Can somebody explain this to me like I'm a 5 year old:
XT is supposed to make bitcoin futureproof, but how is it going to achieve that, when it can be spammed up to ~1.15gb / day, meaning that it'll take just 100 days for a determined attacker to increase the blockchain to +115gb, and around a year to take it up half a terabyte. Is this "futureproofing" or ensuring that the future of bitcoin is one where it dies out of bloat and where no-one wants to download it?
Increasing the fees within the 1mb limit is a far more acceptable strategy. If that means bitcoin not doing microtransactions (at least in the traditional / on-chain way), so be it. Gold coins weren't used for microtransactions either, they had silver and copper coins for that.
XT is supposed to make bitcoin futureproof, but how is it going to achieve that, when it can be spammed up to ~1.15gb / day, meaning that it'll take just 100 days for a determined attacker to increase the blockchain to +115gb, and around a year to take it up half a terabyte. Is this "futureproofing" or ensuring that the future of bitcoin is one where it dies out of bloat and where no-one wants to download it?
Increasing the fees within the 1mb limit is a far more acceptable strategy. If that means bitcoin not doing microtransactions (at least in the traditional / on-chain way), so be it. Gold coins weren't used for microtransactions either, they had silver and copper coins for that.
Good explanation.
Personally I'm still undecided.
Looking back at satoshis posts shows that he always expected the blockchain to get really big and for the vast majority of people to use 'client only mode'. Is this best path for Bitcoin? I'm not sure.