Every $NAT video

74 videos on Bitcoin’s security budget. Each links to the original post. The interactive hub above needs JavaScript; this list does not.

Why the $1B Market Cap Matters · May 22
Why does the $1B Marketcap number matter for $NAT?
If Security Is Revenue · May 23
"If security is revenue, how do we add more revenue to the miners so that they maintain the security of the network as the subsidy continues to exponentially decay" @WilliamGomezJr $NAT ethereum:0x249130f5e2dd4cf278180c0df8273f3592ad1247
An Alternative to Fee Reliance · Jun 1
There is an alternative idea that runs in parallel to transaction fees and doesn't affect usability on bitcoin. $NAT is auto credited on each block to the same address that received the coinbase reward. Clip-BITCOIN RAILS #62 @isabelfoxenduke @neha
We Asked the Statue · Jun 10
Satoshi couldn't be reached for comment, so we asked the statue. $NAT
Verify It Yourself · Jun 13
Pick any block. Watch the $NAT appear. Don’t trust. Verify.
Breaking: 53% · Jun 16
-10.09% difficulty drop. What did that mean for $NAT pools and NAT issuance?
The Pool Dilemma · Jun 19
Collecting costs nothing. Mining unchanged. The only decision is when.
Security, Tokenized · Jun 23
Security was always the product. Now it has a price. Now it has a market.
Watch the 2140 Cliff · Jun 27
Watch the security budget hit the 2140 cliff — then turn $NAT on.
The Reverse Rainbow · Jun 28
The reward that actually pays for security is the exact mirror of Bitcoin’s most-cited chart.
Power Law, Added · Jun 28
Power law added to the explorable.
Marked His Own Homework Wrong · Aug 10
In 2017 he thought the fee market would be fine. James O’Beirne @jamesob, Bitcoin Core contributor, went back and checked that prediction against the chain — and marked his own homework wrong. The deadline he names is two halvings out.
No Other Cryptocurrency Survived This · Aug 11
“No other cryptocurrency has ever actually survived this transition.” Peter Todd @peterktodd, former Bitcoin Core developer, on fees carrying security alone. We think he is right about the problem. His answer is to print bitcoin forever — a door Bitcoin’s own panel closed.
Isn’t This Just Merged Mining? · Aug 13
No. $NAT is read from the bits in the block you already mined — no second chain, no node, no new consensus.
Everything Got Tokenized Except One Thing · Aug 12
Stocks. Gold. Real estate. Bonds. Carbon. Even Pokémon cards. All tokenized. And every one of them already had a price. $NAT tokenized the one thing that never did: Bitcoin's security.
The Marginal Miner · Aug 21
Free to receive. Sellable the instant it lands. For the miner one bad week from switching off, $NAT is a second reward that never halves.
Second Subsidy · Aug 24
The miner who wins a block gets 3.125 BTC, plus fees, and about 386M $NAT. No bridge. No sidechain. No second node. It lands on the same coinbase address that took the block reward — no claim, no signature. 55.0% of hashrate already adopts it Bitcoin’s security, tokenized
How Big It Has To Be (series trailer) · Sep 8
How big does Bitcoin's security budget have to be? Four researchers answered it years ago, in the same unit, three years apart. Nobody put the arithmetic in one place. Ten films, one chain, starting now. 85 second trailer
The Divergence · Jun 29
The market’s selling off. One token is doing the opposite. ~90% already paid out.
The 90-Second Tour · Jun 30
Don’t read a thread — take the guided tour.
New features (explorable) · Jul 2
Live BTC price, custom-price mode and more.
A Pool Goes Dark · Jul 3
SBI Crypto is shutting its Bitcoin mining pool on July 31.
The Fix Menu · Jul 7
Six fixes have been proposed for Bitcoin’s security budget. Only one doesn’t put Bitcoin itself at risk.
Share the security budget · Jul 9
How much Bitcoin security does $1 actually buy? The explorable now shows it.
The Fee-Reliance Trap · Jul 10
To replace the block subsidy with fees alone, fees would have to rise over 100×. At that price, nobody transacts.
