Valleywx.com: Storms in the forecast for Christmas week

Alabama Securities Commission Issues “Investor Alert” Addressing Bitcoin, Iraqi Dinar

The ASC warns of risks to investors in Iraqi dinar with a new "investor alert."

The ASC warns of risks to investors in Iraqi dinar with a new "investor alert."

The Alabama Securities Commission released an “investor alert” statewide on Wednesday, March 12th 2014. In response to a WHNT News 19 investigation, the alert specifically addresses investment in Iraqi dinar. An advance copy of the alert continues below.

UPDATED: WHNT News 19 continued our investigation into dinar with a special report that aired Friday, May 9th 2014. We put claims used to promote Iraqi dinar as a good investment to the test. Are the claims legit? Or are investors being misled? Click here to watch and read for yourself!

——————–

MONTGOMERY, ALABAMA (March 12, 2014) – As our state’s and the country’s economy slowly improves, Alabama citizens could still be at risk for losing their hard-earned money to high-risk investment products that guarantee or promote unrealistically high rates of return with little or no exposure to loss. The Alabama Securities Commission (ASC) receives numerous inquiries about exotic-sounding, high-yield investment “opportunities” that, in many cases, are revealed to be unregistered investments touted by unlicensed individuals who employ vague or unrealistic trading strategies. And, with the rapid evolution and marketing potential of social media and the internet, investors may be lured by the illusion that most such opportunities are legitimate. The ASC alerts Alabama investors about two current, high-profile, high-risk investment opportunities that have the potential to seriously compromise their personal financial assets if not investigated thoroughly and carefully.

BITCOIN issues

Virtual or digital currencies, such as Bitcoin, have recently become popular as an alternative to cash or traditional lines of credit. Bitcoin and numerous other “crypto-currencies,” may be traded on online exchanges for conventional currencies, including the U.S. dollar, or used to purchase goods and services, usually online. Unlike traditional currencies, virtual currencies’ value can fluctuate radically according to user demand. In some cases, investors who trade on virtual currency exchanges have experienced trouble redeeming the digital currency or in cashing-out. The potential for fraudsters to use crypto-currencies to perpetrate financial scams is enticing due to the currencies not being issued by a governmental authority or financial institution, and having less regulatory oversight than transactions in conventional currencies. “The increasing prevalence of Bitcoin and other digital currencies has provided a fertile environment for financial criminals to make money on the increasing popularity and acceptance of these products,” said ASC Director, Joseph Borg. “The value of Bitcoin and other crypto-currencies can be highly volatile and investors should be aware that investments that incorporate ambiguous money systems can lead to very real risks, including the potential to lose one’s money!”

Iraqi Dinar issues

The Iraqi dinar “investment opportunity” is a scam that has existed for more than a decade and has regained some of its former popularity. As with many foreign exchange currency trading frauds, the dinar investment opportunity is often pitched as a “can’t miss” method by which the interested investor can profit from a severely undervalued Iraqi currency that is “certain” to appreciate in value in just a short time. Fraudsters engaging in the dinar scam promise that extravagant profits can be realized if the investor buys the dinar at today’s values, typically 1,000 or more dinars to one U.S. dollar. The investor then exchanges the dinars for dollars at a later date, once the dinar exchange rate has improved.

ASC Director Borg cautions that foreign exchange currency trading is very risky for main street investors. “Often, promoters of foreign exchange currency trading schemes, such as those involving the Iraqi dinar, lure investors with the promise of “control” over a large amount of foreign currency with a relatively small initial outlay. Fraudsters often predict inevitable increases in the currencies’ value, which will supposedly lead to huge returns over a short time, with little or no downside risk.” According to Borg, investors should not be fooled by the promise of easy money. “As with any traded commodity, investing in foreign currencies can be extremely risky and generally unsuitable for all but the most seasoned investors who can afford the high risk.”

Commodity trading platforms are subject to federal and state regulations; potential investors may contact the U.S. Commodity Futures Trading Commission (CFTC) at www.cftc.gov for more information; check registration status and disciplinary history of commodities at the National Futures Association (http://www.nfa.futures.org/) or call NFA at 800-676-4632; and contact the ASC at www.asc.alabama.gov or call 1-800-222-1253 to determine if an investment opportunity and the person making the office are properly registered.

What you can do

The Alabama Securities Commission encourages all Alabama citizens to learn and incorporate sound and proven investment techniques as a means to grow and safeguard their personal financial assets:

Check and verify. Before you buy, always independently verify with state and federal regulators who you are dealing with and whether the seller of the investment opportunity and the product is properly registered.

Exercise skepticism. Be aware that many individuals who offer strategies for getting rich quickly make their money on the sales of their books or seminars. Ask yourself why they’re sharing their secrets with you instead of keeping it to themselves.

Beware of guarantees. Be suspect of anyone who promises or guarantees an investment will perform a predictable way or will generate consistent or unreasonable returns.

