New Dinar Investment, Scam or not?

Hi everyone, stupidity and curiosity got the best of me this past weekend while I was trolling ebay. I came across this acution for information on how to become a BILLIONAIRE. Most auctions just list make money fast ploys with quick cash, make millions, or hundreds of thousands, but this on in particular went right for the jugular claiming to make people billionaires.

Ofcourse I caved and spent the $29.95, which is a scam in itself I think. The package was basically an ebook explaining how the Iraqi Dinar at one time was worth $3.30 USD before the 1st Gulf war, and now its current value is in the neighborhood of 1 USD = 1460 IQD. Thats quite a drop.

It further went into how Iraq is sitting on vast oil reserves and as soon as the new elections for the parliment take place and the government is in place and stability comes to pass, that the value will rise dramatically.

Curently, you can buy 1 million IQD for around $800 USD. I caved once again, and bought 200,000 IQD on this past sunday, becuase thats all I currently can afford.

My questions to the ATS community are:

1.) Do you think Iraq will stablaize any time soon?
2.) This obviously is a high risk investment, is it worth the risk?
3.) Has anyone else heard of investing in the Dinar, and if so have you?
4.) What do you think they will "peg" the exchange rate at?
5.) Am I just a loser for even considering investing in this countries currency?

I want to know what you guys think. Thanks for any input on this matter.

Cylent

Hmm, to think of it, that's a mighty risky, very high risk, investment that you take, to put it simply, it was a waste of money, you should have put that $800 + to better use. peace

good luck

I came across this article on CNNMoney

Ask the Experts: Should I invest in the Iraqi Dinar?




Its a gamble but nothing ventured nothing gained they always say. Even a few cents increase could offer amazing returns. But no matter how low a currency is theres always a chance it can go lower.


money.cnn.com...

at first i got confused, with the numbers & all......
it appears that Cylent773 only acquired 200,000 Iraqi dinars

which figures to be a cost of $160.00 not $800.oo
................................................................................

I'm with ShadowXIX,
-one thing to consider is that the Dinar might become backed by Gold
in the future, as it seems the Muslim World is making noises that there will soon be a 'Islamic' Gold Dinar among the Islamic Conference nations...
and the US Petro-dollar will not hold as much value when that happens.

Cylent773 made no statement that there were any transaction fees in purchasing the 200,000 Iraqi Dinars

and did a package of paper currency get sent to 773's USA home address?
or is some bank holding the account?
?will there be exchange fees when converting back into dollars?


I'll let you in on something, If the funds are in a 'Islamic' Bank, and if that bank operates according to Islamic Law...
the Bank must ban the paying or charging interest, which is considered usury by Muslims.
If your bank account arrangement is operating within the standards your accoustomed to,............well, .................then.................... i think you
most likely got shook down!

aw well, whats a hundred & aHalf anyhow

Thats not an investment,.. but purely speculation.

define:speculation


.

In theory, when the country finally manages to rebuild itself its economy should improve steadily and you may find that you'll reap all the rewards that come with that.

However I have no idea how long that process will take.

I spent about $260 USD, and I physically have $200,000 in New Iraqi Dinars at my home. According to what I've read, as soon as the parliment takes office and the currency begins trading internationally on FOREX, i should make a profit, But people have to stop or maybe just slow down blowing themselves up everyday. A civil war would effectively make my small investment null and void. Like I said, I realize its a super super long shot, but hey, I'm a gambler, no harm no foul.

Oh, the bank notes are certified and I checked them with a counterfiet pen and had a bank downtown look at them, they are authentic.

Cylent773 where did you actually get the Iraqi Dinars from? I think im going to get a few as a novelty item.

I dont know if its the old ones, But it would be a interesting piece of history to get the ones with Saddams face on them.

Hey! I have some dinars as well, about 250,000 of them. I got mine off eBay from some guy in Lebanon. I don't know what to say, except that I'm going to hold on to them as a novelty, or maybe one day when I'm old they'll be worth something.

Hmm if they are cheap enough as you say maybe I should pick up a few million dinars hehe. How much is the "old" Saddam currency? I have a feeling it will be a collectors item 40-50 years after his execution.

