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Ottawa Charity Ping Pong Announces to Accept Bitcoin Donations

By Forexminute - Deepak Tiwari | Bitcoin | Sep 17, 2014 9:50PM BST




In a press release, Ottawa Charity Ping Pong says that on October 3^rd this year, it will start accepting the digital currency from donors. Thus, it will become the first organization of its kind locally to accept Bitcoin donations. The release says that Resilient 21, a local Ottawa-based Bitcoin consulting firm, has set the corporation up using CAVIRTEX merchant solutions.
The announcement says that the charity organization is exploring the idea of accepting Bitcoin for food and drink. Being one of the most forward thinking non-profits in the Ottawa area, Ottawa Charity Ping Pong, the idea to go for the digital currency has not surprised many. Also, as Bitcoin is a natural fit in expanding their donation pool, it was a matter of time.
Nonetheless, as the organization has already started to receive Bitcoin donations via their website, Alastair Mitchell of Resilient 21 says that any charity of any significance will soon be accepting Bitcoin. According to Mitchell there are several benefits from Bitcoin and that is what makes it a popular payment method for donors.

Currently, Ottawa Charity Ping Pong benefits four local charities e.g. Youth Services Bureau; Operation Come Home; Do It For Daron; and Christie Lake Kids. The entire effort is being put by Mitchell who is spearheading the merchant acceptance of Bitcoin in Ottawa and says that “merchants who use it absolutely love it.”

The announcement says that at the charity event, which will be held on October 3rd, there will be a spot where Bitcoin can be donated in person. The donors may also donate Bitcoin online at the official website of the organization. Bitcoin which has received a lot of attention worldwide from the companies for various obvious reasons has also attracted charity organizations.

Bitcoin Brings Up Several Benefits for Charity Organizations

There are several benefits from accepting Bitcoin; for instance, it is quick, easy and less expensive than traditional payment methods. Also, as charities that operate mostly on a donation basis rely on this source of funding to operate, making every cent valuable and not paid in the processing fees.

For instance, CAVIRTEX takes .75% on transactions when converted immediately to dollars or 0% if kept in Bitcoin. Thus, the donors would in all probabilities prefer to pay in Bitcoin and according to Alastair Mitchell of Resilient 21 long-term, accepting Bitcoin is fantastic as it ensures that more dollars get to the people who need it.


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Tom Wolf Tells Chester School that Fracking will Finance Education

By Forexminute - Jonathan Millet | Fracking News | Sep 18, 2014 10:17PM BST




Pennsylvania Democratic gubernatorial aspirant Tom Wolf on Thursday paid a visit to the STEM Academy, which is located in Chester, to discuss with teachers and students about the quality and state of education in financially-constrained school districts.

Students requested Wolf to explain how he plans to assist the cash-strapped Chester-Upland School District once he is elected governor. He said that a 5 percent severance tax charged on Marcellus Shale will address this.

“Five percent (tax) would raise a billion dollars,” Wolf said, according to CBS News. “Some of that would go back to the localities, some of that would go to the Department of Environmental Protection, some of that would be used to build a bridge to a sustainable energy future. But hundreds of millions of dollars of that new money would go to support public education.”

Wolf said elected officials are obligated to avail all the required resources to ensure students develop academically.
On the other hand, Governor Tom Corbett was in Scranton, PA, to attend the burial of slain Pennsylvania state police corporal Bryon Dickson.

Elsewhere, nearly a dozen anti-fracking activists tried to make their opinion about fracking known to Gov. Andrew Cuomo in a big-money fundraiser that was also attended by local Democratic Party leaders on Wednesday. The event was organized by local developer Wayne LeChase.

However, the campaigners failed to get past the police and event stewards to access the $5,000-$20,000-a –ticket fundraiser as they weren’t on the guest list. The event was estimated to have grossed almost $20,000 for financing Cuomo’s re-election campaign in November.

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FX Industry News Mash-Up: BAML Resignations, SE’s New FX Futures and First Derivatives

By Forexminute - Yashu Gola | Forex Industry News | Sep 20, 2014 1:38AM BST




Bank of America Merrill Lynch has parted ways with Forex executives Sowen Ng and Doug Horlick as the foreign-exchange market continues to witness upheavals. Moreover, BAML is in the midst of trimming its Forex and investment banking business.

Doug Horlick, who was the Head of Forex Institutional Sales for the Americas, worked at BAML for five years. Previously, he headed FX hedge funds at Goldman Sachs prior to joining BAML and also held senior FX sales positions at Citi from 2004 to 2005.

