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Web3’s responsibility is to advance data privacy

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5 hours ago

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Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial.

In the United States, 92 per cent of individuals reported concern over their privacy while using the internet, highlighting how recent massive data breaches and narratives around Big Tech data monetization have eroded internet users’ trust. This has been especially heightened by the rise of opaque artificial intelligence systems and evolving sociopolitical landscapes.

Gaps in regulation

While the European Union’s General Data Protection Regulation in 2018 set a benchmark as the first comprehensive legal act aimed at enhancing internet users’ privacy rights, it is not without its shortcomings.

GDPR and subsequent regulatory frameworks have largely been ineffective at enforcing and holding Big Tech companies, particularly Google and Meta, accountable for collecting and selling user data. Claims surrounding potential GDPR violations have reportedly taken years, sometimes more than four, to be handled. The delays stem from complex procedures involving multiple agencies and countries handling complaints against specific companies, creating significant backlogs and weakening the act’s ability to enforce and uphold its mandate.  

In the United States, the absence of federal legislation on data protection has led numerous states to take matters into their own hands. The US’s patchwork regulatory reality may create more harm than good, as variations on specific matters create endless compliance complexities for businesses operating across numerous states.

Users then receive varying degrees of data protection based on their location at any given time. Furthermore, for small- and medium-sized businesses, developing individual compliance programs for individual state regulators heightens costs that limit their ability to compete with Big Tech and other large corporations.

Meanwhile, Big Tech has been throwing its weight around with intense lobbying efforts, claiming any sort of legislation with real teeth to it will undermine innovation. While this is a discussion worth having, companies whose business model is highly dependent on data-based ad revenue don’t want increased consumer data protections. 

Despite heightened awareness surrounding the value and vulnerability of personal data privacy, centralized entities, in the form of Big Tech conglomerates and governments, hold powerful sway over our user data. Regulatory protections are usually welcomed, but the lack of transparency between the intentions of Big Tech and governments won’t repair the distrust many have toward both.

Web3’s heightened role

This is precisely where web3’s decentralized infrastructure can bypass centralized entities, whose interests may not align with most users, to provide a higher standard of data protection. 

Blockchain—and web3 more broadly—have had countless iterations and use cases of its technology designed to try and build wealth through games, crypto schemes, or other avenues. However, many projects and developers are either missing or choosing to ignore the potential they have in protecting user data.

Thanks to blockchain’s inherent encryption technology and immutable ledger, some web3-based privacy projects are staking their claim as an alternative to the current web2 system that dominates online interactions to profit from ad revenue. One such example is tomi, a DAO-governed project that leverages web3’s data-preserving strengths to create a decentralized, privacy-focused “alternative internet.”

tomi’s modus operandi is to champion security, data privacy, and freedom of speech throughout its operations and product offering. This includes offering services that advance its mission in material ways—including a VPN, storage, and private messaging service for its users to safeguard their browsing and communications by leaning into web3’s capacity for data privacy. Since the project is governed by a community and works on a unified model to keep the familiarity and UX of web2, tomi’s focus lies in making decentralized technology as intuitive and accessible as possible.

The reality is that as much as regular users would like to take more steps to preserve their data privacy, they’re unlikely to take these measures if there’s any inconvenience involved. This simple fact creates an obstacle that many web3 infrastructure projects don’t feel comfortable trying to overcome.

So, what is the takeaway here? For one, web3 projects must take themselves more seriously as champions of data privacy and protection within a cratered regulatory landscape worldwide. By stepping in with alternatives for those who are concerned about both Big Tech and regulatory overreach, developers have a strong and compelling use case that won’t fizzle out during a market downturn. However, preserving privacy cannot come at the expense of UX, and this must remain at the forefront if projects ever want a significant user base to transition to web3.



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Bitcoin Magazine Pro

How to Develop a Data-Driven Bitcoin Investment Strategy

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3 months ago

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August 9, 2024

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After years of providing valuable content and insights into Bitcoin investing, I’ve spent countless hours analyzing data and reviewing charts to help you build a strong foundation for your Bitcoin investment strategy. In this article, I’ll walk you through my unique approach to managing my own Bitcoin (BTC) investments, focusing on a data-driven methodology that ensures unbiased decision-making. Whether you’re a seasoned investor or just starting out, these insights can help you navigate the often volatile Bitcoin market.

Watch the full video here to see the complete breakdown of my Bitcoin investment strategy.

Understanding Bitcoin Trajectory Catalysts

To begin with, it’s important to recognize the key factors that drive Bitcoin’s price movement, which I refer to as “Bitcoin Trajectory Catalysts” (BTCs). These catalysts fall into four main categories:

1. Macroeconomic Data: This forms the fundamental basis for predicting bullish or bearish trends in Bitcoin’s price. By tracking global liquidity cycles, such as the M2 Money Supply, you can anticipate how changes in the broader economy will influence Bitcoin.