Rhodium: The Physical $NAT · Jul 18
The most expensive mining byproduct on Earth is basically $NAT in metal form. Same supply mechanics.
No Off Switch · Jul 15
Minted every block by the miners. No issuer. No permission. No off switch.
One link, every weapon · Jul 20
Arguing the security budget and hunting for the right link every time? All in one place now.
Can fees secure Bitcoin? · Jul 11
The explorable has a new fee-market feature. Take the tour.
The BSI verdict · Jul 19
Bitcoin’s security always had a vital sign. This is the first monitor that reads it.
While You Were Arguing · Jul 21
While you argued about #BIP110 and inscriptions, miner revenue kept falling.
Adam Back vs NAT · Jul 23
What did Adam Back @adam3us get wrong when discussing $NAT? Twelve replies, four claims. Here is every one, quoted verbatim and answered on the merits. If the math is wrong, break it.
Now in Russian — the explorable, localized · Jul 24
The security-budget explorable now speaks Russian. Drag the subsidy to 2140, watch it hit zero.
How to share it · Jul 27
Take one minute to understand the weapons in the $NAT armory. Copy. Paste. The card makes the argument.
Fluke. Signal. Pattern. · Jul 25
What does adoption look like when nobody is paying for it? Five of Bitcoin’s biggest pools started minting.
The Tokenization Report · Jul 29
Larry Fink: we are at the beginning of the tokenization of all assets. He is right. Not the coins — the security.
The Concession · Jul 31
This clip is going around for good reason. @fgthiel states the problem but doesn't name any solutions The CEO of the largest public Bitcoin miner, asked whether fees would replace the halving: “Well, that isn't happening.” 37 seconds uncut, then analysis on what he leaves out
The Contract · Aug 2
“That’s the bill we were all sold.” Mike Casey @theblackmarble ran MARA’s Enduro platform. Asked on stage at Bitcoin 2026 why not just change the 21 million cap and add a tail emission, he shut the door twice: it isn’t the contract anyone signed up for, and it wouldn’t be enough
The Steelman · Aug 4
An Ethereum researcher @drakefjustin and the author of The Bullish Case for Bitcoin @real_vijay agreed on a number For fees alone to secure a $100T Bitcoin: $10,000 average transaction fee. Not at a peak. Not in a bull market. As the ordinary cost of using Bitcoin, every year
Nobody Knows Where The Line Is · Aug 5
“Is that too high? Is that too low? We actually don’t know.” Nic Carter @nic_carter, partner at Castle Island Ventures, at MIT in 2019: Bitcoin was spending around $2.3 billion a year to stay secure, and nobody in the room could say whether that was enough.
The Endgame · Aug 6
Part two. The same CEO, asked where mining ends up. Next to AI, bidding for the same power — and losing the bid every four years, because his revenue halves and theirs does not. Bitcoin's security becomes whatever is left over.
Crypto's Graveyard · Aug 7
Crypto lost $3.4B to hacks in 2025 — its worst year on record. Bitcoin metaprotocols: $0. Every drain is the same two wounds — a bridge to rob, or a chain cheap enough to 51%-attack. $NAT has neither: read out of Bitcoin itself, it turns security from a cost into income.
Miners Already Voted · Aug 8
What if securing Bitcoin was something you could hold? It's here, and the miners are already minting it. 53.2% of the network, block after block. The miners already voted. $NAT
Two Bitcoins · Aug 9
“You’ll get two bitcoins at the end of that anyway.” Nick Hansen @hash_bender runs @luxor. Change the 21M cap? The chain splits, and the market keeps the one that kept it. Paul Sztorc @Truthcoin: a tail emission wouldn’t have fixed it anyway. $NAT never needed that door open.
The Economic Limits · Aug 14
“The system is as secure as the amount of computing power maintaining it right now. This 10 minutes.” Eric Budish, an economist at @ChicagoBooth What Bitcoin pays miners has to stay large next to what an attack is worth. Yesterdays spend secures nothing today.
