So with as little as 1 Wave you could be mining all these other cryptos with 1 click setup... while you sleep no need to manage anything just sit back and collect fees.

Very right.

In fact, there isn't even a way to distinguish a legal from an illegal transaction if you receive two unconfirmed double spends.   And miners are just as well non-trustworthy players in the system as users are untrustworthy (and can emit double spends).  The whole idea of bitcoin was to oblige a group of cheating untrustworthy antagonists to come to a consensus, by using their mutual antagonism.  This is what was brilliant in this invention, and also why you cannot change it.

To the OP: there's no need for tin foil hats.   The fundamental problem with bitcoin and its block chain technology (like most alts BTW), is that there's no simple, fluid way for it to become a mainstream payment system.  That was pointed out to Satoshi very early in the discussion, and he waved that away, but the fact is that a system that needs everybody to know, in a cryptographically secured way, all transactions by everybody else, world-wide, before being able to accept a payment, is bound to be "computationally heavy" to say the least.

Satoshi's initial view on that problem was re-centralization: a few big data centres/centralized miners, which are the few big nodes in the network, no more P2P network, and those few data centres with those few big nodes (the "bitcoin facebook servers") are then connected to directly by all users.

In other words, those few data centres are then the "unique world bank".

He considered the P2P phase of enthusiasts (useful idiots) just a phase to get bitcoin accepted, but that would be fading away when network and mining competition would naturally lead to an oligarchy of miners/full nodes,  with blocks of about 1 GB.

So in a way, Satoshi realized that bitcoin was, finally, not going to get rid of centralized banking, only, those banks would now be the few full nodes/miners.  In a way, he admitted, without saying so, that bitcoin's invention was doomed not to succeed in what its outlined purpose was: a P2P "people's own money" system.  Nevertheless, he might have considered that those few data centres/miners/full nodes/world banks would at least be bound to something (even though they would have all the power needed to, for instance, increase the total amount of bitcoin, give themselves all the rewards they'd like, change the PoW or whatever.... if bitcoin were the unique world currency, people wouldn't have any recourse either).

So, Satoshi's long term vision of bitcoin was in any case a centralized banking/mining/node system, and not a P2P network.  I don't think that it is because he was paid by the Rothschilds, but simply because at a certain point he realized that his invention wasn't going to live up to the goal he set about: namely a peer-to-peer money for the people.  That was only sustainable on smaller scales, but not on world scale.

Is this the reason why he introduced the 1 MB limit, to keep bitcoin from becoming that horrible world bank unique money, and keep it small scale enough ?

That said, whatever is bitcoin, its basic idea is too heavy to become a light-weight P2P worldwide universal payment system.

When there is a valuable payment system that has some friction in "paying for coffee", then it is a NORMAL EVOLUTION that a banking layer is put on top of that, that fluidizes the underlying asset, with all that comes with it (fees, fractional banking, ....).  This is how normal banking got running on top of gold, which also had a fluidizing problem (security, weight, ....).  It was more practical to leave one's gold in the bank, and have paper substitutes, because the gold itself couldn't always be used easily.

In the same way as bitcoin cannot be used easily enough to pay coffee to anyone everywhere, a banking layer will naturally get on top of that.  LN is such a banking layer.

-->  banking is unavoidable in monetary affairs, until we invent something that is less clunky than bitcoin.

 

The company aspect of the project, Project Radium, will be working with BelaCam to eventually allow for BelaCam accounts to be secured and verified using Radium SmartChain accounts.