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

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December 8, 2025

Summary

Bitcoin’s biggest risk isn’t the SEC, ETFs, or alt-L1s… It’s the shrinking security budget nobody wants to talk about. We break down why treating Bitcoin as “digital gold” creates the Empty Castle Effect: a multi-trillion dollar asset sitting on-chain with collapsing fees and a weakening incentive for miners to defend it long term.

We walk through the timeline of miner adoption of NAT (Non-Arbitrary Tokens) and why having ~60% of Bitcoin hash rate already touching NAT matters for security. From COVID and the failed “metaverse pivot,” to AI eating all jobs, to tiny homes and Ready Player One, we zoom out on how economic incentives are shifting and why Bitcoin’s fee market can’t be left to vibes and rainbow charts forever.

We also react to an AI-generated explainer built with NotebookLM, talk Jensen Huang, reusable rockets, and first-principles thinking, then deconstruct Michael Saylor’s latest “Bitcoin rocket” diagram and the pyramid accusations around it. Finally, we go deep on why “Bitcoin will just keep doubling” quietly violates basic physics, how that ties into the security budget problem, and where Digital Matter Theory (DMT) and NAT fit in as a potential answer.

If you care about Bitcoin’s long-term security, miner incentives, and what a post-halving world looks like when block rewards fade, this is the episode you shouldn’t skip.

216

Summary

$BAMK has become a top 5 Rune project and stands out among the rest of them simply due to the effort to do something interesting on Bitcoin outside of just memes. The problem BAMK is attempting to solve is the absence of a reliable stablecoin for users of the Bitcoin ecosystem to leverage. In other blockchains there are a variety of stable devices to choose from but none native to Bitcoin to keep all liquidity events onchain without the need of a centralized service. The stablecoin BAMK is introducing is called nUSD, which is derived from Ethena’s USDe, which is a synthetic dollar stablecoin on Ethereum. We ask Jack Liu how it all works and the magnitude of implications for the Bitcoin economy if it becomes widely adopted and standard for stablecoin issuance.

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215

Summary

We have a very insightful conversation with Jiurn, one of the leading experts and educators on all things Bitcoin and Ordinals. Through the last year and a half Jiurn has pieced together daily tweet threads to aggregate all of the latest developments within the space, as a result he has built a very large audience. Now Jiurn is turning his focus onto launching his own Ordinals contribution relating to the book publishing sector. Details of this project are reserved for a future recording. We then get deep into the discussions around preserving the “newness” of Ordinals and not diluting it’s impact with too many cloned copycat attempts. We agree with Jiurn here as we have actively worked to contribute an innovative approach to crafting digital artifacts under the Ordinals umbrella but through the utilization of DMT. We then discuss the merits of meme tokens and make projections on the market trajectory for Bitcoin and the crypto market as a whole for the coming years.

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214

Summary

We continue our conversations around the meme phenomena happening in the web3 space and elude to enough market indication toward it becoming a killer niche for the upcoming bull cycle. We then react to the current day political shift in American politics embracing crypto and making it a main narrative for the upcoming presidential election. This is in stark contrast to the U.S. positioning against the crypto markets over the last several years, but after candidate Trump made recent statements in support of the crypto industry the tone has turned completely. Is this the beginning stages of government adoption which will be the driving force to getting Bitcoin into the 7 figures rage? We discuss.

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213

Summary

We explore the DMT space in its current state and ponder its market presence as a force to onboarding new interest to web3. We draw parallels from previous cycles when new ideas emerged from nothing to eventually become leading market niches that generated billions of dollars in market activity. For DMT to follow in those footsteps would require momentum to catch fire in a similar fashion which would encourage wide spread adoption. We discuss what the domino pieces may be and ponder the ideas behind expanding the scope and applications of DMT for metaverse native construction. We then finally reflect on the successful Royals blockout, the first UNAT to launch successfully on Mscribe using the new blockpad feature we have developed over the last couple of months.

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212

Summary

Will and Iman discuss Roaring Kitty's return discussing the value of meme stocks and why a goal helps motivate and propel meme value capturing the attention of every day people. They discuss the components that make a meme successful and uncover the intricacies required for attention to spread. AI is another topic continuing to make progress that will impact everyone. Could it be the next technological wave that affects every business that exists? Predictions for the next market cycle is always a natural talking point as they rationalize what they think is going to happen next. Finally they discuss the importance of keeping up with the Youtube game with clickbait. Why sometimes its a necessary tactic to capture the most attention while at the same time bring value to the viewer in a responsible way.

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