Its Own Weight Will Crush It · Aug 15
“Eventually its own weight will crush it.” Mike Casey @theblackmarble at Bitcoin 2026, on the last thing everyone believes: that fees will grow into the gap. A killer app arrives. It works. It gets popular — and prices itself out, because block space never increases.
Nothing You Can Do To The Code · Aug 16
What does every proposed fix to the security budget have in common? "There is nothing you can do to the code of Bitcoin that addresses this problem" @WilliamGomezJr $NAT edits nothing. A market that pays beside the code. No fork, no new consensus rule, nothing removed.
The Man Who Budgets For It · Aug 17
In his own forecasts,@jmellerud of predicts fee revenue staying fundamentally low, and budgets for it in the models his own mining business runs on. If that is the floor, something has to hold it. $NAT
The Mining Game Eats Itself · Aug 18
A 2016 paper asked what mining looks like once the block reward is gone. Its answer: deviating from the honest rule can pay better than following it. Arvind Narayanan @random_walker of Princeton, in 2018. The game stops rewarding honesty once fees are all that is left.
The Power Was Worth More · Aug 19
“A marginally economic business, which Bitcoin mining is today.” Said by a mining CEO, on a news set, while handing 26,000 machines to the lender. @GregBeardNYC on @CoinDesk, August 2022. He's focused on margins which is what results in security
The Freight Train · Aug 19
The CEO of Robinhood @vladtenev ranks tokenization as the biggest innovation in capital markets since the limit order book. His test for what to tokenize: something useful, with no way to trade it Bitcoin's security is the largest asset that has ever met that description $NAT
All Of It · Aug 20
@JihanWu has mined bitcoin since 2012 and co-founded the largest bitcoin mining rig company in the world. Asked on a Bloomberg stage how much of Bitdeer's two US gigawatts he would move to AI: all of it, within five years. He is not in trouble. Something else just pays more.
Fundamental Design Flaw · Aug 22
“99% of the revenue from mining... has been the coinbase reward. And that's going to go to zero.” Minutes later, same episode: “a design flaw of Bitcoin. Fundamental design flaw.” @PresidioPod @moneyball @maxawebster @dksf discussing the security budget issue
Nothing Else Like It · Aug 23
@PresidioPod were asked about $NAT on air. They guessed merge mining, or a “shitcoin pre-mine token”, then said: “If you want to point us where we can learn more, I'm happy to check it out.” Glad to... Here it is @moneyball @maxawebster @dksf
The Budget With An End Date · Aug 25
MIT Bitcoin Expo. The director of MIT's Digital Currency Initiative @neha puts the subsidy on a slide: halving every four years to zero, then a fee-only Bitcoin. Her conclusion: the argument for when Bitcoin is economically secure is missing.
A Better Mechanism · Aug 26
The bear case on Bitcoin- @MattCrosbyPro on @milkroaddaily doesn't talk price He says the incentive system now rests on fee revenue at its lowest since 2011, and calls its future “dubious” He asks for a better mechanism. How about the one the majority of miners adopted? $NAT
Ninety-Four To Six · Aug 27
Bob Burnett @boomer_btc runs a mining company. On @PrestonPysh's show he opened his own P&L: about 94% of miner revenue is subsidy, 6% is fees. "Crossover within five years. In fifteen, the subsidy is essentially irrelevant, for good."
Or The Subsidy Is Going To Be A Massive Problem · Aug 28
Every version of “the fee market will fix it” assumes the users show up. Nick Hansen @hash_bender of @luxor ranked the subsidy Bitcoin’s number two existential problem, behind quantum, and said the demand is not coming. Whatever pays for hashpower cannot wait on customers.
The Man Who Maintained It · Aug 29
“The security of the system is directly proportional to the fees that people want to pay.” Pieter Wuille @pwuille, co-author of SegWit and Taproot, maintained Bitcoin Core from 2011 to 2022. Asked what worries him, he names the dwindling subsidy.
A Different Protocol · Aug 30
Mining revenue over Bitcoin's market cap. @jamesmcavity put it at 1 to 1.5% in Oct 2023. It's ~0.8% now, and the next halving halves it again. Under 10 to 20bps, he told @TheMiningPod, “it's just a different system. It's a different protocol.”