Sowen Ng is the immediate Head of Asia-Pacific Forex Sales, based in Hong Kong. The decision by BAML to let go of the two is perplexing as the company is witnessing a recovery in Forex trading volumes, especially institutional volumes. It remains unclear whether this is the last layoff BAML has made, or whether it will still continue with its restructuring program.

Meanwhile, the Singapore Exchange added new Asian FX futures contracts on the Japanese yen, the Chinese yuan and the Thai baht as it seeks to expand its list of FX products. The new FX contracts will commence trading on October 20^th.
The decision also augurs well with a proposal by the G20 to promote derivatives trading on electronic platforms or exchanges.

In another report, First Derivatives entered into an agreement t sponsor the Asia Irish Business Forum and the Asian Gaelic Games once more this year as it seeks to boost its profile among the Irish diaspora living in Asia, most of whom tend to work in the financial markets industry. First Derivatives will be a Gold Sponsor for the 2014 Asian Gaelic Games that will start on Oct. 10^th in Kuala Lumpur.


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CoinAgenda to be Held on October 7 to 9 at the Palms Casino and Resort in Las Vegas

By Forexminute - Deepak Tiwari | Bitcoin | Sep 20, 2014 10:19PM BST




October month is going to witness exclusive Bitcoin event ‘CoinAgenda’ from 7^th to 9^th. The event is dedicated solely to Bitcoin and virtual currency investors. According to the organizers of the conference it is going to be held at the Palms Casino and Resort in Las Vegas. They claim that it is going to provide excellent exposure to investors and companies.
In a press release issued the organizers inform that the main CoinAgenda conference features two days of keynotes and specialized sessions on cryptocurrency investment, trading and hedging strategies, and allocation of virtual currency portfolios. They admit that approximately 40 speakers will present during the conference.
Further, throughout the conference there will be meals and cocktail parties, including a special dinner on the 8th at the former Mike Tyson mansion made famous in the film “The Hangover.” The organizers invite everyone whether they are a stock market, real estate or gold investor looking to diversify their portfolio with the historically high returns of cryptocurrency.

Even angel investors, who are looking for new startups in this hot new sector, are being invited by the organizers of the event which has been broken into two tracks. The main CoinAgenda conference features two days of keynotes and specialized sessions on cryptocurrency investment, including Bitcoins, altcoins and mining; trading and hedging strategies; and allocation of cryptocurrency portfolios.

Attractive Opportunities for Investors and Companies

The organizers claim that the conference will include meals and cocktail parties throughout the event, including a special dinner on Wednesday night at the former Mike Tyson mansion made famous in the movie, The Hangover. There will be a concurrent event by BitAngels that will focus on startups and early-stage investments, with 20 early stage startups presenting.

The second event is sort of social event for the 500-person global network, but does not include all of the investment sessions nor the same hospitality options. CoinAgenda attendees will have full access to both events. Michael Terpin, the founder of the event says that unlike some tradeshows where may feel like an afterthought, here participants are the center of attention.

He says that the four tiers of educational content i.e. informative, action-oriented workshops, not theoretical debates are all aimed at putting the attendee in the framework of making an investment in cryptocurrency with some sense of urgency. According to him each sponsor has their own standalone presentation as part of the program.

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Last week, with the USD remaining strong after the FOMC meeting, silver and gold slid. Let’s first start with silver, which is now opening this week at a 4-year low.

Silver Breaks Year-Long Consolidation

The weekly chart shows silver breaking the 2013-low of 18.20 and is starting this week below 18.00, around 17.75, a low not seen since August 2010. The weekly chart shows a long-term bearish market developing. Since the 49.78 high in 2011, silver price has been falling, consolidating in 2012 and falling again in 2013, until that 18.20 low in July. Then after a little more than a year of consolidation in 2014, silver is continuing the downtrend. The moving averages, the RSI, and the price action itself are all in very bearish conditions.

Silver (XAG/USD) Weekly Chart



When we look at the monthly chart, we can see that the next support is possibly around 16.00. If and when price approaches 15.00, we should start considering major support and expect another long period of consolidation.

Silver (XAG/USD) Monthly Chart



Gold Approaching the 2013-Low

Gold is in a similar predicament as silver. It has also been trending down since 2011, when it made a record high of 1920.74. It also consolidated since July 2013, when it made a low at 1180.20. In the weekly chart, we see that the moving averages, and the RSI are both showing bearish development. Price is just a step behind silver in that it is still above the consolidation since July 2013.

Gold (XAU/USD) Weekly Chart



For gold, a break below 1180 would continue the*downtrend since 2011, and open the next support area around 1040-1045. We should also anticipate at least some short-term consolidation around the 1100 psychologically sticky price level.

