WayCoolJr Posted June 27, 2011 Report Share Posted June 27, 2011 Consequently, nothing can happen to the value of the currency without government sanction, but the “rumor” has spread due to previous government announcements. One popular currency website summarizes the government’s position as follows: “In 2010, the Central Bank of Iraq announced their plans to redenominate the Iraqi Dinar to ease cash transactions. The intention would be to drop three zeros from the nominal value of bank notes; but the actual value of the dinar would remain unchanged. That would mean that 1,000 IQD (pre-redenomination) and 1 dinar (post-redenomination) would both be worth the same amount in US Dollars. Although the announcement stated that the change would take place by the end of 2010, there has been no redenomination as of January 2011.” The government actually announced this “Drop Three Zeroes” project back in 2007, and at the time, the study was given the name of “Iraqi Currency Revaluation”. Therein lies the source of the confusion, perhaps from translation or from a loose usage of forex vernacular. A “redenomination” is not a “revaluation” under the strictest of interpretations of the terms. The former term implies that “two” currencies will exist with a “peg” between them, but the old currency will expire over a given time period and must be exchanged for the new currency. The “Dinar story” sounds so plausible because much of it is based on fact. The Iraqi people and their government have made great strides in resurrecting a burgeoning economy, based to a large degree on a revitalized oil industry. The potential size of Iraqi oil and gas reserves has yet to be accurately determined, but most agree that the potential is enormous. There have been similar occurrences in other countries that suggest a few history lessons might provide clues to the future. Examples can be found in Venezuela, Iran, and Russia, but in each case, as oil exports increased, so did the need for imports of other goods and services. Currencies did appreciate, but slowly and in a measured way over decades http://www.iraq-businessnews.com/2011/03/29/iraqi-dinar-revaluation-enthusiasts-are-unaware-of-bernie-madoff%e2%80%99s-fame/ Under a “redenomination” scenario, there is no “get rich quick” opportunity. However, when something as complex as foreign exchange rates are involved, the situation is ripe for a fraudster’s scheme. Con artists wasted no time devising clever “Dinar” deception scams that have been perpetrated as far away as Japan. Recently, over 200 unsuspecting Japanese investors, hoping for an immediate revaluation by the Iraqi Central Bank, bought millions of Dinars at inflated exchange rates. The sellers quickly disappeared. 9 48 Link to comment Share on other sites More sharing options...
lechesuerte Posted June 27, 2011 Report Share Posted June 27, 2011 Part of the problem is with the limited ability of the Iraq language. We will not know what is going to happen until it actually happens due to this fact and the fact that we are not given real information or are amongst those in the know. Anyways hope for the best, expect the worst and probably settle for something in between. But it doesn't make sense in many ways for them to LOP. But be prepared regardless of outcome. Let's roll!!! 1 1 Link to comment Share on other sites More sharing options...
