Dinars - Scam. (Article)

[Magnisx]

I came across this article wich really got me worried. Any thoughts.

Various foreign currency exchange scams have recently flooded the advertising world and among these is the Iraqi dinar scam. It was said in the local newspaper ads that the currency will be stronger due to Iraq’s achievement of democratic freedom. The Iraqi dinar scam ads promise huge amounts of money to anyone who will invest in the new Iraqi dinar because democracy has stimulated the country’s economy and the value of its new currency. As it is considered a new investment opportunity, a lot of dealers have sprouted all over the internet as well, selling the new dinar in millions through Iraqi dinar scam ads.

The theory behind this Iraqi dinar scam is quite simple. During Saddam’s rule over the country, one U.S. Dollar will only buy you 0.33 Iraqi dinar. With a democratic Iraq and a new economy, a single dollar will now buy you 1,475 new Iraqi dinars. Now let’s say that you bought a million new Iraqi dinars with the current exchange rate. This will cost you less than $700 – $677 to be exact. If you waited for the new Iraqi dinar to go back to the exchange rate during Saddam’s reign, you will end up with three million US dollars. The Iraqi dinar scam sounds very convincing, doesn’t it? However, if you scrutinize the facts on this Iraqi dinar scam, you will see the true picture behind this misleading concept.

First and foremost, you must know that once you purchase the new Iraqi dinar, it is not possible to trade it back to any other currencies. The truth is, the Iraqi dinar scam does not tell you that at all. The currency cannot be traded and is not even freely traded on the global market. Second, the currency is the new Iraqi dinar. While the old Iraqi dinar was still in circulation, you may end up buying the old currency instead of the new one. People behind the Iraqi dinar scam have done this. They have sold the old dinar to victims who are unaware. Furthermore, the Iraqi dinar scam does not inform people that the new currency cannot be traded at all, so, the old dinar will only find value in collectors of old currencies. Finally, even if we all know that Iraq is one of the the centers of the world’s richest oil reserves, the natural resource will not help support the so-called investment opportunity in buying the new Iraqi dinar. If you are buying the currency of one country, you basically are investing in its economy; hence, if you buy the Iraqi dinar, you will be investing in Iraq’s oil reserves dependent economy. The Iraqi dinar scam therefore puts your investment in an unstable economy.

It is sad to know that many have fallen victims to the Iraqi dinar scam without understanding the risks that come with it. The Iraqi dinar scam has reached other countries as well after making its wave in the United States. The state of Utah has even mentioned the Iraqi dinar scam in its list of top ten investment scams in 2006.

We would like to hear your thoughts about the Iraqi Dinar Scam, so please post comments and don’t forget to visit our homepage for more Iraqi Dinar News and articles.

[sonny1]

do you have a link, i want to go and respond....thanks

[Tropics]

I came across this article wich really got me worried. Any thoughts.

Various foreign currency exchange scams have recently flooded the advertising world and among these is the Iraqi dinar scam. It was said in the local newspaper ads that the currency will be stronger due to Iraq’s achievement of democratic freedom. The Iraqi dinar scam ads promise huge amounts of money to anyone who will invest in the new Iraqi dinar because democracy has stimulated the country’s economy and the value of its new currency. As it is considered a new investment opportunity, a lot of dealers have sprouted all over the internet as well, selling the new dinar in millions through Iraqi dinar scam ads.

The theory behind this Iraqi dinar scam is quite simple. During Saddam’s rule over the country, one U.S. Dollar will only buy you 0.33 Iraqi dinar. With a democratic Iraq and a new economy, a single dollar will now buy you 1,475 new Iraqi dinars. Now let’s say that you bought a million new Iraqi dinars with the current exchange rate. This will cost you less than $700 – $677 to be exact. If you waited for the new Iraqi dinar to go back to the exchange rate during Saddam’s reign, you will end up with three million US dollars. The Iraqi dinar scam sounds very convincing, doesn’t it? However, if you scrutinize the facts on this Iraqi dinar scam, you will see the true picture behind this misleading concept.

