dumb question

[goblue522]

OK, dumb question. Almost all of my iqd are 25k notes but i do have a couple hundred thousand in 50, 500 and 1k notes. Would I be better served to buy more small denoms at the higher price or pick up some more 25k? I am leaning toward the smaller denoms just in case they rv real low so i can hold the smalls and wait for the iqd to go up. thoughts?

Thanks

[TFK]

thoughts?

Ya, stop listening to Breitling. He's full of it with this lower denom BS. Just buy the big notes and save your money!

A dinar is a dinar is a dinar!

[Cosmo]

I think at this point you're best off buying the higher notes. I have a small stack of lower demons for low visibility reasons on the premise we will have a longer cash in period but that's it.

[goblue522]

cool, ty both

[jeepguy]

if you must buy dinar ---please buy from one of the members here trying too sell ,,,,, keep the c b i auction off balance,,,plus the money spent in the forums here it stays here -------> keep the small denominations ,,,and trade in the large,,, if it is a small revalue rate

[jmw]

Don't spend the extra money on the lower denoms it makes no difference...if they delete zeros it will be off all of the notes not just the ones with three zeros....

and if you need 1 million IQD in 25k notes...I've got just the deal for you!...it's listed in the selling dinar section.

[TonyDownTheShore]

Ya, stop listening to Breitling. He's full of it with this lower denom BS. Just buy the big notes and save your money!

A dinar is a dinar is a dinar!

I agree, money is money. Is 100 singles worth more than a 100 dollar bill ?

[Joeysixtsix]

Ya, stop listening to Breitling. He's full of it with this lower denom BS. Just buy the big notes and save your money!

A dinar is a dinar is a dinar!

Breitling has never said lower denoms will be worth more at RV. If you listen and comprehend what he says you would know this. What he thinks is that there may be a certain time period that the 000 notes will need to be cashed in by and AFTER that time you may be able to hang on to lowers and let them ride if you think the Dinars value will keep going up.

If all you care about is cashing everything in at RV and walking away then don't worry about lower denoms you don't need them. If you think maybe you'd like to hang on to some and let them ride and see what happens over time you might want to get a few lower denoms in case the highers are called in and taken out of circulation after cash in. He has never claimed that at initial RV time lowers are worth more, just that you may be able to hang on to them after RV if you so choose.

Very simple, listen closely, he talks fast lol.

[jmw]

Breitling has never said lower denoms will be worth more at RV. If you listen and comprehend what he says you would know this. What he thinks is that there may be a certain time period that the 000 notes will need to be cashed in by and AFTER that time you may be able to hang on to lowers and let them ride if you think the Dinars value will keep going up.

If all you care about is cashing everything in at RV and walking away then don't worry about lower denoms you don't need them. If you think maybe you'd like to hang on to some and let them ride and see what happens over time you might want to get a few lower denoms in case the highers are called in and taken out of circulation after cash in. He has never claimed that at initial RV time lowers are worth more, just that you may be able to hang on to them after RV if you so choose.

Very simple, listen closely, he talks fast lol.

I haven't listened to him lately but at one time he was pumping lower demons in order to avoid the deleting zeros as he claimed that only the notes with three zeros were being deleted...which is wrong.

[StopdaBS]

I haven't listened to him lately but at one time he was pumping lower demons in order to avoid the deleting zeros as he claimed that only the notes with three zeros were being deleted...which is wrong.

Just curious how do you delete 3 zeros off a 500 note? What is its value after they delete 3 zeros off it? They say they are gonna delete the 3 zeros off the larger notes. Where have they ever said that all notes no matter the denomination will have 3 zeros deleted?

[jmw]

Just curious how do you delete 3 zeros off a 500 note? What is its value after they delete 3 zeros off it? They say they are gonna delete the 3 zeros off the larger notes. Where have they ever said that all notes no matter the denomination will have 3 zeros deleted?

What they have said is that they are going to delete three zeros from all currency...they will be doing this as they introduce a new lower denominated currency...the two will co-exist until the old is completely removed from circulation (at least that is how it is typically done).

So an old 500 note would be worth the same as a new 1/2 dinar fil. An old 1000 dinar note would be worth 1 new dinar note.

It has been done many times before...check what Turkey did....

Currently a 500 IQD note is worth about $.50 US...when they delete the zeros it would still be worth $.50 US...but it would be 1/2 fil instead of 500 IQD.

Hope that helps.

[joseroque]

If you are going to cash in your Dinars, why not cash them all in. Why keep the lower denoms for later. It makes no sense. Once the RV comes, they will all be worth the new rate!!

