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Bitcoin Is in a Normal Consolidation Market, says Bollinger Bands Inventor

The inventor of the famous Bollinger Bands indicator John Bollinger has suggested that the current Bitcoin price action depicts a normal consolidation market….

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Bitcoin (BTC) bulls have continuously tried to reach the $20,000 price, falling just shy of what could have been a new all-time high (ATH) price by getting to $19,832 at the end of November. BTC price has however fallen back to around the $18K level at press time, and a renowned investor seems to have predicted this price retracement.

Bitcoin stacks on stock candlestick patterns

Veteran trader and the inventor of the famous Bollinger Bands (BB) indicator John Bollinger had taken to Twitter to suggest that this price action depicts a normal consolidation market. He tweeted:

“We reached the current level for BTC/USD on November 18th and have consolidated to the point where the middle band has caught up with the price. Normal market action so far. Let’s see if support can hold here.”

Bitcoin has been in a consolidation state because its price rally came to a halt on Dec. 1 after failing to breach the ATH price of $20,000. As a result, it has been moving sideways, illustrating a sharp correction.

After the Bitcoin price hit a record-breaking level of $19,832 not seen in nearly three years, Bollinger warned of an imminent retracement. He cautioned:

“Time to pay attention to BTC/USD. That is a classic top setup. No confirmation yet, and the setup could easily be overrun, but wise traders should wash their glasses.”

The crypto market was on a rollercoaster ride in the month of November, based on the record highs witnessed and its following descent to the $16K level. In November, the number of active BTC addresses either sending or receiving BTC hit the third-highest level at nearly 19.6 million, making the on-chain transaction volume rise by 47%.

Furthermore, the monthly trading volumes across crypto exchanges surged to an all-time high of $348 billion in November, representing a 125 percent increase from $154 billion recorded in October.

Time will tell what Bitcoin has in store for the crypto market because it stole the show in November by being a stone throw away from the ATH price of $20,000.

Image source: Shutterstock

Source: https://blockchain.news/news/bitcoin-is-normal-consolidation-market-says-bollinger-bands-inventor

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ZDNET

Even computer experts think ending human oversight of AI is a very bad idea

The UK government is thinking of scrapping the right to ask for a human to review decisions made entirely by AI systems, but some experts are warning that it is not the right way to go.

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The right to a human review will become impractical and disproportionate in many cases as AI applications grow in the next few years, said a consultation from the UK government.

Image: iStock / Getty Images Plus

While the world’s largest economies are working on new laws to keep AI under control to avoid the technology creating unintended harms, the UK seems to be pushing for a rather different approach. The government has recently proposed to get rid of some of the rules that exist already to put breaks on the use of algorithms – and experts are now warning that this is a dangerous way to go.

In a consultation that was launched earlier this year, the Department for Digital, Culture, Media and Sport (DCMS) invited experts to submit their thoughts on some new proposals designed to reform the UK’s data protection regime.

Among those featured was a bid to remove a legal provision that currently enables citizens to challenge a decision that was made about them by an automated decision-making technology, and to request a human review of the decision.

SEE: Report finds startling disinterest in ethical, responsible use of AI among business leaders

The consultation determined that this rule will become impractical and disproportionate in many cases as AI applications grow in the next few years, and planning for the need to always maintain the capability to provide human review becomes unworkable.

But experts from the BCS, the UK’s chartered institute for IT, have warned against the proposed move to scrap the law.

“This rule is basically about attempting to create some kind of transparency and protection for the individuals in the decision making by fully automated processes that could have significant harms on someone,” Sam De Silva, partner at law firm, CMS and the chair of BCS’s law specialist group, tells ZDNet. “There needs to be some protection rather than rely on a complete black box.”

Behind the UK’s attempt to change the country’s data protection regulation lies a desire to break free from its previous obligation to commit to the EU’s General Data Protection Regulation (GDPR).

The “right to a human review”, in effect, constitutes the 22nd article of the EU’s GDPR, and as such has been duly incorporated into the UK’s own domestic GDPR, which until recently had to comply with the laws in place in the bloc.

Since the country left the EU, however, the government has been keen to highlight its newly found independence – and in particular, the UK’s ability to make its own rules when it comes to data protection.

“Outside of the EU, the UK can reshape its approach to regulation and seize opportunities with its new regulatory freedoms, helping to drive growth, innovation and competition across the country,” starts DCMS’s consultation on data protection.

