puzhalsta

There's been a lot of RUMOR in the RUMOR section about Chase having a rate in their system. I wanted to take a quick moment to clear this up for everyone (as others have previously done). I've worked as Chase for several years. Every other day or so, I have one of my bankers check our forex system for a rate on the IQD. Since the beginning of the year, the IQD has not shown in our system as a currency we exchange. There isn't even an option to check on the IDQ. If it's listed, we can exchange it. If it's not listed, well... nothing is listed. No rate. No 'IQD'. Nothing. I saw something on another post about these banks releasing 'test rates' to check public demand. Ummm can you say I-L-L-E-G-A-L? For one, the only way for people to know a forex rate is to ask. They aren't advertised. There's no 'checking public demand' if the public has to already to know what to ask for. And two, banks can't advertise what they can't fulfill. If only 1person that I know, cashed in on that 'test rate', the bank would lose about 10 million dollars. That's just not going to happen. Rumor all we want, but the fact is that banks don't remain solvent by taking compromising risks. A couple weeks ago, there was a blip on certain smaller forex sites (xe and oanda kept pace). Everyone was scrambling to find a place to exchange their dinar. Did no one think to call Ali? Or that if this happened, that Adam wouldn't send out the million dollar email? Or to check the CBI site? Do you think that the CBI would publish any rate other than what is accurate? I'm gonna go ahead and say NO! Don't get me wrong, these pumpers are creative as all get out. The situations and stories they come up with are brilliant! But they sow false hope among an already anxious and agitated group of investors; many of whom have staked their hope and faith on an RV of any degree to get them out of financial ruin. Lets hold tight guys. IDK if this will ever go down, but I have learned so much and met so many great people. And for that, I'm thankful. Peace be with you all.

with regard to the tax provision on foreign accounts in the new HC bill: Understand that there's a marked difference between personal bank accounts and corporate bank accounts. foreign personal accounts must be declared. corporate accounts are not required to be declared. if your intent is a tax shelter, study up on foreign corps. if your intent is higher rates of interest, just declare your account and you'll be fine.

Only by the blood of tyrants and patriots...

The source is noted [another site]. The link can't be provided because it's an email. I'm not sure something like this would be reported on by the press. The US gov't supresses stories all of the time. Not sure why it would be any different with Iraq.

Thought we saw med say in a post the other day that RV would be mid-April. Anyone else?

Well... my apologies for that! I took a lot of heat for posting what was said. Was kinda shocked actually. Thank you for your kind words. I appreciate it.

5/3 has been verified that they currently sell and will exchange the IQD with certain restrictions and fees. Capital One is another verified participant. As far as Chase: I work there. The IQD is on the banned currency list. Has been since the beginning of the year. I called our foreign currency desk, and there are no current plans to ease that restriction. I imagine with an RV, Chase probably will remove this restriction, but that's just a guess. It wouldn't make sense that they would miss out on the revenue that will be generated by the IQD RV, if/when it happens.

Thanks for the post. Your sarcasm is dually noted. With regard to the WH guy... yeah. Crickets. Figures. At this point, I figure he's just getting his info from these forums and then telling us. It is what it is.

Well this is a little more reassuring. Thanks jlldrs!!

The money doesn't come from the Federal Reserve. All wire transfers pass through the Federal Reserve. There is an originating account and an end account. With the Fed in the middle. They monitor wires transfers for suspicious activity. My question is how is Ali, or any of these exchanges, are covering the actual exchange? Do they have that capital to move? Someone has to have the money in order to exchange my Dinar. And since these folks don't manage branches of the CBI or any inter-country banks, they have to have the money in their possession before they're able to transfer the money to me at the exchange.

How do you figure?

I can understand that, but everyone invested based on guesses and hearsay. There's no fact that this will happen. Just speculation. Luck favors the prepared. If one isn't prepared when this happens, they could make VERY big mistakes. I'm not hoping and wishing and counting chickens, just doing a little prep-work. Thanks for the comment, though.

@Mikecoy. Hey Mike! Thanks for the response. Yeah, that's one of the posts that I read. I understand the process he has setup to facilitate the exchange, I'm just wondering how he's able to front that kind of money, you know? @djcrzyc. Initially someone said that when we did the exchange, it would be cash for cash. I definitely wasn't comfortable with that situation. He can wire the money anywhere he wants and it will convert the currency automatically, but the money he's wiring has to come from somewhere. His own bank account? Lines of credit? Investor funds? I don't really have a problem cashing in with him. I like the idea of meeting all you comrades, and going with my family to cash in. I'm just nervous about the actual transfer. i.e. We count and scan the money with someone & sign the 'ledger' confirming how much is being exchanged. We are then handed off to another person, taken to another part of a building (while leaving our precious RVd dinar behind) and they make the transfer from their DinarTrade account to the account we specify, then give us a confirmation from THEM that the transfer is complete. Just sounds like an excellent opportunity for something bad to happen. There are 3 windows during the day that wires post, so it could conceivably take up to 4 hours for any one person to verify that the money has been transferred appropriately. Idk. Just thinking outloud with y'all.

Okay. This is something that popped in my head late last night while browsing some different forums. Recently there have been some posts that detailed, post RV, how we'd be able to exchange our Dinar for USD. Ali has some pretty detailed plans. Actually he's the only one I saw with plans posted in the forums. And then there are the banks, of course. If I were to go in to a bank that would participate in a Dinar exchange (5/3, Cap 1, etc), they would count the Dinar, have me sign something certifying it, send it off to central vault for proof, and then credit my account. The bank would front the money and then be reimbursed by the CBI at a later date. At least that's how I understand it. My question is to the exchange with Ali. If I were to cash in with Ali at one of his locations, he can only exchange Dinar for USD if he has the USD to front until he is reimbursed by someone (CBI, bank, or what have you). I believe Ali said each of the locations would be able to handle some 160 clients by appointment only per day. If each person exchanging only 1,000,000 Dinar for 1,000,000 USD (at a 1:1 exchange rate), that would be 160,000,000 per day that he would be fronting. Is it reasonable to think that he, or any of the other Dinar exchanges, would be that liquid to front these millions of dollars, if not hundreds of millions of dollars, for these exchanges? Not sure if that's articulated well enough. Bottom line, is it reasonably safe to cash in these sums of money at these exchanges without confirmation that they have the means to back the transaction? Thanks for the responses. Cheers!

Does the Middle East know the definition of 'promptly'?