Rothschild-Linked Oil Tycoon Makes Waves in Bitcoin Mining Pool

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By CCN: A big shakeup at Argo Blockchain, the beleaguered bitcoin mining company that owns Argo Mining, has revealed that a Rothschild-linked London oil tycoon with a shadowy past just did the cannonball dive into the deep end of the crypto mining pool.

As if you needed any more evidence that bitcoin has found the bottom of its year-plus-long bear slump, with the foundations already laid for a massive bitcoin bull run in 2019!

bitcoin Mining Firm Fires Top Brass, Onboards Oil Barron

Frank Timiș, a 56-year-old Romanian-Australian businessman worth over $2 billion with deep interests in oil and gold mining, was revealed as a part owner of Argo Mining after a company shakeup that led to the ouster of two top Argo executives.

The company also announced a massive overhaul of its entire business plan earlier this year. Rising costs and the long crypto winter rendered Argo Blockchain’s previous cash flow model unprofitable.

With Frank Timiș – who now owns a controlling 14% stake in the bitcoin mining firm, at the helm – Argo has moved on from subletting hash rate and invested in its own mining rigs.

Institutional Adoption? Frank Timis Has Ties to Rothschild Bank

Frank Timiș has ties to Rothschild Bank. That’s about as institutional as it comes. | Source: Shutterstock

The financial establishment has been looking at cryptocurrency and the disruptive power it holds with eyes wide open for some time now. 2018 was a year of unprecedented institutional interest in bitcoin and other digital assets.

2019 is poised to be an even bigger year for institutional investment, as the powers that be scramble to disrupt themselves and their competitors before letting themselves be disrupted first. Major Silicon Valley and Wall Street forces are on the move.

Frank Timiș is an old oil and gold guy with economic interests that tie him firmly into the establishment. In the mid-90s, Timiș’ gold mining company, Gabriel Resources, even obtained a $3 million loan from the Rothschild Bank in the U.S. after striking gold in Australia.

Bitcoin is quite arguably an economic substitute for gold, and bitcoin’s unique relationship with electricity bolsters the renewable energy industry’s threat to the fossil fuel economy.

Can bitcoin Be Corrupted?

Even the banks might not be able to stop what Satoshi has wrought. | Source: Shutterstock

These titans of the 20th-century political and financial status quo will attempt to drink the entire sea because they still don’t fundamentally understand that bitcoin is a sea change in the world order. It will eventually swallow them instead.

Certainly, the threat of institutional adoption is real for those blind masses who would remain shackled by the surveillance and corruption of the financial establishment.

But bitcoin’s clever architecture will remain as incorruptible and universally accessible as ever despite the waves of institutional adoption.

It doesn’t matter how many other people use it or how they use it. Your bitcoin will always be in your control – as long as you hold the private keys.

Published at Sun, 21 Apr 2019 21:45:14 +0000

November 25, 2017

Malaysian Government to Introduce Regulatory Framework for Cryptocurrencies

After China and South Korea started cracking down on cryptocurrencies and altcoin exchanges, a new report states that the Malaysian government is preparing a regulatory framework for cryptocurrencies.

More Cryptocurrency Regulations

A few months ago, news emerged that the Chinese regulatory body imposed bans and regulations regarding cryptocurrency activities. The ban mainly focused on Initial Coin Offerings or ICOs, because regulators feared that some of them may have been fraudulent. Regulators demanded that the token sale operators refund their investors and immediately cease activities until further notice.

Shortly after the Chinese financial regulatory body banned ICOs, South Korea’s Financial Services Commission declared a country-wide ban on all ICOs and token sales. Some experts believe that the bans were appropriate so regulators can better understand the ICO market and its mechanism. The Chinese government regulators also warned certain bitcoin and cryptocurrencies exchanges to close down their operations until proper regulatory mechanisms are properly installed. Regulators do not only want to protect consumers but they also want to stop money laundering and terrorist financing operations with appropriate KYC/AML procedures.

Malaysia’s Regulatory Framework

Recently, an article by Reuters suggested that Malaysia is also planning to introduce its own regulatory framework for cryptocurrencies. Governor Muhammad Ibrahim stated in a financial summit that through the new regulatory framework, individuals that convert cryptocurrencies into fiat money will be declared “reporting institutions”. This would require financial institutions to properly audit each exchange from cryptocurrencies to fiat, in order to appropriately detect any illegal activities.

Ibrahim stated:

This is to prevent the abuse of the system for criminal and unlawful activities and ensuring the stability and integrity of the financial system,

He also added:

Any information that we have that is relevant to the security of our friends in the region, we will share. My expectation is that will be reciprocated,

Malaysian regulators fear that cryptocurrencies may be used to finance terrorism-related groups and its operations. There have been previous incidents were terroristic groups used bank transfers to finance their illegal activities.

What are your thoughts on Malaysia’s upcoming regulatory framework for cryptocurrencies? Do you think that cryptocurrency users may benefit and be protected by the framework? Let us know in the comments below!

Images courtesy of Pixabay, The Malaysian Reserve

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