DIAMOND Posted June 27, 2011 Report Share Posted June 27, 2011 Consequently, nothing can happen to the value of the currency without government sanction, but the “rumor” has spread due to previous government announcements. One popular currency website summarizes the government’s position as follows: “In 2010, the Central Bank of Iraq announced their plans to redenominate the Iraqi Dinar to ease cash transactions. The intention would be to drop three zeros from the nominal value of bank notes; but the actual value of the dinar would remain unchanged. That would mean that 1,000 IQD (pre-redenomination) and 1 dinar (post-redenomination) would both be worth the same amount in US Dollars. Although the announcement stated that the change would take place by the end of 2010, there has been no redenomination as of January 2011.” The government actually announced this “Drop Three Zeroes” project back in 2007, and at the time, the study was given the name of “Iraqi Currency Revaluation”. Therein lies the source of the confusion, perhaps from translation or from a loose usage of forex vernacular. A “redenomination” is not a “revaluation” under the strictest of interpretations of the terms. The former term implies that “two” currencies will exist with a “peg” between them, but the old currency will expire over a given time period and must be exchanged for the new currency. The “Dinar story” sounds so plausible because much of it is based on fact. The Iraqi people and their government have made great strides in resurrecting a burgeoning economy, based to a large degree on a revitalized oil industry. The potential size of Iraqi oil and gas reserves has yet to be accurately determined, but most agree that the potential is enormous. There have been similar occurrences in other countries that suggest a few history lessons might provide clues to the future. Examples can be found in Venezuela, Iran, and Russia, but in each case, as oil exports increased, so did the need for imports of other goods and services. Currencies did appreciate, but slowly and in a measured way over decades http://www.iraq-businessnews.com/2011/03/29/iraqi-dinar-revaluation-enthusiasts-are-unaware-of-bernie-madoff%e2%80%99s-fame/ Under a “redenomination” scenario, there is no “get rich quick” opportunity. However, when something as complex as foreign exchange rates are involved, the situation is ripe for a fraudster’s scheme. Con artists wasted no time devising clever “Dinar” deception scams that have been perpetrated as far away as Japan. Recently, over 200 unsuspecting Japanese investors, hoping for an immediate revaluation by the Iraqi Central Bank, bought millions of Dinars at inflated exchange rates. The sellers quickly disappeared. If you believe this why are you even here, decades for a value, then IF you have dinar I'll give you $250 per million an you can come out ahead 4 3 Link to comment Share on other sites More sharing options...
LaGrange Posted June 27, 2011 Report Share Posted June 27, 2011 lol Thanks for the article but why are you here? 1 1 Link to comment Share on other sites More sharing options...
umbertino Posted June 27, 2011 Report Share Posted June 27, 2011 (edited) Quote Bookmark this thread: There will be NO RV! End Quote K....You're Way Cool.....No sxxt. Edited June 27, 2011 by umbertino 1 1 Link to comment Share on other sites More sharing options...
WayCoolJr Posted June 27, 2011 Author Report Share Posted June 27, 2011 Part of the problem is with the limited ability of the Iraq language. We will not know what is going to happen until it actually happens due to this fact and the fact that we are not given real information or are amongst those in the know. Anyways hope for the best, expect the worst and probably settle for something in between. But it doesn't make sense in many ways for them to LOP. But be prepared regardless of outcome. Let's roll!!! Come on my friend. I'm only trying to help you. The dinar sellers are just using the RV scam to lure unsuspecting people out of their money. There is NO get rich quick scheme and that is why you and so many others are in it. The LEGIT part of the dinar investment is seeing a slow and gradual appreciation over 5 to 20 years. Only the very rich would be interested in that and I'm taking a 5% to 50% increase in value over 1 to 2 decades! There is NO precedent for this get rick quick RV anywhere in the history of the world. The entire Kuwaiti dinar RV is a scam that NEVER happened! The comparison used is WRONG. Yes the Kuwaiti Dinar crashed as a result of the 1990 Iraqi invasion, but this ONLY applies to notes in circulation at that time. After the Kuwaiti Government was restored, they issued a new series of banknotes with the same US Dollar exchange rate that the Kuwaiti Dinar had been fixed at before the war. Kuwaitis with old notes had to hand them in to be swapped for the new money. When the notes were being handed in, they were checked against the known serial numbers of notes in stockpiles at the Central Bank of Kuwait which had been stolen during the Iraqi occupation. Stolen notes would not be exchanged - point blank. Other notes could only be exchanged by Kuwaiti residents during a very short period of time, after which all previous banknote issues were declared worthless. And in this case worthless means WORTHLESS. Current 20 Kuwaiti Dinar notes have a face value of about 75.00USD at the exchange booth. Older ones sell on ebay for about 10.00USD to collectors - and that's for one without any folds. http://www.iraqi-dinar.org/iraqi-dinar-currency 1 11 Link to comment Share on other sites More sharing options...
