Bitcoins going mainstream if the SEC were to authorise this?

The Winklevoss Twins Would Like To Help You Trade Bitcoins With Their Bitcoin ETF

Cogito ergo sum 

Bitcoins going mainstream if the SEC were to authorise this?

This should have a downward pushing effect on price, if similar ETFs for Gold and Silver are any reference.

The price currently is weakening, sub $84. Supposedly the current high hash rate miners keep continuously cashing out and LTC is getting stronger on the possibility of being listed on Mt.Gox very soon....

Pedro40 

This should have a downward pushing effect on price, if similar ETFs for Gold and Silver are any reference.

That poses an interesting question indeed. I wonder how traders and investors would actually respond to this ETF. Considering that: "Bitcoin is anonymous, untaxed (for now) and quite liquid in and of its own right despite all the complexities of a cryptocurrency. A bitcoin ETF is taxed, has fees, may or may not be liquid at all..." Source: Macro Man Blog

Mt. Gox Bitcoin exchange back in action

Quoting 

As promised, Mt. Gox has reenabled cash withdrawals after taking its system offline to iron out the kinks. The Bitcoin exchange says it's successfully processed over $1,000,000 worth of transactions during these past two weeks of testing, which has given it the confidence to resume business -- despite a backlog on some transactions. Mt. Gox is also announcing that it's signed more banking partnerships "in Japan and around the world," though no specific companies were named.

Mike

Wow, sub-$70 now, hit $65 today. The last 3-4 days have been constant rather slow but unstoppable sliding down. What is going on? The Winklewii are crying....

Possible explanation:

"The fall is from people mining with Asics and immediately cashing out.
If you were generating 20-30 coins a day with an Asic you'll cash out too. The problem is everyone is doing it at the same time."

If true, the miners' success is bitcoin's downfall....

Germany recognizes Bitcoin as a ?private money,? subject to capital gains tax | Ars Technica

Mike

Bitcoin [AUTOLINK]ATM[/AUTOLINK] Makers Open Pre-Orders & Fund Initial Run Of 15 Banknote-Eating Machines | TechCrunch

Mike

One of the most important moments in Bitcoin’s history came in May when Homeland Security seized an account tied to the biggest Bitcoin exchange. Now, we know how much the feds confiscated.

.... a new filing in Baltimore federal court (embedded below) shows the feds seized $2,915,507.40 held in an account controlled by Dwolla, a third-party payment platform similar to PayPal. The funds belonged to Mutum Sigillum LLC, a U.S. subsidiary of Tokyo-based Mt. Gox.

It’s unclear what will become of the funds. Neither the US Attorney’s Office in Maryland nor Mt. Gox immediately returned a request for comment.

US government seized $5 million from Bitcoin behemoth Mt. Gox | The Verge

Mike

After closing "Silk Road" where will this adventure head now?

GFIs1

source:
Bitcoin Prices Plunge on Bust of Online ?Black Market? - Bloomberg