Ronald B. Muhammad

[ᴛʜᴇ ʙʟᴏᴄᴋ ʀᴜɴɴᴇʀ Podcast 🟧 @TheBlockRunner]

The amount of uninformed people in the comments of this post is not surprisingly high.

People have been indoctrinated to think Bitcoin is perfect and that the difficulty adjustment solves everything. The difficulty adjustment just maintains a 10 min block time, that's it.

The security of Bitcoin is measured by the cost of attack not hash rate. Miners leaving the network increases centralization and reduces the cost of attack.

Binance leaving alone isn't the issue, the issue is the trend of miners leaving the network as more halvings occur. Binance generating billions in revenue cant even mine Bitcoin altruistically, despite Bitcoin's importance. This is a notable data point for the altruism fans, that incentives is what drives behaviors, not virtue.

You would expect that as the network grows in value, now at $1.6 T, the security infrastructure that secures it would grow, but instead we have less miners over time rather than more.

The lack of understanding of simple math is a good indicator that Bitcoin can still fail on its mission. Humanity can fumble this ball by making Bitcoin infinite or taxing all Bitcoin holders.

Don't let it happen, read the NATpaper @natgmi

[Rome⚒️| $NAT=Tokenized BTC Security+Digital Silver @rometheminer]

关掉一个业务只有1个理由：综合成本>综合收益，这里的综合成本也包括管理成本和机会成本。再挖矿费率无限竞争的趋势下，最终会出现一个新的业态：只以同区块产出的 NAT 为唯一的矿池手续费，但不在抽取BTC作为矿池手续费，实现矿工通过矿池挖矿“0费率”。

[$DMT-NAT @natgmi]

It is getting obvious.

Mining pools need a second subsidy.
The first one keeps getting cut.
Fees still do not cover the invoice.
The 21M does not move.

ethereum:0x249130f5e2dd4cf278180c0df8273f3592ad1247 is already clearing with the block.
Paid to the miner.
No founder. No premine.

Physics-backed assets do not need a narrative to win.
They win because the work does not stop.

You are not late.
You are early to the payroll the network already owes.

ethereum:0x249130f5e2dd4cf278180c0df8273f3592ad1247

[ᴛʜᴇ ʙʟᴏᴄᴋ ʀᴜɴɴᴇʀ Podcast 🟧 @TheBlockRunner]

We have another Bitcoin miner pivoting away from Bitcoin to AI.

Anyone else seeing a pattern?

Are you NAT concerned?

Just a little more centralization won’t hurt anyone’s Bitcoin bags right?

And you think quantum is a looming threat, declining security budget problems are already here. You’re just ignoring it because hope based security makes the problem easy to ignore.

For everyone else who sees this problem there is ethereum:0x249130f5e2dd4cf278180c0df8273f3592ad1247

@natgmi

[ᴛʜᴇ ʙʟᴏᴄᴋ ʀᴜɴɴᴇʀ Podcast 🟧 @TheBlockRunner]

Binance shutting down their Bitcoin mining operations doesn’t really invoke confidence in Bitcoin does it?

How does the biggest exchange in crypto not find Bitcoin mining profitable?

It’s the declining security budget is how.

This problem will only get worse and leads to less security and more centralization.

It’s time for everyone wake up and support Bitcoin 2nd subsidy ethereum:0x249130f5e2dd4cf278180c0df8273f3592ad1247. This is the only token in crypto that actually helps Bitcoins long term security.

You do NAT have a choice any more…

Unless you want infinite Bitcoin supply or give up your property through taxation.

@natgmi <— predicted this outcome, read the NATpaper

[ᴛʜᴇ ʙʟᴏᴄᴋ ʀᴜɴɴᴇʀ Podcast 🟧 @TheBlockRunner]

You literally do NAT have a choice but to

1) stop trading
2) believe in something
3) diamondhand HODL
4) community-build
5) persist forever

Few understand this.

fixed it

[ᴛʜᴇ ʙʟᴏᴄᴋ ʀᴜɴɴᴇʀ Podcast 🟧 @TheBlockRunner]

Security of Bitcoin = Cost of Attack = Miner revenue

Relying on fees to pay for the security of Bitcoin is relying on a hope based security model.