Yeah I was thinking the same thing Sardion2000 Ill keep it with my full set of Desert Storm trading cards Mwhahaha

You can buy both kinds of dinars from ebay. Saddam era ones are alot cheaper than the new official currency. Or if you dont want to go to ebay then just google "buy dinars". I think just for the sake of a longshot im going to pickup another 1/2 million, you never know, things could turn out for the best. Heh, i never thought i would be able to say I was a millionaire, too bad its just not in this country. lol

Be carefull! if you buy from ebay. I searched for a soldier stationed in iraq and got lucky and found one mailing the currency to his wife in florida. Thats really the only way I halfway trust they were real.

A lot of my friends have bought Dinars over the past couple of years. They have all bought 1 million plus in the hope that once the country stabilizes the strength of the currency will grow and if it reaches 1:1 they will be millionaires. From what they have told me it will only do this with the NEW Iraqi dinar. Apparently during the Gulf war the Kuwaiti dinar dropped through the floor and a lot of people bought millions of them. Today, 15 years later the kuwati dinar is roughly 1:2 with the British Pound and 1:3.5 with the US Dollar. So if you bought a load back then your a real millionaire back home now and that is where the idea today of buying this currency came from. This topic has got me thinking about it again and since im in the middle east right now I might just go out and buy a million for the hell of it.
You never know, probably more chance making a million this way than winning the lottery I suppose.

Keep in mind that the iraqi government is extremely unstable, and the government is what makes the money worth anything. The prospects of iraq as a country having money are pretty darn good, but will it be in dinars issued by the current government?


Saddam era Dinars would be nothing more than a novelty/collectors item, not an 'investment'. Money speculation can't work if no government is backing the money, and the hussein era money isn't ever going to be backed.

It will be sold on the base of how the dollar does.
Sadam was going to switch to Euros, that would have hurt the dollar. Iran is talking about doing the same thing. If they do the Euro will increase. Euro is the future.

Wait Saddam was going to switch to Euros ? Do you mean he was going to switch which currency he traded oil in?

I cant see Saddam changing the money that had his face all over it for money with EU symbols for his country.

I think what was meant, near as I can tell, was that Saddam DID switch to euro's, but only as the petro dollar. And he was very successful in that switch too.

Well I bought some from a website but I havent got them
yet, from what I understand it is currently very hard to cash
them back into USD (but I figure most people will wait until
there is a profit in cashing them in). Once U.S. banks establish
themselves in Iraq then you should be able to cash them in at
your local bank. I think its a good bet that it will be worth more
than I paid for it but I am prepared to wait several years.
I wouldn't spend more than I can afford to throw away though
because it really is like gambling, you could win or loose.
I am betting on win

The New Iraqi Dinar will be replaced with a new currency when the new government takes seat.
The Iraqi people will not lose confidence in the currency because the new officials will convince them that the currency is one that was put in place by the occupier and hence the need to replace.
Even if you open an account in the country you will lose as the new government will overwrite all orders that were put in place by the CPA.
There are currently 6+ trillion NID in circulation and even if Iraq used fractional banking at 1% on a revaluation it would bankrupt the country because 80% or more of this currency is in the hands of speculators.

Of course do what you want with your money but I'm sure you heard the old saying "If it sounds too good to be true"?

GOOD THREAD!!!!

$800 for 1 million dinars? Of course it's worth it!!!! True you could lose out on $800 but people waste/lose more money than that on a single year buying junk....or in my case...losing money in the stock market.

Think about it...you have WAYYYYYYYYYYYYYYYYYYYYYYY more to gain than to lose. If you lose, at least you can say that you tried and are only out $800 bucks...big deal. If the currency goes up...you win...and I mean big. Just think if the value of the currency did go up and you didn't buy. (I've missed a few opportunities myself)

Only thing is...

It could take years for the country to stabilize..but I think the U.S. and many other countries have a lot riding on this and want to see the new government succeed for several reasons. Oil being possibly the main reason. Think of this has a long term investment.