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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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161

Summary

We spend some time in Msquared testing metaverse environment called The Construct to see for ourselves what the developers are testing out in there with MML. While we were inside that virtual world we got to witness a developer building and deploying his creations in real-time and configuring its size right in front of us. We then discuss the continued progress of the Bitmap ecosystem and predict what has to be developed next in order for the movement not to become another passing fad within the web3 space. We also discuss our next project that will contribute to fulfill some of the market needs within the Bitmap ecosystem. This new platform will be called Mscribed, the first Bitmap-focused Ordinal inscription platform designed for metaverse users on Bitcoin.

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160

Summary

We talk about the pitfalls of internet culture on society and how it distracts from finding true value. Information is much less reliable and trustworthy than it used to be and its becoming more difficult to process it through platforms like Twitter. What are the solutions to this dilemma and how is it impacting the human psyche? Also, SEC is continuing its aggression toward blockchain and cryptocurrencies, which is resulting in a mass exodus out of the U.S. Many giant organizations like a16z, Coinbase, Kraken, and others have already announced their plans to establish themselves abroad in reaction to these policies. What will this do to America’s status as a hub for innovation? Also, we dive deeper into Bitmap, the newest Ordinal standard being proposed to act as a foundation layer to the metaverse. This is a big deal because never has there been a standard for the metaverse and for it to all exist on the most secure and highest value blockchain in the universe, is a tremendous narrative.

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159

Summary

We discuss the metaverse progress and newfound interest after Apple unveils their new headset. The Vision Pro is one of the most powerful consumer electric devices ever created, and Apple has spent several years developing it. Why is big tech so focused on the metaverse when the pathway to its growth isn’t clear yet. We discuss and react to what was unveiled during WWDC. Also, how is the SEC suing Binance going to affect the web3 space? In our opinion, Binance has likely committed some of the violations they are accused of, but for the SEC to umbrella label so many projects as issuers of securities without establishing any new guidelines for crypto is over stepping. Also, Binance US is not a large institution in the grand scope of crypto, so if there are any actions to freeze volume there it will likely not impact the broader market.

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158

Summary

We break down our recent HUGE ANNOUNCEMENT where we discuss our project MetaZone raising 3 Million dollars in a seed round. This is very exciting for us as we’ve been building in the metaverse space for more than 3 years. All the hard work is paying off and we are now able to take our platform to the next stage to expand the application ecosystem of the 3D virtual realm. MetaZone is an app store where creators can upload 3D functional content that enables buyers to purchase the content as NFTs, and then deploy them directly onto land in the metaverse. Once deployed, users can interact with the content directly and experience the creations for all the beauty and utility they can offer. YouTube and crypto are our passions, but contributing to the metaverse with our project is one as well. We thank everyone who supports us and joins our community as we continue to develop and expand.

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157

Summary

We recap the interview we recently had with the co-founder of Bitensor, Jacob Steeves. The main profound statements from the interview include alignment theory between AI and humans through the use of cryptocurrencies. Also, the realization that a decentralized AI system will at one point scale to a massive network that corporate AI will have to participate. Also, we talk about how Sam Altman’s new initiatives with Helios and Worldcoin. Can providing humanity with a universal UBI of a crypto token be what is needed to align all people on earth toward a common goal of economic stability in the wake of human displacement as a result of AI. Are Sam Altman and Sam Bankman Freid alot alike in there views and does that impact the amount of trust society should have in Sam Altman after what happened to SBF? Also, what will it take to catalyze the metaverse in the same way ChatGPT has catalyzed the AI market to emerge, or how netscape onboarded millions of users to the internet? We try to identify what those events will look like for the metaverse.

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