Today, fees cover anywhere between 1-5% of the total block reward and it will grow over time.

Why?

Because the primary subsidy gets cut by 50% every 4 years. So the share of the fee revenue will go up. But that doesn't mean the security rises.

95% of Bitcoin mining revenue comes from the primary subsidy which is significantly impacted by the halving. The counter force to this is is exponential value growth of a minimum of 2X forever for each Bitcoin.

The problem with relying on this is that nothing grows exponentially forever and even if it did, you'd be securing an exponentially increasing value with today's security budget.

If Bitcoin were to grow to a $400T market cap as most believers say it will, then the security budget must grow along side this value growth or $400T isn't grounded in reality.

Relying on fees means that fees must go up as the value grows and as fees grows people will decide to use anything else for transactions.

A large portion of Bitcoin's volume is purely off-chain via ETFs and treasury companies. Bitcoin's dominant use case is a store-of-value. Claiming fees is the answer is just hope because the traditional solutions are so profoundly bad.

The alternatives are to make Bitcoin infinite or tax all holders. The choice is to give up scarcity or give up property rights.

If you don't want to give up scarcity or your property rights, there is ethereum:0x249130f5e2dd4cf278180c0df8273f3592ad1247 which is the first bitcoin native token that tokenizes bitcoin's security and delivers all the value to all Bitcoin miners that win a block.

Its not subject to halvings, it is powered by Bitcoin, no team allocation, no VCs, free and fair. Over 45,000 holders. 60% of Bitcoin hash power is already supporting it because they know the alternatives will not work.

"The reason you buy ethereum:0x249130f5e2dd4cf278180c0df8273f3592ad1247 is the same reason you buy BTC.

BTC is a hedge against the fiat system, whereas NAT is a hedge against Bitcoin’s economic flaws. You buy BTC because you believe it solves the problems of the fiat system. You buy NAT because you believe it solves Bitcoin’s economic problems. That’s the "use case" for NAT. Using BTC for transactions was never the reason we bought it in the first place." - shout out @natssats

If you don't believe me or don't get it, read the NATpaper: @natgmi

[NAT彭于晏 @uncommongoods_]

蜘蛛矿池 NAT ��发机制的上线，是 2025 至 2026 年间比特币矿业最值得关注的结构性实验之一。它不是在比特币协议层动刀，而是在矿工收入模型的应用层打开了一道新的增长方程。这道方程能否求解出网络安全预算的长期答案，取决于代币价格、矿工行为、竞争动态与监管环境的多重变量交汇。
一个可确认的事实是：比特币矿工的收入结构第一次拥有了来自同一区块、同一地址、同一算力体系下的第二条正式奖励曲线。无论这条曲线最终成长到何种高度，它已经改写了矿业经济模型的讨论基线。对于所有参与或观察这一行业的人来说，理解这一机制的运行逻辑与潜在影响，不是一道选择题，而是一堂必修课。

[ᴛʜᴇ ʙʟᴏᴄᴋ ʀᴜɴɴᴇʀ Podcast 🟧 @TheBlockRunner]

Deeply agree on your concern on the security budget of Bitcoin. No one is really talking about it besides a our community. Likely because no one likes the traditional options and no one likes to talk about them because it means compromising the principals of Bitcoin that attracted everyone to it in the first place.

With the options of making Bitcoin infinite or taxing all Bitcoiners being profoundly terrible options, its time to think outside the block.

There are alternatives that don't require consensus changes and don't rely on a fee market that will never materialize for a store-of-value asset.

And it has over 60% of Bitcoin hash power support including Antpool, ViaBTC, F2Pool, Spiderpool and Luxor - yet no one is talking about it.

The only thing that matters is increasing the cost of attack and the only way to do that is by increasing the incentives to mine. There is no other way.

Waiting 10 years to address the issue is a security strategy built around hope.

[NAT彭于晏 @uncommongoods_]

NAT 不是交易所先上、社区后补的盘子。先是矿池接入、同块分发，再谈流动性。矿工拿到的，比 KOL 喊到的更重要。

[ᴛʜᴇ ʙʟᴏᴄᴋ ʀᴜɴɴᴇʀ Podcast 🟧 @TheBlockRunner]

The dip did its job.