Be suspect of complex strategies. Avoid any investment opportunity that touts complex or exotic-sounding techniques to achieve unusual success. Investors should be able to clearly discern what kind of opportunity is being offered; who is offering it; how does it make money; what is required to get your money out of the investment; and what are the risks.

Avoid pushy salespeople and claims of urgency. No reputable financial professional should pressure you or insist that you “act now” when considering an investment opportunity. If it is such a good deal today, it will be a good deal tomorrow—after you have had a chance to check and verify.

Contact the ASC with inquiries concerning securities broker-dealers, agents, investment advisers, investment adviser representatives, financial planners, registration status of securities or debt management programs, to report suspected fraud or to obtain consumer information. The ASC provides free investor education and fraud prevention materials in print, on our website and through educational presentations upon request.

ALABAMA SECURITIES COMMISSION

Post Office Box 304700

Montgomery, Alabama 36130-4700

Telephone: (334) 242-2984 or 1-800-222-1253 Fax: (334) 242-0240

Email: asc@asc.alabama.gov Website: www.asc.alabama.gov

36 comments

  • Chris

    I’d never even heard of this Dinar scam until last night on the news.

    Some people are so gullible.

    Bitcoin also sounds stupid.

    No wonder the economy is in the toilet….people are just throwing their money away.

    • Branko Pezdi

      A handful of dumb investors looking for a quick buck is not the reason “the economy is in the toilet”.

  • Danette J

    Hello! Like investors don’t know this! Alabama Security Commission’s OWN quote- . “As with any traded commodity, investing in foreign currencies can be extremely risky and generally unsuitable for all but the most seasoned investors who can afford the high risk.” Therefore, it a NOT A SCAM, it is a long term, risky investment. Many have chosen to take the risk and follow NEWS out of IRAQ! Like every other report, this one does NOT give concrete info as to this being illegal or a legit scam. Even your own warnings listed, are more safety suggestions for PURCHASING foreign currency,

    Check and verify- Product is properly registered. YES, we can buy a REAL currency from a registered dealer with the UST.

    Exercise skepticism- Not a get rich quick, overnight investment! This country was dismantled by the war, it has taken over 10 yrs, to put it back together, try to build a democratic government, and try to get monetary reform done thru economic overhaul. Majority of investors are willing to wait and understand this takes time!

    Beware of guarantees- No regular investor knows what the rate will be, only those in the ruling positions of the Central Bank of Iraq and other entities, know that. The common sense that Iraq will not stay where they are in value now, compared to their history and surrounding rates of other countries, lends many to believe there will be some level of adjustment and better value. Worth the risk to many!

    (You pretty much self explained this one, other than to dumb it down even more: Exit strategy will involve a revalue of whatever rate Iraq deems sensible, call a bank and follow their exchange instructions. Done!)
    Be suspect of complex strategies. Avoid any investment opportunity that touts complex or exotic-sounding techniques to achieve unusual success. Investors should be able to clearly discern what kind of opportunity is being offered; who is offering it; how does it make money; what is required to get your money out of the investment; and what are the risks.

    Avoid pushy salespeople and claims of urgency.- No regular investor knows when this may/will happen; if you follow their news, they have said 2014 will see currency reform. No one should purchase anything, anytime or anywhere, from hype; it should be a sound, thought-out, calculated, what are you willing and can afford to spend, decision.
    I totally agree with you on this.

    For you to pose this is a definite scam, your reasons and warnings do not validate and cannot validate this investment; be it risky, be it long term…it is still a valid currency of a real country, who themselves have said reform and higher international value is coming to their dinar.

    There is nothing you can be dogmatic about when it comes to this currency; both sides have to wait and see.If it come out very low, it will still be an improvement. If people decide it is too much for them, they can sell their dinar back to the dealers at a small loss; which is not a total loss in the end,

    • John Richardson

      For those who don’t understand why the Dinar is a scam:-

      The value of pegged currencies including the Iraqi Dinar are derived from how much foreign exchange reserves that country has divided by how many local units of currency it has printed. This is true of ALL pegged currencies – Iraq no exception. The Dinar is NOT backed by oil or anything else – it’s a fiat currency no different to the USD, and is just as unbacked as the USD. Iraq don’t want it backed by oil either!

      The Central Bank of Iraq has roughly $80bn of reserves (USD & gold), but it has printed over 87 TRILLION Dinar. 80bn divided by 87,000bn = $0.0008 USD available to “buy-back” each Dinar. This is exactly why the Dinar:USD rate is under 1000:1 to start with. If Iraq suddenly adjusted their peg (RV) 1,000x more, then their $80bn of reserves would be wiped out before even 0.1% of those 87 trillion Dinar were exchanged. It wouldn’t make anyone a “millionaire” – instead every bank in the country would be totally bankrupt overnight when they ALL run out of $ and Iraqi’s plunged into dire poverty!

