Better Business Bureau - Iraqi Dinar Investments: Opportunity or Scam?

[respectron]

IMHO,

When you have something you don't want others to find out about, you make up a story to keep your secret safe or to keep people stuck on your story while your doing something entirely different (watch this hand while the other hand is doing something else). Like our own politicians.

Like the saying "That's my story and I'm sticking to it"!!!

[Nadita]

i am taking this speculation like a lottery ticket

I'm with ya

I think I'm addicted to dinar lol and ahhhh.... We can't forget the dong lol

[respectron]

I'm with ya

I think I'm addicted to dinar lol and ahhhh.... We can't forget the dong lol

Boy theres alot to make from that one line but I will leave the dong alone

Edited July 4, 2012 by respectron

[alan_coaks_3]

i am leaving the dong alone too

[tedro]

OK, I'll bite....................."time will tell who stepped on their dong here"............

[respectron]

OK, I'll bite....................."time will tell who stepped on their dong here"............

I wish I could brag but just short on dong to beable to step on , No Bitting

[Off-the-grid]

I definitely understand where the LOPsters are coming from. The articles about the 000s are a bit vague, plus translation issues. They do make it sound like 1000 old dinar will be the same as 1 new dinar, yet there are articles from people high in the system that make it sound like 1000 old dinar will exchange for 1000 new dinar.

However, I think the strongest argument for the RV scenario is the absence of a completely clear article saying 1000 will be traded for 1, despite above indications there is such an article. ALSO, an outright RV CANNOT be described officially AT ALL!!!

So:

1. NO crystal clear redenomination articles, and there is NO reason NOT to say the people will exchange 1000 old for 1 new IF THAT IS THE PLAN.
2. An RV CANNOT be publicly described IF THAT IS THE PLAN.
3. I fail to see how an RD helps the poor in Iraq in any way. Making transactions "easier" by issuing a new currency is a ludicrous explanation for the expense involved, and worn out bills can be replaced for less cost than printing entirely new currency. The improved security measures would be the only real gain.
4. If there is not going to be an RV, why delay becoming a trade-able currency?? Do they need anyone's permission? Does the IMF have to sign off on it? Being valued low is no reason for not being trade-able. They can LOP after being internationally recognized, so no real reason to delay pulling that trigger except waiting for the new currency to be available. Yes, I realize it may not be available yet, and that could be the biggest reason neither scenario has manifested yet.

Therefore, I will continue to expect the IQD to RV eventually (2013 looking good, but so did 2012), and I believe this to be a LOGICAL position, not one of hope and faith alone. At the same time, I cannot guarantee this result, as it is not a question of death and taxes.

Peace and Prosperity

[Off-the-grid]

OOps

1. B - Why have the two currencies COEXIST for such a long time if they are going to LOP? That makes NO sense to me at all!

Peace and Prosperity

Edited July 4, 2012 by Off-the-grid

[rambo12354]

Mahma Khalil Member of the Iraqi Parliament and official spokesperson of the Economic Committee & CBI Governor Dr. Sinan Al Shibib Said agreed the exchange rate between the new banknotes and the old ones would be 1:1,000.

Do we have a link?

[Nadita]

Boy theres alot to make from that one line but I will leave the dong alone

Hey

Don't you have dong too ? lol

[Rayzur]

The currency we have according to an article posted yesterday on this site stated that there are 8 security features on our 3 zero currency. The new currency (1/1/2013) supposedly will have 36 security features. The currency we have has some of the most advanced security features in the world. Any claims of counterfeit in mass have been an exageration by all reports. More smoke and mirrors. If the rate is indeed raised to 1000:1 that's great IMO because I will make $$$ on my investment. But the CBI hasn't done squat yet. But they will have to do something soon...IMO

I have no answers, but thoughts that put me on both sides of the fence (fortunately not at the same time):

They've been freaking about counterfeit for awhile....

They are going to new currency

They have already found major counterfeiting

The new currency is not out

= they are freaking about the old currency

They are freaking about the old because it will be worth a lot and when exchanged for new, they will lose kazillions in the exchange?