[kosman]

In my own opinion, there is no difference in the ultimate value. I only have some small denoms in case I can cash them in at the Dubai Airport. Even at 1:1 I would not want to carry around what I get from a cashed 25K note.

[goblue522]

If you are going to cash in your Dinars, why not cash them all in. Why keep the lower denoms for later. It makes no sense. Once the RV comes, they will all be worth the new rate!!

You really don't pay attention at all. Where's the mute button for this guy?

[Caye98]

In my own opinion, there is no difference in the ultimate value. I only have some small denoms in case I can cash them in at the Dubai Airport. Even at 1:1 I would not want to carry around what I get from a cashed 25K note.

Now that is the best rationale for having any small notes.

ANY change in currency will affect ALL bills. IF there were an event that caused 000 to be removed, then a 25K note would still be equal to 250 100 notes. So on a 1:1 rate the 25K note would be $25 and the 100 note would only be $0.001 (1/10th of a penny!)

If you are going to cash in your Dinars, why not cash them all in. Why keep the lower denoms for later. It makes no sense. Once the RV comes, they will all be worth the new rate!!

It only makes sense IF you do not have a cash-in deadline, or you believe the rate will climb. In either case it makes makes no difference the the size of the bill, you are correct, the rate is the rate.

[Joeysixtsix]

I haven't listened to him lately but at one time he was pumping lower demons in order to avoid the deleting zeros as he claimed that only the notes with three zeros were being deleted...which is wrong.

Oh ok, I've only been listening to him for a few months (maybe 6 or so). In that time he's never really pushed lowers only says that they may be kept in circulation so a person could hang on to them as an investment after RV. Most of what he talks about lately is for those who are looking past RV and generally investing in Iraq overall long term. I read alot of comments here where it seems like people are misinterpreting what he says. Maybe it's because I have only been listening since early summer or so.

[speculatorsRIDE]

Lower denoms. Lower denoms. Folks need to think about taxes when purchasing IQD. Let's assume for a moment that the IQD is revalued at a rate of 1 IQD =$1. You go to the bank with a 25,000 IQD and cash out and it would be worth $25,000. This transaction would be reported to the IRS and you will need to pay taxes. However, if you go to a bank and exchange a 1,000 IQD note, you would receive $1,000. This transaction would not be reported and there would be no taxes due. Federal law requires any banking transaction in excess of $10,000 must be reported to the IRS. Lower denoms could be used in small transactions (less then $10,000) to avoid any tax liability.

goblue522 the only dumb question is the question that isn't asked.

Edited December 4, 2011 by speculatorsRIDE

[BrokeNoMore]

Lower denoms. Lower denoms. Folks need to think about taxes when purchasing IQD. Let's assume for a moment that the IQD is revalued at a rate of 1 IQD =$1. You go to the bank with a 25,000 IQD and cash out and it would be worth $25,000. This transaction would be reported to the IRS and you will need to pay taxes. However, if you go to a bank and exchange a 1,000 IQD note, you would receive $1,000. This transaction would not be reported and there would be no taxes due. Federal law requires any banking transaction in excess of $10,000 must be reported to the IRS. Lower denoms could be used in small transactions (less then $10,000) to avoid any tax liability.

goblue522 the only dumb question is the question that isn't asked.

You aren't talking about avoiding tax liability. You're talking about not paying taxes that are owed, whether flagged by a 10K limit or not.

The current cost of the 1K notes per dinar is much much higher; much higher than the taxes at approx 35%, at least where I bought them at dinarbanker.com.

A better idea would be to open a Warka account in IQD, and then there is no rush whatsoever to cash in. I fully plan to do it if I can figure out how; I'm not sure that window hasn't been closed; all the links at Dinarvets and Dinarspeculation seem to be out of date.

[GotSix]

OK, dumb question. Almost all of my iqd are 25k notes but i do have a couple hundred thousand in 50, 500 and 1k notes. Would I be better served to buy more small denoms at the higher price or pick up some more 25k? I am leaning toward the smaller denoms just in case they rv real low so i can hold the smalls and wait for the iqd to go up. thoughts?

Thanks

Finally an honest person....because that's truly a "dumb question".......and by the way....if someone happens to give you an answer.....then congrats...you found your partner

[BrokeNoMore]

Finally an honest person....because that's truly a "dumb question".......and by the way....if someone happens to give you an answer.....then congrats...you found your partner

Wow. How rude.

