Thanks for posting my vid , Lus ! <| sep |> Looks like this is the best explanation so far . Also see this post of mine in 2010 , which I think is pretty much exactly how Satoshi reasoned the future would play out , though I now believe it to be very wrong . The main misunderstandings which I and probably Satoshi had areNo one anticipated pool mining , so we considered all miners to be full nodes and almost all full nodes to be miners . I didn ' t anticipate ASICs , which cause too much mining centralization . SPV is weaker than I thought . In reality , without the vast majority of the economy running full nodes , miners have every incentive to collude to break the network ' s rules in their favor . The fee market doesn ' t actually work as I described and as Satoshi intended for economic reasons that take a few paragraphs to explain .