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Michael Saylor says a ‘parade of horribles’ are hurting Bitcoin

MicroStrategy CEO Michael Saylor says there’s a whole list of aspects and practices that are hurting Bitcoin. Referring to these as a “parade of horribles” 

Bitcoin has plummeted more than 70% since hitting an all-time high of $69k in November 2021. Over the past seven days, the cryptocurrency’s value has dropped more than 30%, with BTC currently near $20,000 per coin. It traded at lows of $17,600 over the weekend. 

Saylor says Bitcoin would experience less volatility were it not for a number of negative factors within the crypto market. He made his remarks during a discussion with Northman Trader’s Sven Henrich.

Saylor’s “parade of horribles”

Saylor, one of Bitcoin’s most high-profile bulls, things contributing to the high volatility in BTC price and thus unattractiveness to most institutional investors include widespread wash trading and too many unregistered exchanges with questionable practices.

 “The crypto exchanges, offshore and onshore, are unregistered, unregulated and offer 20x leverage,” he said, adding that these exchanges do not have “mature Chinese walls” and thus they launch tokens, leak listing information and enable all sorts of practices that affect the market.

Then there is that blot of 19,000 unregistered securities whose trading is “cross collateralized with Bitcoin.

What you have is a $400 billion cloud of opaque, unregistered securities trading without full and fair disclosure, and they are all cross-collateralized with Bitcoin,”

What about “wildcard” crypto banks that are now collapsing? He says crypto funds are betting billions of customer deposits on suspect projects, with the resultant problems hitting the Bitcoin market. According to him, that’s what happened with some of the crypto projects currently facing liquidity problems and potential collapse.

To the public, Saylor offers a caution:

 “The general public shouldn’t be buying unregistered securities from wildcat bankers that may or may not be there next Thursday.” 

The post Michael Saylor says a ‘parade of horribles’ are hurting Bitcoin appeared first on CoinJournal.

CLN (c-lightning) vs LND blockchain synchronization

I’ve installed two major Lightning Network implementations, CLN (formerly c-lightning) and LND, with bitcoind testnet as backchain on the same server. On the first startup I noticed CLN synchronizes all blocks from the beginning of the blockchain: 2022-07-05T23:31:29.487Z DEBUG lightningd: Still waiting for initial block download 2022-07-05T23:31:29.593Z DEBUG lightningd: Adding block 1: 00000000b873e79784647a6c82962c70d228557d24a747ea4d1b8bbe878e1206 2022-07-05T23:31:29.647Z DEBUG::Listen

I’ve installed two major Lightning Network implementations, CLN (formerly c-lightning) and LND, with bitcoind testnet as backchain on the same server. On the first startup I noticed CLN synchronizes all blocks from the beginning of the blockchain:

2022-07-05T23:31:29.487Z DEBUG   lightningd: Still waiting for initial block download 2022-07-05T23:31:29.593Z DEBUG   lightningd: Adding block 1: 00000000b873e79784647a6c82962c70d228557d24a747ea4d1b8bbe878e1206 2022-07-05T23:31:29.647Z DEBUG   lightningd: Adding block 2: 000000006c02c8ea6e4ff69651f7fcde348fb9d557a06e6957b65552002a7820 2022-07-05T23:31:29.685Z DEBUG   lightningd: Adding block 3: 000000008b896e272758da5297bcd98fdc6d97c9b765ecec401e286dc1fdbe10 2022-07-05T23:31:29.732Z DEBUG   lightningd: Adding block 4: 000000008b5d0af9ffb1741e38b17b193bd12d7683401cecd2fd94f548b6e5dd 2022-07-05T23:31:29.752Z DEBUG   lightningd: Adding block 5: 00000000bc45ac875fbd34f43f7732789b6ec4e8b5974b4406664a75d43b21a1 2022-07-05T23:31:29.774Z DEBUG   lightningd: Adding block 6: 000000006633685edce4fa4d8f12d001781c6849837d1632c4e2dd6ff2090a7b 2022-07-05T23:31:29.792Z DEBUG   lightningd: Adding block 7: 00000000e29e3aa65f3d12440eac9081844c464aeba7c6e6121dfc8ac0c02ba6 

while LND only scans some recent blocks and looks for a "birthday block":