LaGrange Posted June 27, 2011 Report Share Posted June 27, 2011 Come on my friend. I'm only trying to help you. The dinar sellers are just using the RV scam to lure unsuspecting people out of their money. There is NO get rich quick scheme and that is why you and so many others are in it. The LEGIT part of the dinar investment is seeing a slow and gradual appreciation over 5 to 20 years. Only the very rich would be interested in that and I'm taking a 5% to 50% increase in value over 1 to 2 decades! There is NO precedent for this get rick quick RV anywhere in the history of the world. The entire Kuwaiti dinar RV is a scam that NEVER happened! The comparison used is WRONG. Yes the Kuwaiti Dinar crashed as a result of the 1990 Iraqi invasion, but this ONLY applies to notes in circulation at that time. After the Kuwaiti Government was restored, they issued a new series of banknotes with the same US Dollar exchange rate that the Kuwaiti Dinar had been fixed at before the war. Kuwaitis with old notes had to hand them in to be swapped for the new money. When the notes were being handed in, they were checked against the known serial numbers of notes in stockpiles at the Central Bank of Kuwait which had been stolen during the Iraqi occupation. Stolen notes would not be exchanged - point blank. Other notes could only be exchanged by Kuwaiti residents during a very short period of time, after which all previous banknote issues were declared worthless. And in this case worthless means WORTHLESS. Current 20 Kuwaiti Dinar notes have a face value of about 75.00USD at the exchange booth. Older ones sell on ebay for about 10.00USD to collectors - and that's for one without any folds. http://www.iraqi-dinar.org/iraqi-dinar-currency So nice of you to come out of the woodwork and save me after 7 years. This is speculation, never invest more than you can lose....bottom line. 6 Link to comment Share on other sites More sharing options...
WayCoolJr Posted June 27, 2011 Author Report Share Posted June 27, 2011 lol Thanks for the article but why are you here? Way back in 2005 I spoke to an "expert" on the dinar and he SWORE on his life that the dinar would RV before 2005. He even sent me "official" government documents that the RV MUST happen before end of 2005. He said the government and CBI could not continue in 2006 unless there was an RV before 2005. He sent me PDFs of some VERY realistic document with real names and everything! The bottom line is ANYTHING can be forged and he was a TOTAL LIAR!! His number was disconnected January 1 2006! LOL I'm here to warn you all. Don't fall for this scheme!! Even Ali at DinarTrade stopped selling dinars and he warned me that I could lose ALL my investment! Ali got in trouble with the SEC and he stopped selling dinars since he KNOWS it's a sinking ship! Ali even said there is NO rv but it will be a gradual increase! That's what he told me anyway. I don't know how many stories he's telling others but I'm glad I didn't waste any money on this paper! 3 8 Link to comment Share on other sites More sharing options...
Atheist Posted June 27, 2011 Report Share Posted June 27, 2011 I guess we can all relax knowing there won't be an RV. 2 Link to comment Share on other sites More sharing options...
LaGrange Posted June 27, 2011 Report Share Posted June 27, 2011 Way back in 2005 I spoke to an "expert" on the dinar and he SWORE on his life that the dinar would RV before 2005. He even sent me "official" government documents that the RV MUST happen before end of 2005. He said the government and CBI could not continue in 2006 unless there was an RV before 2005. He sent me PDFs of some VERY realistic document with real names and everything! The bottom line is ANYTHING can be forged and he was a TOTAL LIAR!! His number was disconnected January 1 2006! LOL I'm here to warn you all. Don't fall for this scheme!! Even Ali at DinarTrade stopped selling dinars and he warned me that I could lose ALL my investment! Ali got in trouble with the SEC and he stopped selling dinars since he KNOWS it's a sinking ship! Ali even said there is NO rv but it will be a gradual increase! That's what he told me anyway. I don't know how many stories he's telling others but I'm glad I didn't waste any money on this paper! Thanks again. 1 Link to comment Share on other sites More sharing options...
umbertino Posted June 27, 2011 Report Share Posted June 27, 2011 Quote I'm only trying to help you. End Quote So freakin' kind of you. 5 Link to comment Share on other sites More sharing options...