Gold (XAU/USD) Monthly Chart



We are in a general cycle of declining commodity prices. Other metals such as copper, palladium and platinum are all sliding, as well as other classes like oil, and dairy. A combination of rebound in commodity prices, and a pullback of USD-strength should be seen if we are going to shift our outlook for gold and silver from bearish to neutral.


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LinkedIn Corp (NYSE:LNKD) has been one of the best performing social media stocks in the last year and many analysts believe that the company would continue this outperformance over the next few years. The bullishness is based on the fact that investors believe that LinkedIn Corp (NYSE:LNKD) is the only social media stock which has any kind of value when it comes to business user community.

Many analysts believe that with more and more corporations using the companies’ website to hire new individuals, the stock has suddenly become a “must-buy” social media stock. Bears on the other hand, believe that the company would have to outperform quarter on quarter to be able to justify the current lofty valuations. Many believe that the recent listing of e-commerce giant Alibaba would have investors take a fresh view on a company like LinkedIn Corp (NYSE:LNKD).

On the daily charts, LinkedIn Corp (NYSE:LNKD), has been in a downtrend right from the time it hit an intraday high of $233 and currently has formed a support at $205. The stock has been in a momentous uptrend over the last year and currently trades above both of its major daily moving averages which is a hugely bullish sign. The momentum indicator for LinkedIn Corp (NYSE:LNKD) have given fresh sell signal and are indicative of the shift of momentum towards the sell side. The relative strength index for the stock is currently showing no signs of inherent strength which is a cause of concern for the bulls in the short term.

Actionable Insight:
Traders can buy LinkedIn Corp (NYSE:LNKD) at current levels with a strict stop loss below $205 with an intermediate target at $230

Short LinkedIn Corp (NYSE:LNKD) only if it closes below $205 with a stop loss at $212 for an intermediate target at $191.



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Bearish Trend Still Intact:
Gold has been bearish since the 1344 high in July. This week, gold price (XAU/USD) fell to about 1208 before consolidating. In*the 4H chart we can see this bullish correction attempt push to a new high on the week, to 1235, but we saw sellers push price back towards 1220 by the start of the 9/24 session.
In the 4H chart, we can see that price is still below the 200-, 100-, and 50-period simple moving averages (SMAs) and below a couple of falling speed lines. The 4H RSI has also been holding below 60 showing maintenance of the prevailing bearish momentum.

Gold (XAUUSD) 4H Chart 9/23


Negative Reversal:
Another interpretation from the RSI is a bullish divergence, which the market resolved by rallying in the previous session. Now that this bullish divergence is old *news, another RSI signal is provided – the negative reversal. According to RSI guru Andrew Cardwell,*if the RSI high is higher, but the corresponding price high is lower (given that the prevailing trend is bearish, and the the RSI is still in bearish territory (below 60, preferably below 50), then there might still be another bearish attempt. Therefore the 1208 low is now in danger of being broken, and price has at least the 1200 handle in sight.

Triangle Support:
When we look at the weekly chart, we can also see a bearish outlook. The moving averages are in bearish alignment, and price is below them. The RSI has tagged below 30 in 2013, and has held below 60 for the most part in 2014, showing maintenance of the bearish momentum in the 2011-2013 decline.

Gold (XAUUSD) Weekly Chart


We can see that price has consolidated in somewhat of a triangle pattern and gold is now threatening to test the triangle, 2013-2014 low around 1180.20.


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Bullish Week: USD/CAD is bullish this week after falling from 1.11 to 1.0886. At the beginning of the week, we saw a break above a falling trendline from the previous week, and price climbed above the 200-, 100-, and 50-hour simple moving averages (SMAs). The 1H RSI tagged 70 then held above 40 and climbed above 70 again, showing persistent development of the bullish momentum.

USD/CAD 1H chart 9/24


Breakout: During the latter 9/23 and part of 9/24 sessions, USD/CAD traded in a tight range between 1.1064 and 1.1087. As we begin the 9/24 US session, price pushed above this consolidation, and broke above the previous September high at 1.1098, making a new high on the month.

Bullish Trend: The daily chart shows even more reason to have a bullish outlook on USD/CAD. After price crossed above the 200-, 100-, and 50-day SMAs, it bounced off them as support. This is a bullish slingshot signal. The daily RSI has also held above 40 after tagging 70 showing maintenance of the bullish*momentum.

USD/CAD Daily Chart 9/24


Bullish Target: Now that price has cleared the 1.11 level, USD/CAD looks poised to test the 1.1278, 2014-high. If price breaks above 1.1280, the pair will be at a high not seen since July 2009. This could be a strong bullish signal for the medium and long-term, but in the short-term, we should expect some consolidation under 1.13 especially if the daily RSI is above 70, in overbought condition, and even more so if there is a bearish divergence between RSI and price.