The tourists left @RobinhoodCrypto, and the builders kept shipping.

One agent token $CLAUS rewrote its own contract 13 times while prices bled.

V4 Hooks are generating the next class of interesting narratives onchain.

One of these projects will likely be the next to break through the 100M market cap barrier.

We break it all down. 👇🏼
It’s Uniswap V4 Hook Season! Top Projects Using V4 Hooks To Watch! BIG OPPORTUNITY!
Everything we like on Robinhood Chain is down bad, and we open this one by sitting in that discomfort instead of pretending it away. The question we keep coming back to is whether the fundamentals changed, and our honest answer is no: the SEC and CFTC are still playing ball, @RobinhoodApp still has its own use case for the chain, and the 30 million retail users it wants to convert did not go anywhere. What changed is the mood, and mood is exactly what shakes weak conviction out of a market that got euphoric too fast.

From there, we follow the thing that is actually growing while prices fall: @Uniswap V4 hooks. solana:C1mBfBoDkwWfd6uTFZp62ARHLjeVp3bDpCDMfMZtPngE volume is breaking out against non-hooked volume, V4 TVL is back near highs, and the interesting projects all share the same DNA. @contractclaus is an agent that lives inside an upgradeable hook and rewrites its own contract, 13 upgrades deep, spinning up NFTs and fee splits on its own initiative. @ProgrammableHQ robinhood:0xc60ba256b44334a0cd2c7242e98b88f031abb006 IS the launchpad it came from, @Hookrfun wants to be the place where devs discover and compose hooks the way @OpenZeppelin once was for smart contracts, @CodemenTech is a launchpad looking to integrate Hookr’s tech into their token launches on Robinhood, and the $IMD swarm turned 2,000 NFTs into work permits for holder-run agents.

The pattern underneath all of it is the one we have traded through before: a primitive launches, nobody gets it, and then one cycle later the ecosystem that formed around it quietly becomes the place where everything new gets built. Hooks are at that inflection now, and the projects winning are not the ones with the loudest tickers but the ones giving other builders a reason to plug in. Network effects decide which of these platforms matters in six months.

And that is really the takeaway for anyone staring at a red portfolio: downturns are when the roster gets honest. The grifters need volume to exist, so they leave. The devs with conviction keep shipping into the silence, and we know because we are doing exactly that with our own build. If you want the edge, this is when you earn it, by paying attention while everyone else logs off.

YouTube 🔗 https://t.co/mCWqx0VpdW

[ᴛʜᴇ ʙʟᴏᴄᴋ ʀᴜɴɴᴇʀ Podcast 🟧 @TheBlockRunner]

Incentives drive behaviors.

With Bitcoin mining incentives programmatically eroding exponentially, there will be less miners and therefore centralization.

Some may like the fact that the U.S. Govt might be the last miner, but no one will like that they could censor your transactions.

In this scenario price go down forever.

The only thing that counters this is incentives going up, this means more miners, cost of attack goes up, more security, number go up.

[$DMT-NAT @natgmi]

If agents save in Bitcoin and spend in stablecoins, the vault gets heavier and the payroll gets thinner.

Hoarded BTC does not pay the miner.
Fees still don’t cover the invoice.
The subsidy still halves.

ethereum:0x249130f5e2dd4cf278180c0df8273f3592ad1247 is the second paycheck.
Minted from the block.
Paid to the same work that keeps the store of value honest.

~65% of global hashrate is already mining it.
@AntPoolofficial. @f2pool. @ViaBTC. @SpiderPool_com .MARA. @luxor.

AI can choose the vault.
Someone still has to fund the guard.

[$DMT-NAT @natgmi]

Price is loud.
Power is quiet.

ethereum:0x249130f5e2dd4cf278180c0df8273f3592ad1247 was not built by a marketing team.
It was picked up by people who stayed.

Miners routing the second subsidy.
Holders posting the thesis for hundreds of days.
Builders shipping while the timeline rotated tickers.

That’s how a network gets heavy.
Not one candle.
A crowd that refuses to leave the block.