They are freaking about the old because that means someone can counterfeit the new, and the exchange process is an especially vulnerable time to introduce the new counterfeit currency?

Trying to connect the dots, and I know there are few more, so jump in with your thoughts.... I have to go get ready to burn the sheet out of whatever people are bringing to the celebration today..... I bet that's why they always assign me to the paper products and liquid list

Happy 4th of July one and all

OOps

1. B - Why have the two currencies COEXIST for such a long time if they are going to LOP? That makes NO sense to me at all!

Peace and Prosperity

Here's the only sense it makes to me. When I was in Italy and they were introducing the Euro, both curriencies co-existed for a year or so. My 1000 lira bought the same loaf of bread as my 1 Euro....

To this day I woudl swear that the reason Italy and few other countries have such major problems, was because of the co-existence of curriencies and many vendors didnt understand.... What happened, because many vendors didnt understand the principles of what was happening, they had a hard time putting two prices on the same item. So for example, if I bought a loaf of bread for a 1000 Lira (about 2.00 USD)...... instead of putting 1000 lira and 1.50 E on an item, the vendors just lopped off 2 zeros and made the item 10 E...

This happened across the board for all items selling during that time period all over many rural parts of Italy.... Prices for goods went through the roof and they are still recovering from this.... If I hadn't been there, I wouldn't have believed it.....

PS my numbers may be slightly off.... and were more for illustration sake... but essentially that is what happened, in taking affordable goods to prices out of this world with co-existing currencies...

Probably why the IMF made this a condition for Iraq, in terms of not having different curriencies co-exist

[rockfl9]

Off-grid:: If the exchange was 1000 new for 1000 old what is the purpose?

I dont believe it but let me join the cult of the "powers that Be " believers.

The REAL plan is to Issue new currency ,but change their minds and you have 5 days to convert not 2 years. 4,3,2,1, bong!! All Gone!!

No the plan is 1000 old for 1 new ..But no change in value.

People forget, or never thought.. The oil revenue is the property of GOI NOT CBI. The CBI cannot use it to redeem dinars. When it starts comming in GOI will spend it or use it to pay off debt..That will increase the value of the dinar in time..

I never belived that the dinar would go to a dollar .. thought 10 cents would be a nice profit back in late 2011 .. I assumed that Iraq would work with BP, Exon et al to get the oil fields going . Late news is Exon is backing out.

I got caught up in the hype. There I said it .Mea Culpa.

[alan_coaks_3]

I definitely understand where the LOPsters are coming from. The articles about the 000s are a bit vague, plus translation issues. They do make it sound like 1000 old dinar will be the same as 1 new dinar, yet there are articles from people high in the system that make it sound like 1000 old dinar will exchange for 1000 new dinar.

However, I think the strongest argument for the RV scenario is the absence of a completely clear article saying 1000 will be traded for 1, despite above indications there is such an article. ALSO, an outright RV CANNOT be described officially AT ALL!!!

So:

1. NO crystal clear redenomination articles, and there is NO reason NOT to say the people will exchange 1000 old for 1 new IF THAT IS THE PLAN.
2. An RV CANNOT be publicly described IF THAT IS THE PLAN.
3. I fail to see how an RD helps the poor in Iraq in any way. Making transactions "easier" by issuing a new currency is a ludicrous explanation for the expense involved, and worn out bills can be replaced for less cost than printing entirely new currency. The improved security measures would be the only real gain.
4. If there is not going to be an RV, why delay becoming a trade-able currency?? Do they need anyone's permission? Does the IMF have to sign off on it? Being valued low is no reason for not being trade-able. They can LOP after being internationally recognized, so no real reason to delay pulling that trigger except waiting for the new currency to be available. Yes, I realize it may not be available yet, and that could be the biggest reason neither scenario has manifested yet.

Therefore, I will continue to expect the IQD to RV eventually (2013 looking good, but so did 2012), and I believe this to be a LOGICAL position, not one of hope and faith alone. At the same time, I cannot guarantee this result, as it is not a question of death and taxes.

