the Blockstream bounty still applies btw  

nothing you've said has changed my mind.  in fact, its all crystallized it for me.

allowing the exit of BTC from its secure blockchain via the SPVproof breaks the whole concept of the Sound Money function of Bitcoin in my book.  whereas ppl would have been forced to buy into BTC to participate in Bitcoin, now they will be able to buy all sorts of SC speculative assets which will be derivatives of BTC, whether they be on federated servers or decentralized SC's.  Bitcoin won't be Bitcoin anymore thus ppl should willingly do this as BTC really won't have the ability to appreciate anymore as it will no longer represent Sound Money.  in essence, i see these speculative SC's, which Blockstream will be creating for fees, to be inflationary.  their ledgers will be hidden and opaque and insecure as i doubt they will be mined as MM has a limited capacity.