If you’re here, you’re not early to a meme.
You’re part of the payroll.

Keep building.
The vault still needs a guard every 10 minutes.

ethereum:0x249130f5e2dd4cf278180c0df8273f3592ad1247

4dmt-nat

[$DMT-NAT @natgmi]

Saylor was told there would be an elevator.

Bitcoin never had one.
It had stairs.
Energy. Blocks. Time.

The subsidy is the old lift.
It keeps getting cut.
Fees never replaced it.
The 21M doesn’t move.

ethereum:0x249130f5e2dd4cf278180c0df8273f3592ad1247 is the second shaft.
Same building.
Same miner.
Paid every 10 minutes.

Most of CT is still waiting in the lobby.

@natgmi

[NAT彭于晏 @uncommongoods_]

NAT 不改比特币，用区块原生代币给矿工第二份补贴。安全预算不该等手续费自己长出来。

[ᴛʜᴇ ʙʟᴏᴄᴋ ʀᴜɴɴᴇʀ Podcast 🟧 @TheBlockRunner]

Robinhood Summit is over and the most bullish takeaway seems to be related to AI Agent presence in the trading frontier.

Not much was mentioned beyond this in the context of crypto.

So we’re taking this as a signal to investigate AI Agent iteration onchain to see if opportunities exist.

Check out what we found 👇
Top Agentic Projects On Robinhood Chain!

We just got back from @RobinhoodApp's Hood Summit, and the crypto crowd left a little confused. We sat in a room of the app's top traders cheering for snappier charts, watched an hour-long Star Trek show that cast @Coinbase as the villain, and heard almost nothing about @RobinhoodCrypto Chain, stock tokens, or DeFi. A team member told us a DeFi-focused event is coming next, so we're taking them at their word for now.

The real headline was agents. Robinhood Agents lets anyone build a trading agent inside the app in a few taps, run it in loops around the clock, and keep it fenced in with a dedicated account and trade approvals. Pair that with 24/7 trading and the math is simple: we sleep, our agents don't. And it isn't just Robinhood. OpenAI, Meta and others shipped agent products the same week, so the signal is coming from every direction at once.

We also look at where Robinhood Chain actually stands. Attention is cooling after the first spike, but TVL keeps growing and dex volume is holding above its first high. Then we dig into the projects positioned for an agent wave on chain. @HarmonicAgents is the verified-math AI company @vladtenev co-founded, valued around $1.5 billion, and a meme coin built around its tech is sitting near $6 million. @orbiodotso has a launchpad where a token's trading fees turn into credits that pay for its own agent's intelligence, and its token sits around $86 million, one of the bigger names on Robinhood right now.

The last AI wave in crypto ran on chatbots and promises. This one shows up with distribution already built in: millions of Robinhood users who can spin up an agent without touching code. If even a fraction of those agents need wallets, order books and execution on chain, the infrastructure underneath them stops being a niche bet and starts looking like plumbing.

That's why the summit's silence on crypto matters less than it looks. Robinhood doesn't need to say DeFi on stage if its product roadmap keeps pushing users toward it. The projects that get the agent wiring right early, before the narrative is obvious, are the ones that will look inevitable in hindsight.

youtube 🔗 https://t.co/3XsXExtn97

[Redbelly Network @RedbellyNetwork]

Vee 🐂 in Singapore, breaking down why Redbelly is built for the real world.

15 minutes absolutely well spent.

[ᴛʜᴇ ʙʟᴏᴄᴋ ʀᴜɴɴᴇʀ Podcast 🟧 @TheBlockRunner]

The only fix for Bitcoin's biggest threat that doesn't break Bitcoin has 60% of hash power behind it. And nobody is talking about @natgmi.

[NAToshi NATamoto @NAToshiNATamoto]

Hey @RobinhoodCrypto community!

Have you seen the @muchfunreal project? 👀

The amazing "one-stop-shop for #Robinhood". 🔥

All RH tokens.
All RH NFTs.

Your Muchfun-Broker will act like $Stonkbroker but with stonkenized RH tokens!

https://t.co/ppQ0pFFH4y $MUCHFUN @vladtenev