I took the time to get to the heart of the matter in as few and convincing points as possible for the benefit of people who may not have so much time on their hands.
Posts here:
Bhante’s translation:
First to understand what world here refers to:
World as Six Senses in Pāli Canon
“Mendicants, I will teach you the origination and disappearance of ‘the world’ [i.e. the being]. Please listen and pay close attention to what I shall say.”
“Yes, sir,” the mendicants replied.
The Buddha then said: “And how does the world originate? A sight-consciousness arises dependent on the sense of sight and sights. The coming together of the three is a sense impression. Dependent on sense impressions, there are sensations. Dependent on sensations, there is craving. Dependent on craving, there is fuel/taking up. Dependent on fuel/taking up, there is existence. Dependent on existence, there is birth. And dependent on birth, old age and death, and sorrow, grief, pain, sadness, and distress come to be. That is how the world originates.
A hearing-consciousness … A smell-consciousness … A taste-consciousness … A touch-consciousness … A mind-consciousness arises dependent on the mind and mental phenomena. The coming together of the three is a sense impression. Dependent on sense impressions, there are sensations. Dependent on sensations, there is craving. Dependent on craving, there is fuel/taking up. Dependent on fuel/taking up, existence. Dependent on existence, birth. And dependent on birth, old age and death, and sorrow, grief, pain, sadness, and distress come to be. That is how the world originates.
And how does the world disappear? A sight-consciousness arises dependent on the sense of sight and sights. The coming together of the three is a sense impression. Dependent on sense impressions, there are sensations. Dependent on sensations, there is craving. But if that craving totally fades away and ceases, fuel/taking up will cease. If fuel/taking up ceases, existence will cease. If existence ceases, birth will cease. And if birth ceases, old age and death, and sorrow, grief, pain, sadness, and distress, will cease. That is how this whole mass of suffering ceases.13 That is how the world disappears.
A hearing-consciousness … A smell-consciousness … A taste-consciousness … A touch-consciousness … A mind-consciousness arises dependent on the mind and mental phenomena. The coming together of the three is a sense impression. Dependent on sense impressions, there are sensations. Dependent on sensations, there is craving. But if that craving totally fades away and ceases, fuel/taking up will cease. If fuel/taking up ceases, existence will cease. If existence ceases, birth will cease. And if birth ceases, old age and death, and sorrow, grief, pain, sadness, and distress, will cease. That is how this whole mass of suffering ceases. That is how the world disappears.” (SN12.44, SN35.107)
World as Inner Six Sense Fields in Agamas
“What is the world? It’s the six inner sense fields. What are the six? The inner sense field of the eye … ear … nose … tongue … body … the inner sense field of the mind.
“What is the world’s formation? It’s craving, delight, and greed for a future existence. Those things are attached to its formation.
“What is the world’s cessation? There’s craving, delight, and greed for a future existence. The attachment of those things to its formation is stopped without remainder. Having been abandoned, rejected, and ended, then one is free of desire, and it ceases, stops, and disappears.
“What is the path to the world’s cessation? It’s the eightfold path, which is right view, right intention, right speech, right action, right livelihood, right method, right mindfulness, and right samādhi.” SA 233
When Buddha talks about origin & cessation of the world in Kaccānagotta Sutta, it would be prudent read in line with rest of the suttas, which link the world to six [inner] sense fields.
Atthi and Natthi:
The Pāli terms used in the sutta deserve a special mention. An example from the canon:
King Pasenadi once asked the Buddha whether gods will stay forever in their heaven or are reborn as humans again:
To translate atthi devā literally as ‘do gods exist?’ wouldn’t fit the context. The fact that the Buddha asks for clarification indicates that the question is ambiguous in Pali, but King Pasenadi’s clarification shows he already presumes the existence of gods. He is not asking whether gods exist in general. He uses the present tense with future connotations, asking, “Do gods continue to exist?” That is, “Do gods survive?”
Buddha’s descriptions of eternalism and annihilationism should not be understood as ‘the self exists’ and ‘the self does not exist’ but as ‘the self survives’ (atthi attā) and ‘the self does not survive’ (natthi attā). And these two are, in effect, the wrong notions of survival (atthitā) and nonsurvival (natthitā) of the Kaccānagotta Sutta.
We encounter near-identical statements in the Sabbāsava Sutta: atthi me attā and natthi me attā, which would translate as ‘my self will survive’ and ‘my self won’t survive’. The commentary explains:
Furthermore, āstika and nāstika are common terms in Indian philosophical debates:
Dasgupta's Summary of A & N
Jayāditya […] explains āstika as one who believes in the existence of the other world (paraloka ), nāstika as one who does not believe in its existence […]. But we have the definition of nāstika in Manu’s own words as one who controverts the Vedic doctrines. Thus the word nāstika means, firstly, those who do not believe in the existence of the other world or life after death, and, secondly, those who repudiate the Vedic doctrines. These two views, however, seem to be related to each other, for [to Brahmins] a refusal to believe in Vedic doctrines is equivalent to the denial of an after-life for the soul and also of the efficacy of the sacrifice. The nāstika view that there is no other life after the present one and that all consciousness ceases with death seems to be fairly well established in the Upaniṣadic period; and this view the Upaniṣads sought to refute.
The Right View in the Middle
So, before Buddhism, people generally thought in an ever-endless cycle of rebirth (atthi) or one-lifetime materialistic / annihilationist view (natthi).
Unlike āstikas, Buddhism believes the cycle of rebirth can end.
Unlike nāstikas, Buddhism believes that there is in fact a cycle of rebirth.
So both common designations of ancient India are incorrect to explain the Buddha-dhamma perspective: