Iraqi Dinar Scam
Posted in the Morristown Forum
#1 Nov 30, 2010
I have some friends that are investing every extra penny they have in Iraqi Dinar. I have talked to them till I'm blue in the face - this is a scam. They are constantly bragging how any day now the Dinar is going to RV (Revalued) and they will be millionaires. I've tried explaining to them that if this was true then the people that are selling the Dinar wouldn't be letting it go for a million dinar at 900 dollars, they would be hoarding it for themselves.
If any of you have been tempted to buy Iraqi Dinar, don't - it is a scam and this same scam has been going on since 2006. The only ones getting rich from it are the people that own the web sites that are selling the Dinars.
#2 Nov 30, 2010
This has been going on awhile, and you are partly right here. Where those who are selling the dinar are making money is that they are selling it for more than the value now. You claim those sellers should just hold on to the million Dinar if it were really true, but if they can sell 1M at the value of 2M, then turn around and by 2M, sell 1M for the price of 2M etc... etc... then they make more money in the long haul, plus a bunch now, too!
That is NOT to say that it won't be worth the money some day. During the Kuwaiti war, there were a lot of people who made money off the Kuwaiti Dinar, but that was an extreme case. Iraqi Dinar has held a value of 1-3USD in the past. The speculation is that as the Iraqi gov't strengthens, even if it gets 1-1 (1/3 the value against the dollar before the war) you've still made out like a bandit. Even if it takes 50 years to get there, where else will you ever see that kind of investment?
So, my advice would be that if you wanted to throw some expendable money at this speculative investment, don't buy Dinar from someone who is selling it to you for more than it's presently worth. Buy the correct amount based on current rates of exchange without the big commissions and mark-ups from these scammers. Expect to pay a little bit of a mark-up, that's how change places make money (exchange volume rather than speculation), but don't pay like twice what it is actually worth.
I hope I made sense...it's late and I'm tired...lol
#3 Nov 30, 2010
It is a scam you are right. What will be funny is when they revalue the Iraqi Dinar at a hundreth less than what it is now. Iraq intends (and this is public knowledge) to peg the Iraqi Dinar with the Euro and the oil bourse when it eventually gains value (probably in several decades). This means that the dinar they have right now is not worth the paper it is printed on and every penny they have spent on it will be gone. The current Dinar will be revalued at -10% devaluation like it was after the invasion. It will take many many years for the Dinar to be worth more than the dollar if ever at all. Tell them to read about hyper-inflation, repegging devaluation, and new money issue point control. They can start to wipe their butt with the Dinar they have now.
#4 Dec 1, 2010
Part right - you said that the Iraqi Dinar has held a value of 1-3 USD in the past. Not really, this value was a value that Saddam Hussein randomly placed on the Dinar and declared it to be so. However, no other countries honored this value he assigned, so ultimately it was worthless.
#5 Dec 1, 2010
Money Man, what you posted is exactly the info that I found out when I researched it. I was shocked to find the millions of Americans falling for this. While the buying of Dinar is occurring all over the U.S., Florida seems to be the state that has the most concentrated buyers.
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