Failure: The market will be bullish unless we get a sudden reversal that pushes price below 1.09, which would break below the 200- and 50-day SMAs and the rising trendline from July. If the RSI also falls below 40 then, we are likely in a major consolidation, and the 2014-high of 1.1278 should be safe for the year.


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Australia’s CoinJar Won’t Charge any Fees for Transactions

By Forexminute - Deepak Tiwari | Bitcoin News | Sep 24, 2014 11:26PM BST




CoinJar the Australian company that launched the trial of its regional-first card product last week says that customers won’t be charged any transaction fees for using Swipe. It says that they don’t need to pay activation fees. Also, there won’t be load fees, conversion rates (subject to CoinJar Fair Rate policy), no inactivity fees, etc.
In the announcement at the official website CoinJar says that it will be absorbing these costs because it wants the users to experience the power of Bitcoin and spend it freely. Customers can use their swipe to withdraw Australian dollars which has a $2 ATM fee at any rediATM; however, the non-rediATMs will have their own fees.

CoinJar informs that customers won’t need to pay withdrawal fees when they are using the card to withdraw at Coles and Woolworths. The swipe cards from the company will come with a product disclosure statement that goes into more detail about fees for loading and spending. IT says that customers may see fees outlined there as well.
The spokesperson for CoinJar says that the company is absorbing these costs to make this a better experience for customers who are buying the swipe card paying $29. The company however, says that it is waiving this fee for a limited time for CoinJar DNA members only. The card gives a lot of freedom for users to have control over their money.

DNA Program for Select Customers

Currently, CoinJar operates what it calls a ‘DNA program’, wherein customers identified as power users are granted beta-testing access to new features. In its announcement the company says it is planning to launch “a suite of new features” for testers and that it has about 40 customers participating in the program at present.

CoinJar makes it clear that users can top up their Swipe*in their CoinJar for which they simply need to choose how much AUD balance they want on their card and confirm; the rest of job is done by the company. Users can also set a minimum balance, so that it automatically tops up their card as they spend.

Appreciating the development CoinJar says that swipe is just the beginning and the team at the company working to make digital finance accessible to everyone through simple, secure and useful tools and products. It says that swipe is just one of the many ways the company is looking to empower its users to manage their wealth.


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Jon Matonis, ED & Founding Board Member of the Bitcoin Foundation to Participate in SIBOS

By Forexminute - Deepak Tiwari | Bitcoin | Sep 25, 2014 11:29PM BST




Jon Matonis, ED & Founding Board Member of the Bitcoin Foundation to Participate in SIBOS, an annual conference, exhibition and networking event organized by SWIFT for the financial industry. In his blog post at the official website of the Foundation he says that the event is an excellent forum for financial community.

SIBOS which started out as SWIFT’s international banking operations seminar, has grown into a premier business forum for the global financial community wherein participants debate and collaborate in the areas of payments, securities, cash management and trade, etc. The forum also provides excellent opportunity for Bitcoiners.

Writing in his blog Jon Matonis says that leading up to SIBOS, the largest and most influential forum for the financial community, the Bitcoin community has seen PayPal partner with BitPay, Coinbase and GoCoin to accept Bitcoin and Jack Dorsey of Square suggest that they may be adding Bitcoin as a form of payment.

He says that it can be coincidence or even smartly placed events; however, one inevitable question remains is will banks be next? Quoting his piece that he wrote November last year “Banks Squander Opportunity in Bitcoin” in American Banker, wherein he credited the banking sector for being early movers of innovation he says the banks have huge role in it.

There is Huge Potential for Banking Organizations Says Jon Matonis

Jon Matonis writes that bankers can provide a trusted safekeeping of assets and digital wallets, Bitcoin exchange services with national currencies, merchant payment processing services, and transaction escrow services, etc. amongst others. He believes that there is huge potential for banking organizations in Bitcoin and that must not be squandered.

He, however, says that in the absence of banking visionaries and cumbersome bureaucracy, more agile and innovative entrepreneurs and FinTech startups such as BitStamp, Xapo, Square, Coinbase, BTCChina, BitPay, OKCoin and GoCoin, etc. have started to fill the gaps in the Bitcoin ecosystem as the banking organization not taking the initiatives.

Writing about SIBOS he says that for the past 36 years, the forum has brought together decision makers and topic experts from financial institutions, market infrastructures, multinational corporations and technology partners to collaboratively shape the ever evolving financial landscape.

Evidently, SIBOS brings together some 7,000 decision makers, nearly 200 exhibitors, and plenty of networking events and considered ideal place to do business and collectively shape the future of the financial industry.


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