First and foremost, you must know that once you purchase the new Iraqi dinar, it is not possible to trade it back to any other currencies. The truth is, the Iraqi dinar scam does not tell you that at all. The currency cannot be traded and is not even freely traded on the global market. Second, the currency is the new Iraqi dinar. While the old Iraqi dinar was still in circulation, you may end up buying the old currency instead of the new one. People behind the Iraqi dinar scam have done this. They have sold the old dinar to victims who are unaware. Furthermore, the Iraqi dinar scam does not inform people that the new currency cannot be traded at all, so, the old dinar will only find value in collectors of old currencies. Finally, even if we all know that Iraq is one of the the centers of the world’s richest oil reserves, the natural resource will not help support the so-called investment opportunity in buying the new Iraqi dinar. If you are buying the currency of one country, you basically are investing in its economy; hence, if you buy the Iraqi dinar, you will be investing in Iraq’s oil reserves dependent economy. The Iraqi dinar scam therefore puts your investment in an unstable economy.

It is sad to know that many have fallen victims to the Iraqi dinar scam without understanding the risks that come with it. The Iraqi dinar scam has reached other countries as well after making its wave in the United States. The state of Utah has even mentioned the Iraqi dinar scam in its list of top ten investment scams in 2006.

We would like to hear your thoughts about the Iraqi Dinar Scam, so please post comments and don’t forget to visit our homepage for more Iraqi Dinar News and articles.

That article is really old. It hasn't been 1475 in years.

[simon8957]

Magnisx dont worry bout it. It's clear the author has no idea what he is talking about. Yes there have been people ripped off, however if you deal with either a bank or a trusted dealer then your fine. With that said yes its very true that the Dinar can't be traded right now. However that is the basis for the whole investment. In order for Iraq to be the power house in the free world they want and can be they need a tradable currency. So when all the I's are dotted and T's crossed with in the eyes of the international community it will be a tradable currency once more...and that my friend is where we make our money.....good luck and cheers to ya!!!

[Magnisx]

do you have a link, i want to go and respond....thanks

Yeah i have a link though i dont knwo if im allowed to post.

Google this, top link : iraqi-dinar-news-the-iraqi-dinar-scam

[mia]

do you have a link, i want to go and respond....thanks

DON'T , IT'S BETTER FOR US for people to think like this.....we will laugh at the bank! stay quiet.

[TimS]

Not to be a negative Nelly......but, and there is always a butt

What if, not that I believe it, but what if.....the dinar RV has been a scam all along? That would mean that the Iraq GOI knowingly never intended to RV the new dinar. They produced it soley to generate revenue. What if that was their "plan" all along. The CBI rakes in the a boat load of foreign currency from the sale of dinars to dealers (who might even be reps for the CBI?) and then the dealers make a smaller boat load of cash off of people like us on the spread, knowing all the time that they nor the CBI will ever have to buy the dinar back...ever. That would mean a well thought out plan being put into actions by the CBI and Iraqi government in conjuction with a massive sales force. This sales force would need "pumpers" to create false "intel" by twisting any and every news story coming out of Iraq over the last 9 or so years. The inventors of this scam would have created back stories like the Bush/Cheney "PLAN" for the war to pay for itself and the fractional banking possibilities and a host of other scenarios that we've heard about over the years..... :lmao: Naw, that could never happen

That would be an incredible conspiracy, wouldn't it? But to me, it's no more incredible as all the stories I've heard that support the RV as we know of it today. We choose to laugh off stuff like the initial post in this thread, yet we are so willing to buy into all the other junk because it might make us rich? How smart are we really??/

Just food for thought....no need to bash or suggest that I sell my dinar, cause I'm just as wishful as the rest of you. And besides, I knew this thing was a long shot from the first day in got into it and I didn't invest more than I could afford to lose. So I'm okay no matter how it turns out. I'm just saying don't be in such a hurry to bash or put down people like the one who posted this item....as far as I can tell, nobody's theory is based on verifiable facts and should be discounted. JMHO