2022-07-05 23:21:55.757 [INF] LTND: Waiting for chain backend to finish sync, start_height=2284292 2022-07-05 23:21:56.613 [DBG] LNWL: Chain backend synced to tip! 2022-07-05 23:21:56.614 [DBG] LNWL: Locating suitable block for birthday 2022-07-03 15:15:05 -0300 -03 between blocks 0-2284292 2022-07-05 23:21:56.617 [DBG] LNWL: Checking candidate block: height=1142146, hash=00000000000bee59e6acdb88deee299fcce4c8603a04a60b022d70f256b4d880, timestamp=2017-06-18 16:00:52 -0300 -03 2022-07-05 23:21:56.619 [DBG] LNWL: Checking candidate block: height=1713219, hash=000000000000905bf5e522da9cc5d30a93728feb51f3409396193f120505e2ca, timestamp=2020-04-14 06:51:58 -0300 -03 2022-07-05 23:21:56.621 [DBG] LNWL: Checking candidate block: height=1998755, hash=00000000000009aa098093884b3f352bfc1efa24ec2af3d541e2fa2ba7e54d6b, timestamp=2021-06-02 19:57:47 -0300 -03 2022-07-05 23:21:56.623 [DBG] LNWL: Checking candidate block: height=2141523, hash=00000000849bdb7b93b3deb7182cb1ec3dc2e470d4359ac6fe67d19e5bd5f84e, timestamp=2022-02-14 17:16:49 -0300 -03 2022-07-05 23:21:56.625 [DBG] LNWL: Checking candidate block: height=2212907, hash=00000000000004e43dbee8c2f5ae622bb6a984183ef07a8341b1eec6ce331ce5, timestamp=2022-04-28 00:06:02 -0300 -03 2022-07-05 23:21:56.627 [DBG] LNWL: Checking candidate block: height=2248599, hash=00000000000009c8763aaa3757774b8c8611495dd2f190672d1c4084d40368d6, timestamp=2022-05-26 08:36:29 -0300 -03 2022-07-05 23:21:56.629 [DBG] LNWL: Checking candidate block: height=2266445, hash=00000000000022f256ef974c1467221afc19f6c087ffb147554191d128099438, timestamp=2022-06-16 10:46:47 -0300 -03 2022-07-05 23:21:56.631 [DBG] LNWL: Checking candidate block: height=2275368, hash=0000000000000069a27c710313fc5a764e8bab5fed550af837d0c8b1d6fdd558, timestamp=2022-06-16 14:23:46 -0300 -03 2022-07-05 23:21:56.633 [DBG] LNWL: Checking candidate block: height=2279830, hash=00000000000001d54cbb97ed368723e4ae7681f6c3d625d517b9dbe3a7d0678a, timestamp=2022-06-18 00:41:09 -0300 -03 2022-07-05 23:21:56.635 [DBG] LNWL: Checking candidate block: height=2282061, hash=00000000000000b1517a474a0c8e32a9bd452bd1117cc2a799195991d10c3306, timestamp=2022-06-23 13:04:59 -0300 -03 2022-07-05 23:21:56.637 [DBG] LNWL: Checking candidate block: height=2283176, hash=00000000000000498bf2dbab757cba69b77a8d31ea437b2a377aabdb08c0d3cc, timestamp=2022-06-28 19:37:39 -0300 -03 2022-07-05 23:21:56.639 [DBG] LNWL: Checking candidate block: height=2283734, hash=000000000000003a55f287f3243841f215572c092995ccf286d9d92398d21785, timestamp=2022-07-02 14:50:17 -0300 -03 2022-07-05 23:21:56.641 [DBG] LNWL: Checking candidate block: height=2284013, hash=000000000000004f39aada91825e5d6121e6d7bcda6be504a6f2c13dac133df9, timestamp=2022-07-04 05:13:13 -0300 -03 2022-07-05 23:21:56.643 [DBG] LNWL: Checking candidate block: height=2283873, hash=000000003c07419de729aa383f639e506e24dc5f7e947f80cfaf5d2e67837c43, timestamp=2022-07-03 08:31:57 -0300 -03 2022-07-05 23:21:56.645 [DBG] LNWL: Checking candidate block: height=2283943, hash=0000000000000017b3b716a4e380900fbf2e114d2536a6f5e71427e5b10a34f8, timestamp=2022-07-03 17:57:30 -0300 -03 2022-07-05 23:21:56.647 [DBG] LNWL: Checking candidate block: height=2283908, hash=000000000000004aef1f2fc4dc6973f7c9ac67e5f6c69e1df089f92c83e91324, timestamp=2022-07-03 13:34:25 -0300 -03 2022-07-05 23:21:56.647 [DBG] LNWL: Found birthday block: height=2283908, hash=000000000000004aef1f2fc4dc6973f7c9ac67e5f6c69e1df089f92c83e91324, timestamp=2022-07-03 13:34:25 -0300 -03 2022-07-05 23:21:56.656 [INF] LNWL: Started rescan from block 000000000000004aef1f2fc4dc6973f7c9ac67e5f6c69e1df089f92c83e91324 (height 2283908) for 0 addresses 2022-07-05 23:21:56.687 [INF] LNWL: Catching up block hashes to height 2283919, this might take a while 2022-07-05 23:21:56.693 [INF] LNWL: Done catching up block hashes 2022-07-05 23:21:56.693 [INF] LNWL: Rescanned through block 0000000000000005cdcf62d03147fc812f5b01b21a919bdbe38a3588cafdd5f8 (height 2283919) 2022-07-05 23:21:59.062 [INF] LNWL: Catching up block hashes to height 2284292, this might take a while 2022-07-05 23:21:59.063 [INF] LNWL: Done catching up block hashes 2022-07-05 23:21:59.063 [INF] LNWL: Finished rescan for 0 addresses (synced to block 00000000eb61cbd41eaaa4c3646418dd1acf75d30b04239385b19c51fef43cec, height 2284292) 2022-07-05 23:21:59.785 [INF] LTND: Chain backend is fully synced (end_height=2284292)! 

I don’t know what a birthday block is nor how LND uses it for synchronizing blocks, but this seems to give a huge advantage over CLN on first startup times. As of now, my CLN node has spent over 14 hours synchronizing while LND worked in a few seconds. Is there a good reason for CLN to sync everything? Does the LND method have drawbacks?

On a side note: I don’t understand why I should synchronize my Lightning node at all if I run a Bitcoin full node on the same server (why not just tell CLN/LND where the blocks are?).

Thanks in advance.

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Michael Saylor says a ‘parade of horribles’ are hurting Bitcoin

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