Irrelevant what term was used - and as brilliant as Satoshi might have been at some things, he obviously got this one wrong.
Nobody threatened to start mining huge blocks given how relatively inexpensive it was to mine back then?
Guess what? SPV wallets are still not particularly widespread…and those that are out there are notoriously terrible at detecting network forks and making sure they are on the right one.
I understand that initially it was desirable that transactions be free…but surely even Satoshi understood this couldn’t be perpetually self-sustaining…and that the ability to bid for inclusion in blocks would eventually become a crucial component of the network. Or were fees just added for decoration?
We’re already more than six years into this. When were these mechanisms going to be developed and tested? After 10 years? 20? Perhaps after 1024 years?(https://github.com/bitcoin/bips/blob/master/bip-0042.mediawiki)
Right. Turns out the ledger structure is terrible for constructing the kinds of proofs that are most important to validators - i.e. whether an output exists, what its script and amounts are, whether it’s been spent, etc…
Yes, let’s wait until things are about to break before even beginning to address the issue…because we can “easily create” anything we haven’t invented yet at the last minute.
I’m one of the very few developers in this space that has actually tried *hard* to make your BIP37 work. Amongst the desktop wallets listed on bitcoin.org, there are only two that have always supported SPV (or at least I think MultiBit has always supported it, perhaps I’m wrong). One is MultiBit, the other one is mine. I give you credit for your work…perhaps you could be generous enough to extend me some credit too?