[The Machine]

wow that short article has the word "scam" in it 15 times ....... these are exactly the kind of articles i was expecting to be comming out shortly before any RV

[sab4212]

Not to be a negative Nelly......but, and there is always a butt

What if, not that I believe it, but what if.....the dinar RV has been a scam all along? That would mean that the Iraq GOI knowingly never intended to RV the new dinar. They produced it soley to generate revenue. What if that was their "plan" all along. The CBI rakes in the a boat load of foreign currency from the sale of dinars to dealers (who might even be reps for the CBI?) and then the dealers make a smaller boat load of cash off of people like us on the spread, knowing all the time that they nor the CBI will ever have to buy the dinar back...ever. That would mean a well thought out plan being put into actions by the CBI and Iraqi government in conjuction with a massive sales force. This sales force would need "pumpers" to create false "intel" by twisting any and every news story coming out of Iraq over the last 9 or so years. The inventors of this scam would have created back stories like the Bush/Cheney "PLAN" for the war to pay for itself and the fractional banking possibilities and a host of other scenarios that we've heard about over the years..... :lmao: Naw, that could never happen

That would be an incredible conspiracy, wouldn't it? But to me, it's no more incredible as all the stories I've heard that support the RV as we know of it today. We choose to laugh off stuff like the initial post in this thread, yet we are so willing to buy into all the other junk because it might make us rich? How smart are we really??/

Just food for thought....no need to bash or suggest that I sell my dinar, cause I'm just as wishful as the rest of you. And besides, I knew this thing was a long shot from the first day in got into it and I didn't invest more than I could afford to lose. So I'm okay no matter how it turns out. I'm just saying don't be in such a hurry to bash or put down people like the one who posted this item....as far as I can tell, nobody's theory is based on verifiable facts and should be discounted. JMHO

I agree,nobody in any of these forums has the straight scoop.Currency Speculation,just what it is.Hopefully, I speculated correctly.

[Nelg]

I just purchased the currency of Honduras. What a scam! I got 19.2 limpera for $1. When I left the country I got 19.4 L. for $1. I can't believe a country would do that to people! Who knows, they limpera I kept might be counterfeit or old outdated currency. Now, I don't know what to do.

Sorry. Just having a little fun. No, the IQD is not being traded NOW, but it will. We have not been scammed. The words are from a well meaning person who hasn't given any time to a studying what is happening in Iraq, and who probably doesn't care. His information may have come from "borrowed" sources and most likely did. Just hang tight and and ignore ignorance.

[TXNOLE]

The article is at least 6 years old written by someone who knows nothing! The currency we purchased is their LEGAL tender for heaven sake - its undervalued, yes...........but not for long! Come on RV!

[TimS]

wow that short article has the word "scam" in it 15 times ....... these are exactly the kind of articles i was expecting to be comming out shortly before any RV

We've all heard that there will be much disinformation just prior to an RV and I agree that it would make sense to put such misinfo out there.....but this article and many others very similar to it have been out for years, this one at least 5 or more

So unless you think 5+ years is "shortly" I don't see how you can equate this article as misinformation?

As for the scam angle.....this type of story has actually been around since the very beginning days of this invetsment. People have been saying this thing is a scam for as long as the other side has been saying it's a great investment. So if you're banking on this as an indication that the RV is close....good luck with that, but I wouldn't hold my breath

Let's look at a few simple undisputable facts...

1. The RV has been said to be coming numerous times...and yet, it has not occurred.

2. People like Okie, Bulldog, Bluwolf and many others have spewed so much trash and have been wrong so many times that they are perfect examples of bad press and cast much doubt on the RV.

3. People like Adam on the positive side of this thing, contributing facts and trying to maintain a level head amungst all the hoopla are the examples of good press and give us hope for an RV.

4. The bottom line however, is the RV has not taken place in 9 years and there is no concrete proof either documented or verbal that it will ever take place.