Hashrate Is Not Security · Aug 31
“Hashrate is at an all-time high, Bitcoin has never been more secure” Here is someone taking that apart on a whiteboard in 2021, with no idea $NAT would ever exist Attack cost is what miners SPEND. Hashrate rises on cheaper hardware whether spending rises or not -@jordanmmck
The Wage and the Clock · Sep 1
Jihan Wu helped build the bitcoin mining industry. On a Bloomberg stage in Nov 2025 he put hashprice at the lowest point in history. Minutes earlier, asked how fast a mine becomes an AI data centre: One year He says returns are still high, but AI returns are higher @JihanWu
Hal counted days · Sep 2
Hal Finney, 2011: every day Bitcoin does not collapse raises the odds it succeeds. Fifteen years on, the thing that can still collapse is the subsidy. Every block that $NAT pays a second subsidy is a block where that problem has a solution in sight. The meter counts them, live.
Maybe A Little Bit Of Inflation · Sep 3
“There's lots of different options… it's just good to be open about the discussion and to not sort of cut it off.” That's a research analyst at a firm that sells bitcoin, on Bitcoin's security budget, 2023. Not a fix. A refusal to close the question. @whatbitcoindid @SDWouters
Leave It Ambiguous · Sep 4
Bitcoin was offered to follow Ethereum and Bitcoin said no. @ittayeyal proved a minority of the mining power is enough to attack, and published the remedy. Bitcoin preferred the threshold left ambiguous, and the protocol as it is. @TechnionLive 2017
Any Great Business · Sep 5
“Any great business: there is a problem, you bring the solution, and it's profitable.” Ian Heinisch @ianheinischmma applies it to Bitcoin on @TheBlockRunner The budget is the problem, $NAT is a solution
BSI benchmarks - below three of five · Sep 6
Bitcoin is below most of the published figures for what it should spend on securing itself, including @LynAldenContact's floor. They are not our numbers. We built the explorable for you to compare: move the halving, turn the fee dial, and see the analysts' figures yourself.
I Guess Not · Sep 7
One man sells Bitcoin mining machines. The other quit them. Both say the same thing about the halvings. Canaan's VP: “we don't think the monetary benefits will be a key driver after 2028. I hope I'm wrong.” @samirtabar, asked about the security budget: “I guess not.”
The Commodity · Sep 9
“My job is to produce block space. That is my product” — Bob Burnett (@boomer_btc), who mines it He says fees drifted from a historical norm of 0.335 bitcoin per block to essentially zero Not a complaint about ordinals. A producer reporting what happened to the price
The BSI on the homepage · Sep 10
Possibly the most important metric on the Bitcoin security budget, and almost nobody displays it. Bitcoin Security Index= annualized miner revenue / market cap Front and center on the homepage. 6,446 daily rows, the published benchmarks beside it, the 2028 step already drawn.
The Miners Ask · Sep 11
A Bitcoin mining show on $NAT this week: @CincoDoggos "NAT is related to Bitcoin mining and it is being subsidized on certain pools right now. It is worth talking about." Another miner: "If you got a NAT pool that you like, send it my way and I'll throw some hash right at it."
The Transition Phase · Sep 12
A mathematician ran the “miners won't attack, it isn't profitable” argument to its own edge. Decentralized is the stable answer only while one ratio holds. Past it, his own model predicts miners centralize. Micah Warren, University of Oregon. @BitcoinMagazine.
Why Wouldn’t I? · Sep 13
“If I was a miner, 100% I would be signing up to receive $NAT Why wouldn't I?” @MattCrosbyPro He ran the sizing himself and called the market cap it would need “fairly reasonable and achievable”. A small portion of Bitcoin, not a rival to it. Then he bought a bag.
Above Quantum · Sep 14
Asked to rank the biggest threats to Bitcoin, @MattCrosbyPro research director of @LookInto_BTC puts miner revenue first. Above quantum. Price has to double every four years just to hold miner revenue still. Even then security does not improve. By 2140, fees are all there is.

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