Do not leave your money in an investment account.

zaki12

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Quote from: Rockstarguy on January 20, 2023, 04:30:19 AM

This is an investment account known as stocks and securities limited in Jamaica, it is a centralized investment account. The mistake he did is putting all he has in this in this investment account, it would have been better if he had diversify this money into a decentralized investment or something more reliable.

I think it's not all the money, it's one of the investment accounts. Usain and others invest in Jamaican Investment Firms to appear credible. Usain and other wealthy Jamaicans are looking for normal financial gain.

I hope he gets his money back. Moreover, I read from the article from the OP, he has done many things for Jamaica such as the gold medal in the 2008 Beijing Olympics, London 2012 and Rio 2016. He still holds the 100 and 200 meters world record with a time of 9.58 seconds and 19.19 seconds, both scored at the 2009 world championships in Berlin.

Rockstarguy

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Quote from: mk4 on January 19, 2023, 10:09:12 PM

If you're not going to use an "investment account", then how will you invest in the first place? Take note that they didn't specify that they're talking about crypto here, but most probably public stocks. You just need to make sure that you're using a totally legitimate and reputable platform.

This is an investment account known as stocks and securities limited in Jamaica, it is a centralized investment account. The mistake he did is putting all he has in this in this investment account, it would have been better if he had diversify this money into a decentralized investment or something more reliable.

cryptoaddictchie

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Thats a sad news. But if the guy loss money in investment then thats normal cause its not gonna fall down in one day. Unless its a scam. Not indicated as well if the investment is on crypto. But since it got posted here, maybe everyone assume its on crypto again its served as fud on market too. Yrs there are scams on crypto but medias should be warned of being fud about this industry unless they are sure baout their content.

Charles-Tim

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Quote from: Rockstarguy on January 19, 2023, 03:47:47 PM

Don't trust online banks or any investment platforms, it can be hacked by scamers at anytime.

I do not think this is about investment platform, I believe Usain Bolt can not be very stupid to go for a kind investment that is not trustworthy enough and that can just go with his money like that. Know that wallet too can be hacked, even an hack can be an offline attack or online. Even 2FA wallet setup on noncustodial wallet can be hacked if not done properly, like by having the 2FA app on your online wallet device. I hope this would be investigated and the criminal would be known. There are many investment platforms that are not legit, it is what we can advice people against, but not related to this.

lovesmayfamilis

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Quote from: Plaguedeath on January 19, 2023, 11:17:38 PM

This is why financial and investment course are really important regardless how much the money you have, any economy class from poor, middle or upper need to understand this.

Rich people who doesn't have any financial and investment knowledge, sooner or later their money will gone since it's got beaten by luxury lifestyle and inflation. But poor people who have financial and investment knowledge, might able change their economy class to middle or upper depends on how much money they can make.

You just silently declared Bolt a dumbass because you don't think he fits the parameters of a financially educated person.
But seriously, we cannot be insured against everything. Account Manager is suspected of stealing money from Usain Bolt's account. How can we protect ourselves from such people who directly work for firms? How can firms be insured against such people? Usain trusted this firm for 10 years, and suddenly something went wrong. Let's hope that the culprit is punished and that all the money that was in Bolt's pension fund will be returned.

mk4

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Quote from: Plaguedeath on January 19, 2023, 11:17:38 PM

It's no problem to trust the stock platform since stock has an insurance, although it can't cover the whole your investment.

While in Bitcoin, there's no such insurance platform and we must use hardware wallet.

It's not just that you can trust most platforms or that there's insurance, it's more of the fact that you have no choice but to trust them. I mean, how will you own the public stocks anyway in the first place? There's no such thing as non-custodial public shares. Everything needs to be done on a centralized platform.

Plaguedeath

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This is why financial and investment course are really important regardless how much the money you have, any economy class from poor, middle or upper need to understand this.

Rich people who doesn't have any financial and investment knowledge, sooner or later their money will gone since it's got beaten by luxury lifestyle and inflation. But poor people who have financial and investment knowledge, might able change their economy class to middle or upper depends on how much money they can make.

Quote from: mk4 on January 19, 2023, 11:03:12 PM

When talking about stock investing, you have no choice but to trust platforms. On the other hand when talking about bitcoin/crypto investing, you can simply not trust centralized platforms and do things peer-to-peer — which is heavily recommended all the time here on Bitcointalk.

It's no problem to trust the stock platform since stock has an insurance, although it can't cover the whole your investment.

While in Bitcoin, there's no such insurance platform and we must use hardware wallet.

mk4

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Quote from: Woodrose on January 19, 2023, 10:37:41 PM

Anyway, I disagree with you OP that much. Yes, we should not trust the online platform about investments. But, how we are going to invest without risking our money in online platforms?

When talking about stock investing, you have no choice but to trust platforms. On the other hand when talking about bitcoin/crypto investing, you can simply not trust centralized platforms and do things peer-to-peer — which is heavily recommended all the time here on Bitcointalk.

Woodrose

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Quote from: Rockstarguy on January 19, 2023, 03:47:47 PM

-snip

12.4M dollars? That's massive!
I don't really get the point why people are investing with that kind amount of money without hesitation. He just left a couple of thousand dollars to his account. I think he will do his best to sue the team behind the said investment stocks.

Anyway, I disagree with you OP that much. Yes, we should not trust the online platform about investments. But, how we are going to invest without risking our money in online platforms? The best thing that I could say is that, we have to be vigilant for every single platforms that we are using. And investment is not 100% guaranteed, therefore putting all your eggs in one basket is totally a dam* idea.

mk4

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If you're not going to use an "investment account", then how will you invest in the first place? Take note that they didn't specify that they're talking about crypto here, but most probably public stocks. You just need to make sure that you're using a totally legitimate and reputable platform.

coupable

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Although it is unfortunate, it is even more unfortunate that investors are not yet aware of the dangers of using any centralized platform with large sums of money. Whatever guarantees are provided by this platform, the degree of risk cannot be overlooked.
This is not the first time that these incidents have occurred, and therefore any investor must be aware of the extent of the risk to which he exposes his savings.

masulum

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hmph..

so sad, but we are find similar case very often, many people should have understood this potential. scam or even hacked. No matter how good the service provider someone chooses, it is possible that it will turn out to be a scam. In my country there are also a case of people saving for Hajj, in large companies and this companies have won many awards already, but in the end they become scams, and this is not an online provider. If offline ones pose a threat, how about online? Anything related to money, be it offline or online, should always be careful with any financial services. just like in btc, not your keys, not your money. hopefully Bolt still able to get his money back

Rockstarguy

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Their are lots of investment platforms where people save and lock up their money, and they feel comfortable with it thinking that is the best place for them to keep their money. An investment account or online banking can get hacked and it will be gone forever, some people make mistakes by saving all their life earnings in an online bank and investment account.

Usain Bolt reportedly missing $12.7 million from investment account in Jamaica, this is his life earnings that has got missing from his investment account. It would have been better if this money was invested in bitcoin in a safe hardware wallet.

Don't trust online banks or any investment platforms, it can be hacked by scamers at anytime.

https://edition.cnn.com/2023/01/19/sport/usain-bolt-fraud-allegations-jamaica-spt-intl/index.html?utm_source=twCNNi&utm_medium=social&utm_content=2023-01-19T19%3A31%3A04&utm_term=link

Topic: Do not leave your money in an investment account. (Read 143 times)