5. Only the bad press types guarranty an RV, and most a high one at that...while the good press types won't guarranty anything and even admit it may not happen for a long time, if ever.

So...IMHO even though the picture appears to be skewed, most tend to look the other way and bash any idea that the RV is not guarranteed? Makes me wonder.....that's all I'm saying

[PUNT18]

Not to be a negative Nelly......but, and there is always a butt

What if, not that I believe it, but what if.....the dinar RV has been a scam all along? That would mean that the Iraq GOI knowingly never intended to RV the new dinar. They produced it soley to generate revenue. What if that was their "plan" all along. The CBI rakes in the a boat load of foreign currency from the sale of dinars to dealers (who might even be reps for the CBI?) and then the dealers make a smaller boat load of cash off of people like us on the spread, knowing all the time that they nor the CBI will ever have to buy the dinar back...ever. That would mean a well thought out plan being put into actions by the CBI and Iraqi government in conjuction with a massive sales force. This sales force would need "pumpers" to create false "intel" by twisting any and every news story coming out of Iraq over the last 9 or so years. The inventors of this scam would have created back stories like the Bush/Cheney "PLAN" for the war to pay for itself and the fractional banking possibilities and a host of other scenarios that we've heard about over the years..... :lmao: Naw, that could never happen

That would be an incredible conspiracy, wouldn't it? But to me, it's no more incredible as all the stories I've heard that support the RV as we know of it today. We choose to laugh off stuff like the initial post in this thread, yet we are so willing to buy into all the other junk because it might make us rich? How smart are we really??/

Just food for thought....no need to bash or suggest that I sell my dinar, cause I'm just as wishful as the rest of you. And besides, I knew this thing was a long shot from the first day in got into it and I didn't invest more than I could afford to lose. So I'm okay no matter how it turns out. I'm just saying don't be in such a hurry to bash or put down people like the one who posted this item....as far as I can tell, nobody's theory is based on verifiable facts and should be discounted. JMHO

Tim, Anything is possible, conspiracy theory or not.

However, the term scam implies that we have participated in something that is illegal and we have been "taken for a ride". Well, that is not the case as we currently hold the legal currency of a country. That currency has a value, albeit, a little less than we paid for it, but value nonetheless. Some folks purchased the IQD when the exchange rate was 4000:1, have they been "scammed" or have they tripled their money in the past 8 years?

The "scam" part of this drama is exactly that........the DRAMA!

The guru's and pumper's out there who have created their own "reality" and "for profit" websites that generate revenue off of the people who hang on every word simply because they may (or may NOT) really know someone "who is the know". They create the DRAMA to generate website activity and IQD sales for traders.

So, IMO, by definition, this is not a scam. It is a currency play that has a whole lot of DRAMA surrounding it!

Peace and GO RV!!!!

:D :D

[G12LF]

I just want to know where I can buy a few more million at $700 a million?

[Nelg]

Opinions are just that, opinions. Their just like fingerprints, every one has a different one.

[easyrider]

[gatoraces]

it is right in that the old currency would be a scam.

the only potential scam with the new currency would be guaranteeing people will become multi-millionaires

[easyrider]

it is right in that the old currency would be a scam.

the only potential scam with the new currency would be guaranteeing people will become multi-millionaires

bottom line the dinar isnt a scam, the only scam would be we couldnt exchange our currency back for USD that would be the SCAM!!!! not the future millionaire saga we are all adults here and you believe what you will its up to you and no one is to blame.

Edited March 14, 2012 by easyrider

[TimS]

Punt....I see your point, but I disagree. If I own a stock at $10/share and a brokerage firm starts advertising that that stock is way undervalued and everyone should buy it because when the earnings coming out it will show the stock to be worth $100/share...but they produce no facts to back it up....that's a scam! Granted, it's illegal...but it's still a scam, yet I can buy the stock at $10 and may or may not make money on it...just not 10x as advertised.

