Also, now with the proposed gradual block size increase the more transactions happen, the larger the blocksize will be. I wonder how long this "be your own bank" can be sustainable before some other measures need to be introduced that wouldn’t require everyone to hold the full blockchain, just say the last X GB.
I agree. The mindset that tries to fill technology as it arrives should be resisted. We should be viewing this as a minimal resource system so that you don't necessarily need expensive 1st world infrastructure to participate.
My opinion is probably on the other extreme to those that think throwing TB of disk space is a non-issue but my sentiment is valid, I think. We should be trying to put our energies into making Bitcoin resource agnostic, as far as it can be, and have design goals around low footprint, low bandwidth with the aim of being able to run full nodes over
things like radio. The current mindset of a "huge blockchain is OK" is an anathema to a decentralized system pushing more and more control into infrastructure-rich people and societies and I would like to see a reversal of this.
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I get your point about the blockchain growing too large to easily work with but I also agree with the other guy who said sooner or later its going to be infeasible for Everyone to have the whole blockchain and I hope the lead developers are close to a solution so future users will have the option of storing a certain x amount of blockchain
The most recent 5 or 10GB etc would be fine imo or maybe 2 versions of the official client so power users can still run their own "bank" if they want to and a lite version similar to multibit that would enable secure use without the whole chain
At the moment I don't think it's a problem (42GB) but Bitcoin is growing exponentially and they're will have to be lite options for half of the world that don't have the latest cpu and terabytes of storage and a fibre optic Internet connection to get it all in a reasonable amount of time
The more Bitcoin takes off the more people will be looking at new solutions to the problem but there are solutions already and perhaps we are worrying about this too much at the moment since there is already a lot of alternative wallets to store your Bitcoin even today without needing the whole chain