2. Bitcoin Fundamentals: Key events and developments such as the Bitcoin halving, ETF launches, and legal frameworks significantly impact Bitcoin’s supply-demand dynamics. Understanding these fundamentals helps in gauging long-term price trends.

3. On-Chain Data: Metrics like Coin Days Destroyed and the one-year HODL wave provide insights into investor behavior and the overall health of the Bitcoin network. These indicators are particularly useful for understanding when to accumulate or sell BTC based on market sentiment.

4. Technical Analysis: Short-term market movements are best captured through technical analysis. Tools such as the golden ratio multiplier and the MVRV Z-score help identify overbought or oversold conditions, making them essential for timing trades.

The Power of Confluence in Investing

A critical aspect of my strategy is finding confluence among these different metrics. When multiple indicators from different categories align, they provide a stronger signal for making buy or sell decisions. For example, when macroeconomic data suggests a favorable environment for Bitcoin, and technical indicators confirm an uptrend, the probability of a successful trade increases significantly.

To streamline this process, I use the Bitcoin Magazine Pro API, which offers advanced analytics and alerts. This tool allows me to monitor the market efficiently without constantly watching the charts, enabling data-driven decisions that reduce the risk of emotional trading.

Scaling In and Out of Bitcoin Positions

One of the most challenging aspects of Bitcoin investing is deciding when to enter or exit the market. Rather than making all-or-nothing moves, I recommend scaling in and out of positions. For example, if technical indicators signal an overbought market, consider setting a trailing stop loss rather than selling your entire position immediately. This approach allows you to capture additional gains if the price continues to rise while protecting your profits.

Similarly, when accumulating Bitcoin during market downturns, set gradual buy levels to take advantage of potential price rebounds. This method increases the likelihood of buying near the market bottom and selling near the peak, optimizing your investment returns over time.

The Importance of Patience and Discipline

Investing in Bitcoin requires a disciplined approach. Patience is key, as the market can be volatile and unpredictable. By sticking to a well-defined, data-driven strategy, you can avoid the pitfalls of emotional decision-making and improve your chances of long-term success. Whether you trade frequently or prefer a more passive investment approach, it’s crucial to tailor your strategy to your individual goals and risk tolerance.

Conclusion

By incorporating a range of metrics into your Bitcoin investment strategy, you can gain a more comprehensive understanding of the market and make informed decisions. Remember, the goal is to create a strategy that works for you, whether that means focusing on macroeconomic data, on-chain metrics, or technical analysis.

For more in-depth content like this, subscribe to our YouTube channel where I regularly share analysis, insights, and strategies for Bitcoin investing. Don’t forget to turn on notifications so you never miss an update!

Additionally, if you’re serious about optimizing your Bitcoin investment strategy, visit BitcoinMagazinePro.com for access to over 150 live charts, personalized indicators, in-depth industry reports, and more. With a subscription, you can cut through the noise and make data-driven decisions with confidence.

Click the image to sign up now!

By following these strategies, you’ll be better equipped to navigate the complexities of Bitcoin investing with a well-rounded, data-driven approach. Remember, the key to success in this volatile market is not just knowledge but also the discipline to apply that knowledge consistently.

So, take the next step in your investing journey:

Invest wisely, stay informed, and let data drive your decisions. Thank you for reading, and here’s to your future success in the Bitcoin market!

Disclaimer: This is for informational purposes only and should not be considered financial advice. Always do your own research before making any investment decisions.



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Bitcoin

Holding Bitcoin Has Been Profitable for 98.5% of Its Existence, Data Shows

Published

4 months ago

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July 31, 2024

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According to Bitcoin Magazine Pro data, holding Bitcoin has been profitable for 98.5% of its existence. The data reveals that out of the last 5,096 days since Bitcoin trading began, holding BTC has been profitable for 5,020 days relative to the current price of ~$66,500 per BTC.

Since August 17, 2010, when Bitcoin was priced at just $0.07, its value has skyrocketed to around $66,500, representing an astounding increase of 94,999,900%. This consistent upward trajectory highlights Bitcoin’s sustained growth and increasing adoption over time.

The chart from Bitcoin Magazine Pro underscores the aggressive growth of Bitcoin’s adoption curve, driven by its limited supply of only 21 million BTC and ever increasing demand. This growth is a critical factor for investors to understand, as it demonstrates the potential long-term benefits of holding Bitcoin. However, it also emphasizes the importance of market cycle awareness, as buying during market cycle tops can lead to extended drawdowns, historically lasting 2-3 years.

Though, this data counters the mainstream narrative that Bitcoin can be too risky for investors to buy and hold long-term. Instead, it demonstrates the significant rewards of long-term investment in Bitcoin, showcasing its use case as a reliable store of value.

For those trying to calculate where the price of Bitcoin may trend towards in the future, this indicator shows how Bitcoin’s value has accelerated as it gains global traction. As adoption and interest continue to rise, the percentage of profitable days is expected to increase and potentially surpass 99% in the future.

For more detailed information, insights, and to sign up for a free trial to access Bitcoin Magazine Pro’s data and analytics, visit the official website here.



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