Peace and Prosperity

Redenomination leads to greater confidence in the currency.

After redenomination, businesses and citizens may be more willing to shift their preference to the local currency rather than to an international currency. Hence, the dropping of zeros restores credibility and confidence in the local currency and enables the government and the central bank to reassert their monetary sovereignty.

Redenomination is sometimes used to indicate that era of failed economic policies has come to an end and that the economy is poised to start on a new slate. This helps to increase confidence in the economy and sends a signal to both the local community and the international markets that high inflation and general macro-economic instability are a thing of the past.

dropping zeros enhances book-keeping and reduces the drudgery in transactions, record keeping and banking activities.

[imgesing]

Sound advice and very objective for once. The comment about 1000;1 exchange is only an unsubstantiated theory though.

Thx A/C/3

Its all SPECULATION not unsubstanciated. You cant substanciate something which hasn;t yet occured based on this type of situation.

[sandstorm]

Its all SPECULATION not unsubstanciated. You cant substanciate something which hasn;t yet occured based on this type of situation.

is it? or has the cbi been telling the truth about a 1000:1 rd, and we have just refused to believe it? we may still speculate on what will happen, but what the cbi has said with their message isnt speculation, its very precise

[azgoldengirl]

i am taking this speculation like a lottery ticket

Thank you, thank you, thank you!!!! I love that Great attitude

I'm with ya

I think I'm addicted to dinar lol and ahhhh.... We can't forget the dong lol

Oh my.....I think there are groups for that kinda thing. That reminds me! Just saw Magic Mike

[Sector]

Only 2 ways this can play out and either way it will not effect the old currency in which we hold. Deleting the zeros simply means they are printing a new currency with 3 less zeros.

1. They issue new currency and RD. ( no change in the exchange rate, thats why they have to RD the new currency) Then on a later date they RV and the new currency will carry its face value. ( the RD is no longer in effect). This dose not effect the old currency in which we hold.

2. They issue the new currency and RV.

A 25000 Iraqi dinar note will always be worth 25000 dinars period.

[uncirculd]

The last paragraph is saying it all:

"Consumers are advised to avoid “opportunities” marketed by unregistered advisers to inexperienced currency investors. Legitimate opportunities should disclose all risks and avoid modifying or fabricating performance history to make an opportunity look better than it is."

i noticed how may Iraq dinar dealers popped up for the opportunity to make some big money. When you could buy it at the bank for around $850 a million, you then had the dealers popping up offering a million dinar for a 45% mark up when the banks started to quit sales. There is a market there and that's why we have seen all these pumpers. The dealers could pay the pumpers since they were making great profits.

These dealers were "NOT" licensed in the beginning, many were beginners in currency altogether. They did some checking and realized they could be subject to be arrested for possible money laundering. The license did not make them smarter folks, just legal folks. They also found out that you could not be involved in some of these calls putting out dates and rates. I guess they didn't understand the meaning of insider trading.

Collectors and/or investors buy, and dealers sell. Nevertheless, I will sell my dinars to a bank not a dealer that is "NOT" and investment house or financial institute. It's a market place for coin, currency, & medals. I will not be giving my bank account number to any cash in dealer, especially since all of these dinar dealers I have found throughout the dinar community are in the infancy of their newly found business that was created for the dinar demand. Not one of these mentioned on here or recaps have been in business (registered with the US treasury) before 2003.

That is alarming and also the reason there were the scam alerts on the dinar. People were buying this currency and some were fooled and bought the old Saddam notes. Most of the folks here have never bought currency in their life. Let a alone bullion. So it became very alarming to veteran businesses including banks when folks kept coming in wanting to buy dinar thinking they were about to be rich. Many spending their rent/mortgage money. Just nuts.

Dealers being registered only means they are authorized and legal to sell currency. Many of them were rose to the occasion to this business opportunity to make money on Iraq Dinar investors. There were many folks out there who had just heard by word of mouth to go buy it and get rich quick. They had no clue that you should be buying from a bank or registered dealer (one that has been in business longer than the birth of the dinar) .