LaGrange Posted June 27, 2011 Report Share Posted June 27, 2011 I guess we can all relax knowing there won't be an RV. I'm feeling more relaxed, let's go for coffee! 3 Link to comment Share on other sites More sharing options...
WayCoolJr Posted June 27, 2011 Author Report Share Posted June 27, 2011 (edited) I guess we can all relax knowing there won't be an RV. Hello my friend! I am an atheist too! Don't forget Jesus was MYTHICAL!! There are dozens of gods around that area like Mithras, Horus, Jesus, Tammuz, Hercules, Dionysis, Osiris, Isis, etc. So they're ALL real right? LMAO!! When people go to church or read the bible you simply read the STORY of a god NOT the evidence of a god! Don't forget there are stories of HUNDREDS of gods on earth. Has nothing to do with them being real. I'm SORRY for the digression! I just got turned on when I saw Atheist! I will NOT bring it up again! Back on topic! Edited June 27, 2011 by WayCoolJr 4 38 Link to comment Share on other sites More sharing options...
cisole Posted June 27, 2011 Report Share Posted June 27, 2011 Thanks for the doom and gloom to go with my coffee.... 1 Link to comment Share on other sites More sharing options...
LaGrange Posted June 27, 2011 Report Share Posted June 27, 2011 Waycooljr, Do you work for Wells Fargo????? Hello my friend! I am an atheist too! Don't forget Jesus was MYTHICAL!! There are dozens of gods around that area like Mithras, Horus, Jesus, Tammuz, Hercules, Dionysis, Osiris, Isis, etc. So they're ALL real right? LMAO!! When people go to church or read the bible you simply read the STORY of a god NOT the evidence of a god! Don't forget there are stories of HUNDREDS of gods on earth. Has nothing to do with them being real. I'm SORRY for the digression! I just got turned on when I saw Atheist! I will NOT bring it up again! Back on topic! Now I know you work for WF! lol 1 Link to comment Share on other sites More sharing options...
cisole Posted June 27, 2011 Report Share Posted June 27, 2011 Waycooljr, Do you work for Wells Fargo????? nah just a freelance dumper Link to comment Share on other sites More sharing options...
umbertino Posted June 27, 2011 Report Share Posted June 27, 2011 (edited) Quote I'm here to warn you all. Don't fall for this scheme!! End Quote Ok... Let me get this straight... You come here in this Dinar Forum ( and probaly others) where it's not difficult to imagine many or most or all are ALREADY invested and surely a few or many did study this Opportunity more or less thoroughly and you are stating not to fall for this ( your words) scheme? What would you expect us to say and do at this point? Sell our Dinars real quick? Because you convinced us all in a snap of fingers? Really....What do you want us to do? Who sent you anyway? Be good and disclose your ( hidden ) reasons. Edited June 27, 2011 by umbertino 3 Link to comment Share on other sites More sharing options...
LaGrange Posted June 27, 2011 Report Share Posted June 27, 2011 Quote I'm here to warn you all. Don't fall for this scheme!! End Quote Ok... Let me get this straight... You come here in this Dinar Forum ( and probaly others) where it's not difficult to imagine many or most or all are ALREADY invested and surely a few or many did study this Opportunity more or less thoroughly and you are stating not to fall for this ( your words) scheme? What would you expect us to say and do at this point? Sell our Dinars real quick? Because you convinced us all in a snap of fingers? Really....What do you want us to do? Who sent you anyway? Well, I'm convinced. I just now dumped all of my dinar. Are you on any Dong forums??? lol Link to comment Share on other sites More sharing options...
hoosier1470 Posted June 27, 2011 Report Share Posted June 27, 2011 Yep....I can really see Iraq bring out smaller notes and not change the exchange rate! Why you ask? Well....ya see, alot of folks are out of shape over there....(since they have all been sitting around eating big macs and fries every meal) therefore the countru has devised this plan, and have put it in place as an exercise program! Yeah...thats it! When all these Iraqis have to start pushing wheelbarrels full of dinars around just to go buy a sack of flour....look at all the weight they will loose! Great plan! Link to comment Share on other sites More sharing options...
