All content resides on the client, not the server. Otherwise it would be a streaming based game and them opening up a can of worms like there is no tomorrow, as most people's internet connections and bandwith restrictions can't handle streaming! They would have to clearly state in advertisements and on the disc, that content resides on the server and will be streamed to the client. As the game is currently only 22GB, compared to most 40GB other PS4 games, I was first suspecting this too. But I have monitored network traffic and Destiny hardly uses any bandwith at all. Just standard traffic compared to other online games. So definitely not streaming.