and long timelines can now be prototyped, iterated, and shipped by small groups or even individuals. That shift has major implications for creators, platforms, and monetization models across crypto and beyond.

We explore DMT not as a buzzword, but as a production engine that enables creators to move faster, experiment more freely, and participate meaningfully in emerging markets. Along the way, we discuss community-driven building, vibe coding, and why some level of saturation is not a failure, but a necessary phase of discovery.

The episode closes by examining creator monetization through the lens of platforms like OnlyFans, not as a destination, but as an early signal of where creator capital markets are heading. The real opportunity lies in aligning incentives, lowering production costs, and building systems that reward contribution over hype.

This conversation isn’t about predicting the next trend. It’s about understanding what works before the market catches on.

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