Buying from fly by night dealers, and those who got their licensed after the fact may not be a good idea. Homeland security and banking laws is no walk in the park when you want to move large amounts of money. Say you bought a million dinars on ebay. You can't just go to the bank and say i have a million dinars and want to cash them in. Unless your bank knows you, knows your habits of investment, it just may be difficult for some to cash in without getting put on the FBI list of possible laundering, supporting terrorism, drug money, or even ransom.

I will stick to the banks and not the dealers. Mainly because most dealers have only been in business since the inception of the dinar in 2003. Give your personal information to as little people and entities as possible. Buying dinars from a bank has always been the best bet, and you will find the spread is just that and sometimes a fee but never equals a 45% mark up.

Once the Dinar becomes a hard currency, the banks will be taking it in. BBB appears to be exposing dinar sellers/dealers that are not registered or inexperienced, giving false hopes fabricating using kuwaits revalue. And other tatics to a potential buyer. Whether the buyer is experienced or not in buying coin, currency, or bullion.

Dang, I tried to be brief with this and it's turns to a book. Sorry.

[leesburg]

better business bueral ... lol// like they arelrgiytimit...bbb is as legit as the govt of the united states ... // lol...bbb lol

look the best things in life are doghnuts.... go get a couple apple fritters and chow down .. dinars lol

[SgtFuryUSCZ]

***///

The BBB has some mighty big ones preaching about scams.

They were busted allowing their ratings to be BOUGHT!

They are about as effective as the United Nations (another scam).

Toss both these entities into the same crap bag with the Nigerians.

[starlight]

if they do that 1000 or are dinar for 1 new dinar that would make the new dinar worth 86 cents not ours.

when country RD there currency the exchange rate stays the same the only thing that changes is what our old dinar exchange will be worth it will either be 1 to 1 or 10 to 1 or 100 to 1 or 1000 to 1

When you have this coming from Iraq's Parliament's own website, it could be nothing else but a revaluation included with the redenomination. No doubt about it!

"the process will raise the exchange of currency and its value"

http://translate.goo...asdba46s7a98das

6dasda7das4da6sd8asdsawewqeqw465e4qweq4wq6e4qw8eqwe4qw6eqwe4sadkj%26file%3Dshowdetails%26sid%3D7273

The currency exchange rate will be the same all over the world.

Edited July 5, 2012 by starlight

[alan_coaks_3]

Do we have a link?

My link here the link

Mahma Khalil, another Member of the Iraqi Parliament and official spokesperson of the Economic Committee says an agreement has been reached about the mechanisms of introducing the new banknotes after a series of meetings and discussions with the CBI Governor Dr. Sinan Al Shibibi.

"According to the agreements, the new bill will be printed by a European company and introduced to the market gradually and in a well-planned schedule to ensure it will not result in shocks and would not have a negative impact on the market," explained MP Khalil. He added the exchange rate between the new banknotes and the old ones would be 1:1,000.

[rockfl9]

Starlight::: Like many quirks in translation the phrase "raise the exchange of currency and its value" Is just saying it will be a good thing for the Iraqi people.

CBI has stated elsewhere that it will be a neutral exchange, nothing more on Jan.1 2013...A loaf of bread, Kilo of chhese wil have the same value as before.

[caz1104]

BBB is now in the Finacial Advise business..........................hmmmmmm interesting. Maybe I should consult with them the next time I'm thinking bout investing ....................................nah don't think so. Also one should also realize that the BBB is a for profit entity with annual dues. IMO they are as informed on dinar as the "guru's" & "reverse pumpers".

[starlight]

Starlight::: Like many quirks in translation the phrase "raise the exchange of currency and its value" Is just saying it will be a good thing for the Iraqi people.

CBI has stated elsewhere that it will be a neutral exchange, nothing more on Jan.1 2013...A loaf of bread, Kilo of chhese wil have the same value as before.

I saw that, but I chose to take it the other way - they will be raising the exchange rate value.