Butifldrm Posted June 27, 2011 Report Share Posted June 27, 2011 WaycoolJr, I have a question to ask you. What is the purpose for the redenomination? 1. We pretty much know I raq is going to release lower denominations (raise the three zeros) 2. The denominations should come out in 1's 5's 10's up to 100's 3. So by what you are insinuating when the average Iraqi goes to market to buy a loaf of bread which cost 3.00 USD with the newly released 1.00 IQD's he will have to take 3,510 IQD in 1.00 denominations to market to buy a loaf of bread, at the present rate of 1170 IQD per 1 USD. the whole idea for the redenomination is to ease such transactions. IMO, there will have to be a rate increase for these new denominations to be of any value. 4 Link to comment Share on other sites More sharing options...
YANNAVIA Posted June 27, 2011 Report Share Posted June 27, 2011 I find it offensive when this investment is referred to as a "get rich quick scheme." I have been waiting over 6 years for this investment to move, I hardly consider that something "quick." 4 1 Link to comment Share on other sites More sharing options...
WayCoolJr Posted June 27, 2011 Author Report Share Posted June 27, 2011 Quote I'm here to warn you all. Don't fall for this scheme!! End Quote Ok... Let me get this straight... You come here in this Dinar Forum ( and probaly others) where it's not difficult to imagine many or most or all are ALREADY invested and surely a few or many did study this Opportunity more or less thoroughly and you are stating not to fall for this ( your words) scheme? What would you expect us to say and do at this point? Sell our Dinars real quick? Because you convinced us all in a snap of fingers? Really....What do you want us to do? Who sent you anyway? Be good and disclose your ( hidden ) reasons. I actually know people who have invested over a thousand bucks and in one case THOUSANDS in the dinar and now they are PISSED as hell!! I'm just here to warn you guys not to invest any MORE in it. I mean you could wait 5 to 20 years and see 5% to 50% gain on you investment but I doubt that's why you got in. Plus don't forget the dinar could go DOWN in value too. Any currency expert will tell you there is no guarantee the dinar even slowly appreciates. Very good chance of that though. But Iraq is an unstable 3rd world nation. You will ALWAYS have terrorists and thugs there to wreak havoc and that can cause instability in ALL aspects of society! 1 7 Link to comment Share on other sites More sharing options...
Bat of Darkness Posted June 27, 2011 Report Share Posted June 27, 2011 "Come on my friend. I'm only trying to help you" Oh Pul-lease. There have already been several revaluations...and that pretty well sums it up, Junior. We are all waiting for them to come back to the real world...and if that means appreciation over decades, that's cool. If it means trading in for a new currency, that's cool too. No risk - no reward! It's an ADULT thing. We don't need you to save us from ourselves, but thanks so much for your concern. 2 Link to comment Share on other sites More sharing options...
Don & Rocio Posted June 27, 2011 Report Share Posted June 27, 2011 It's not a "get rich quick" scheme. This has always been known as a long term investment. 2 1 Link to comment Share on other sites More sharing options...
LaGrange Posted June 27, 2011 Report Share Posted June 27, 2011 I actually know people who have invested over a thousand bucks and in one case THOUSANDS in the dinar and now they are PISSED as hell!! I'm just here to warn you guys not to invest any MORE in it. I mean you could wait 5 to 20 years and see 5% to 50% gain on you investment but I doubt that's why you got in. Plus don't forget the dinar could go DOWN in value too. Any currency expert will tell you there is no guarantee the dinar even slowly appreciates. Very good chance of that though. But Iraq is an unstable 3rd world nation. You will ALWAYS have terrorists and thugs there to wreak havoc and that can cause instability in ALL aspects of society! I am a forex trader and realize that price cycles on a free market. It is called reversion to the mean, regardless-all currencies rise and fall. If it was allowed to hit the forex, it would go on a bull run due to all the economic activity in the country. Pretty cool scheme eh? 5 Link to comment Share on other sites More sharing options...
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