Article 22 of the GDPR was deemed unsuitable for such future-proof regulation. The consultation recognizes that the safeguards provided under the law might be necessary in a select number of high-risk use cases – but the report concludes that as automated decision making is expected to grow across industries in the coming years, it is now necessary to assess whether the safeguard is needed.

A few months before the consultation was launched, a separate government taskforce came up with a similar recommendation, arguing that the requirements of article 22 are burdensome and costly, because they mean that organizations have to come up with an alternative manual process even when they are automating routine operations.

The taskforce recommended that article 22 be removed entirely from UK law, and DCMS confirmed in the consultation that the government is now considering this proposal.

According to De Silva, the motivation behind the move is economic. “The government’s argument is that they think article 22 could be stifling innovation,” says De Silva. “That appears to be their rationale for suggesting its removal.”

The consultation effectively puts forward the need to create data legislation that benefits businesses. DCMS pitched a “pro-growth” and “innovation-friendly” set of laws that will unlock more research and innovation, while easing the cost of compliance for businesses, and said that it expects new regulations to generate significant monetary benefits.

For De Silva, however, the risk of de-regulating the technology is too great. From recruitment to finance, automated decisions have the potential to impact citizens’ lives in very deep ways, and getting rid of protective laws too soon could come with dangerous consequences.

SEE: Programming languages: Python just took a big jump forward

That is not to say that the provisions laid out in the GDPR are enough. Some of the grievances that are described in DCMS’s consultation against article 22 are legitimate, says De Silva: for example, the law lacks certainty, stating that citizens have a right to request human review when the decision is solely based on automated processing, without specifying at which point it can be considered that a human was involved.

“I agree that it’s not entirely clear, and it’s not a really well drafted provision as it is,” says De Silva. “My view is that we do need to look at it further, but I don’t think scrapping it is the solution. Removing it is probably the least preferable option.”

If anything, says De Silva, the existing rules should be changed to go even further. Article 22 is only one clause within a wide-ranging regulation that focuses on personal data – when the topic could probably do with its own piece of legislation.

This lack of scope can also explain why the provision lacks clarity, and highlights the need for laws that are more substantial.

“Article 22 is in the GDPR, so it is only about dealing with personal data,” says De Silva. “If we want to make it wider than that, then we need to be looking at whether we regulate AI in general. That’s a bigger question.”

A question likely to be on UK regulators’ minds, too. The next few months will reveal what answers they might have found, if any.

The consultation determined that this rule will become impractical and disproportionate in many cases as AI applications grow in the next few years, and planning for the need to always maintain the capability to provide human review becomes unworkable.

Source: https://www.zdnet.com/article/even-computer-experts-think-ending-human-oversight-of-ai-is-a-very-bad-idea/

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The Briefing: Hailo Lands $136M Series C

Crunchbase News’ top picks of the news to stay current in the VC and startup world.

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Here’s what you need to know today in startup and venture news, updated by the Crunchbase News staff throughout the day to keep you in the know.

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Hailo lands $136M for AI chips

Tel Aviv-based Hailo, a startup developing AI accelerator chips for edge devices, announced that it raised $136 million in a Series C funding round led by Poalim and entrepreneur Gil Agmon. The round brings Hailo’s total funding to $224 million.

— Joanna Glasner

SupportLogic raises $50M Series B

San Jose -based SupportLogic closed a $50 million Series B funding round led by WestBridge Capital Partners and General Catalyst. Existing investors Sierra Ventures and Emergent Ventures also participated in the round.

SupportLogic’s AI-based platform allows businesses to act on customer communications in real-time in order to offer better customer service and support.

Founded in 2016, the company has raised approximately $62 million to date, according to Crunchbase data.

— Chris Metinko

SaaS

GitLab raises IPO range: San Francisco-based GitLab, a provider of development and collaboration tools for programmers, raised the proposed share price range for its upcoming IPO. The company now plans to raise around $700 million by offering 10.4 million shares at a price range of $66 to $69, up from the prior range of $55 to $60.

— Joanna Glasner

Illustration: Dom Guzman

Stay up to date with recent funding rounds, acquisitions, and more with the Crunchbase Daily.

— Joanna Glasner

Source: https://news.crunchbase.com/news/briefing-10-12-21/

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