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While I don't think Bitcoin is practical for smaller micropayments right now, it will eventually be as storage and bandwidth costs continue to fall. If Bitcoin catches on on a big scale, it may already be the case by that time. Another way they can become more practical is if I implement client-only mode and the number of network nodes consolidates into a smaller number of professional server farms. Whatever size micropayments you need will eventually be practical. I think in 5 or 10 years, the bandwidth and storage will seem trivial.
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(emphasis added)While I don't think Bitcoin is practical for smaller micropayments right now, it will eventually be as storage and bandwidth costs continue to fall. If Bitcoin catches on on a big scale, it may already be the case by that time. Another way they can become more practical is if I implement client-only mode and the number of network nodes consolidates into a smaller number of professional server farms. Whatever size micropayments you need will eventually be practical. I think in 5 or 10 years, the bandwidth and storage will seem trivial.
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Quote from: satoshi
Long before the network gets anywhere near as large as that, it would be safe
for users to use Simplified Payment Verification (section
to check for
double spending, which only requires having the chain of block headers, or
about 12KB per day. Only people trying to create new coins would need to run
network nodes. At first, most users would run network nodes, but as the
network grows beyond a certain point, it would be left more and more to
specialists with server farms of specialized hardware.
http://www.mail-archive.com/cryptography%40metzdowd.com/msg09964.htmlfor users to use Simplified Payment Verification (section
to check for double spending, which only requires having the chain of block headers, or
about 12KB per day. Only people trying to create new coins would need to run
network nodes. At first, most users would run network nodes, but as the
network grows beyond a certain point, it would be left more and more to
specialists with server farms of specialized hardware.
(emphasis added)
I had used those quotes in 2013 to back my argument that Bitcoin was designed to be centralized.
And now that I have figured out the correct way to design crypto-currency so that it won't be centralized, it has become even more clear to me that Satoshi was not designing this for our benefit (unless he was planting the bad design as a Trojan horse on itself, perhaps because he was working for the DEEP STATE and knew that it was better he plant it a certain way than allow the DEEP STATE to realize a different design).
Just because Satoshi saw the inevitability of the centralization (and given we know the implication of centralization and out-of-band game theory w.r.t. vested interests) doesn't mean that we must accept that outcome. We have the technical ability to do pegged side chains and eloquently fork our way out of this mess I call BTCuttcon.