My point is....just because something is legal and there is a chance to make a small profit or loss doesn't mean it's not a scam. It's a scam to make people think there is a possibility to get a 3000 to 1 return if it's knowingly not true.

And I'm not even saying it is a scam....My point was that people seem very eager to believe one side of a story without even considering the other?

[gatoraces]

bottom line the dinar isnt a scam, the only scam would be we couldnt exchange our currency back for USD that would be the SCAM!!!! not the future millionaire saga we are all adults here and you believe what you will its up to you and no one is to blame.

agreed. but a lot of people are getting suckered in who, of course, can't afford to be suckered in.

[Mongo]

In the words of our beloved........ Kenny Rogers...."you've got to know when to hold em, know when to fold em"

you thought I was talking about cards didn't you?.....................

[TexasGranny]

Sometimes you have to step away from the forest to see the trees. The site this "article" came from is a marketing ploy to get visitors to click on the google adsense ads in the left column. The owner of the site obviously knows there are a lot of people searching for iraqi dinar and is capitalizing on that fact. He is betting that at least a ?% of people that go there will click on one of the ads - he then makes money.

If you scroll down to the bottom, you will see the trademark "Powered by CTR Theme" Clicking on that link takes you to there site which advertises "Build AdSense sites without touching a line of code. This easy-to-use theme will have you earning in no time!"

The dinar site really has nothing to do with the IQD other than using it as a gimmick. The article says post your comments but there is no comment section. They didn't change a word of the article they copied from some other site.

[mdmtexas]

You know my husband and I have only been in this for about a year. We heard the stories, read the scams and LOGIC made us invest. I know it is risky BUT not investing is more risky. Everyone has to take a chance sometime in their lives and this was ours. I BELIEVE and thanks to all of you helping all of us to understand this opportunity makes it viable. Thank you all for you hard work and time spent here.

[TimS]

agreed. but a lot of people are getting suckered in who, of course, can't afford to be suckered in.

This is kinda of where I'm coming from....many people act in response to advertisement. It's a billion dollar industry and a very convincing one.....so my thinking is if we are truly being responsible, we should be as active in disemminating the down side of the investment as we are in lobbying the upside. Instead...the pumpers tell all we'll be rich, the level headed people don't want to mention anything negative for fear of being????? Not sure why? No reason why we shouldn't be doing this if we are being responsible...but we put LOP talk in a sepatare category and make sure we tell all that the rumor section is where anything negative is put if you don't have a signed afidavit supporting a claim. Yet, there really is nothing concrete to support the upside....only speculation and interpretation by individuals who say they have done their homework and know better than the rest of us. JMHO

[easyrider]

This is kinda of where I'm coming from....many people act in response to advertisement. It's a billion dollar industry and a very convincing one.....so my thinking is if we are truly being responsible, we should be as active in disemminating the down side of the investment as we are in lobbying the upside. Instead...the pumpers tell all we'll be rich, the level headed people don't want to mention anything negative for fear of being????? Not sure why? No reason why we shouldn't be doing this if we are being responsible...but we put LOP talk in a sepatare category and make sure we tell all that the rumor section is where anything negative is put if you don't have a signed afidavit supporting a claim. Yet, there really is nothing concrete to support the upside....only speculation and interpretation by individuals who say they have done their homework and know better than the rest of us. JMHO

Tim point being no one is putting a gun to your head and telling you to come on this site. This is what i dont get about alot of lopsters and so on they want to say it will never happen but this site was created for the people who actually believe it will RV including the owner of this site Adam. I doubt Adam would have created a dinar site if he felt in his heart it was gonna LOP. Adam generously put a LOP section in there for debate thats all. Of course we all know there is a down side. Yes, there are pumpers out there, no doubt about it but its up to the people whether they believe it or NOT. So in essence there is no scam regarding the dinar unless you have the old saddam notes or you were sold counterfeit or when this does happen we cant exchange our dinar back for USD that would be the real part of the scam not the pitch of the millionaire dream.

Edited March 14, 2012 by easyrider