[speculatorsRIDE]

You aren't talking about avoiding tax liability. You're talking about not paying taxes that are owed, whether flagged by a 10K limit or not.

The current cost of the 1K notes per dinar is much much higher; much higher than the taxes at approx 35%, at least where I bought them at dinarbanker.com.

A better idea would be to open a Warka account in IQD, and then there is no rush whatsoever to cash in. I fully plan to do it if I can figure out how; I'm not sure that window hasn't been closed; all the links at Dinarvets and Dinarspeculation seem to be out of date.

I didn't create the system. I just am playing by the rules as they are established. The law says no taxes are owed on exchange of currencies under $10,000. It would be no different then exchanging any left over foreign currency from my last vacation out of country.

Sorry, but I am not one to place my money in a bank in a foreign country like Iraq. No FDIC in Warka. In fact no guarantee of any kind in Warka. This speculation is risky enough as it is.

[Doctor Smith]

OK, dumb question. Almost all of my iqd are 25k notes but i do have a couple hundred thousand in 50, 500 and 1k notes. Would I be better served to buy more small denoms at the higher price or pick up some more 25k? I am leaning toward the smaller denoms just in case they rv real low so i can hold the smalls and wait for the iqd to go up. thoughts?

Thanks

I don't think it's a stupid question. It depends on what scenario unfolds and their is no way to really tell for sure.

If they lop you would be better off with the 25,000 notes as they are less expensive and you would lose less money.

If they come out at high rate and or don't have a time limit on the 25,000 notes you will also be better off with the 25k notes.

I can also see a scenario where they have a time limit on the 25,000 notes to pull them in at a low rate with a high spread. I would guess most (90% or so) of the currency is in 25,000 notes so that would make sense. How far would you have to go down in denominations to make a big difference? I don't know. If I buy more I'm thinking about just getting the 5k notes myself as I can get them for the same amount as the 25k and they could make a big difference.

To be safest you would have to buy the 500 Dinar note or less and that is about 2- 3 times more money.

[keepmwlknfny]

I didn't create the system. I just am playing by the rules as they are established. The law says no taxes are owed on exchange of currencies under $10,000. It would be no different then exchanging any left over foreign currency from my last vacation out of country.

Sorry, but I am not one to place my money in a bank in a foreign country like Iraq. No FDIC in Warka. In fact no guarantee of any kind in Warka. This speculation is risky enough as it is.

Are you sure about that?? The tax laws I read stated any profit over $250 has to be claimed or taxed, the only 10k rule I remember reading was that if the transaction of exchange is over 9,999 dollars then you are required to fill out the fincen form or whatever it is....

The CBI does in fact act like the FDIC, they guarantee all funds that are placed in its banks....to what extent, I dont know but I did read that in the CBIs policies and laws....

[speculatorsRIDE]

Are you sure about that?? The tax laws I read stated any profit over $250 has to be claimed or taxed, the only 10k rule I remember reading was that if the transaction of exchange is over 9,999 dollars then you are required to fill out the fincen form or whatever it is....

The CBI does in fact act like the FDIC, they guarantee all funds that are placed in its banks....to what extent, I dont know but I did read that in the CBIs policies and laws....

Tell me keep, when was the last time you were out of the country? Americans believe that there rights follow them around the world. This is not true. Once you enter a foreign country you are bound by their laws and only entitled to the rights they afford you. You and I don't agree on the CBI or the GOI. You believe everything you read and see in print from both while I believe almost nothing from either of them.

As for the 10k rule, you can believe what you like, but, if I turn in a 1k IQD for $1,000 I will pay no tax and there will not be a report to the IRS.

[keepmwlknfny]

Tell me keep, when was the last time you were out of the country? Americans believe that there rights follow them around the world. This is not true. Once you enter a foreign country you are bound by their laws and only entitled to the rights they afford you. You and I don't agree on the CBI or the GOI. You believe everything you read and see in print from both while I believe almost nothing from either of them.

As for the 10k rule, you can believe what you like, but, if I turn in a 1k IQD for $1,000 I will pay no tax and there will not be a report to the IRS.

Its not about our rights following us, its about what is on paper that protects funds in the CBIs banks, and the laws that give us the same rights as any citizen of Iraq.....If its written and on paper, you are liable for your statements.....we do have the same protection with banks under the CBI as does every Iraqi...at least there are laws set up that way....

You could probly get away with a few exchanges under 10k and not have to be reported, but the fact is that multiple exchanges/deposits for those amounts WILL get your account red flagged and you will draw attention to yourself so you probly wont get very far.