      If Iraq declared the Dinar 1,000x more than the USD, they are also making it 1,000x more expensive for themselves to “buy back” each Dinar in circulation!” This is precisely why people are sucked into this scam – they hear promises of “free money” by scammers, yet literally have no clue how currencies work in reality or ignore the blatantly obvious on the other side of the equation – for you to make 1,000x off Iraq means Iraq will have to spend 1,000x more USD’s buying your Dinar back. And they do not have that. They don’t even have 2x. Forex is a zero-sum game. For A to buy something for 1000:$1 then sell for 1:$1, means B must find 1,000x MORE money to buy back $1:1 which they sold at $1:0.001.

      To debunk the morons claiming “oil will back the Dinar”, Iraq sells around $90bn-$110bn of oil per year (depending on oil price fluctuations). In order to acquire enough $ to “back” a stupid $87,000bn money supply (which is more money than the global economy by the way), it would take Iraq 87000 divided by $100bn oil revenue = 870 years! In order to back the absurd “$3.5 rate” it would take 3,045 years. In order to back a delusional $35 rate would take 30,450 years. Trying to “price in” oil reserves that’s sitting in the ground which won’t be drilled for decades is absurd as you’d be double counting – once as reserves and again as actual exports. You can’t “value” the same barrel of oil twice, and currency’s don’t even work like that anyway!

      You get the picture… Sorry, but it really IS a scam. You cannot print yourself 3,500x more money – tens upon tens of trillions of banknotes – then “pretend” you haven’t – no one can – and that’s the “RV” argument in a nutshell! The Dinar fell simply because Iraq had 20bn Dinar back in the 1980’s, but have since printed 87,000bn Dinar – not “unfairly” but because of plain and simple inflation. Same reason the USD fell from $25/oz vs gold to over $1,000.

      Or should we also “pretend” it’s still $25/oz like Nixon is still president, and that house prices are average $25,000, that a brand new car is just $3,900, that gas is still 36 cents per gallon, etc. :-D

      There are sadly just a lot of gullible conspiracy theorists who don’t understand what “inflation” is, and think the price of everything should remain stuck in the 1970’s no matter how much you print – but only for Iraq, all on the back of manufactured hype from a couple of dozen conmen running “conference calls” which they can make up to $10,000 profit per call from “shared revenue” cutbacks from the phone company / call hosting provider…

      • Bob

        Super post. Just about sums up the “discernment”, maths skills and “due diligence” of the average Dinar “investor”. LOL. It’s hard to sum up the level of suspension of disbelief required to “pretend” that $850 of someone’s inflated banknotes are ‘worth’ $3m for no reason other than confused greed.

      • Robert

        Good post John. It’s almost retarded people cannot understand that if the Dinar increased 1,000x vs the USD, EVERY future transaction would now cost 1,000x more money to deal with Iraq as well as screw up the prices of everything. The WHOLE POINT of redenominating / lopping is precisely to correct the blatantly obvious discrepancy!

        3-zero LOP = 1,220 Dinar bread -> $1.04

        1:1 “RV” = 1,220 Dinar bread -> $1,422.

        3.5:1 “RV” = 1,220 Dinar bread -> $4,978.

        And that’s supposed to be “restoring its true value”. LOL. On what planet do these people live? It sure as hell ain’t Earth… ;-)

      • Gilhou from Quebec Canada

        The IQD out of Irak will not return in Irak, it will be kept in central bank of each country as reserve money, backing the curency’s country as gold do it, and it very inpolished to say that Christine Lagarde is part of this supposed sting, don’t be more stupid as you look.

      • John Richardson

        “The IQD out of Irak will not return in Irak, it will be kept in central bank of each country as reserve money, backing the curency’s country as gold do it, and it very inpolished to say that Christine Lagarde is part of this supposed sting, don’t be more stupid as you look.”

        ROFL. Which guru told you that? Complete rubbish:-

        1. When Iraq redenominates there will be a set changeover period after which ALL current Dinar banknotes will become demonetized – they will simply cease to be legal tender for EVERYONE – just as Saddam and “Swiss” Dinar are worthless today. The Central Bank of Iraq have explained this several times.

        2.. NO-ONE uses the Dinar as reserve money precisely because it’s so over-printed! This is 100% guru BS easily proven by national + COFER statistics.

        3. Most Dinar held outside of Iraq are private hands. So unless you’re going to cheer on Communist style wealth confiscation, that alone debunks your BS claims.

        4. Most Dinar in circulation are INSIDE Iraq in the hands of Iraq’s who use it for “silly things” like – buying food…

        5. I never said “Christine Lagarde is part of a sting” at all – YOU were the one who made up lies over what “she said” which she didn’t say at all, which is why you failed to produce any evidence whatsoever when challenged. I’ve heard all the fake guru claims before over “The IMF said…” when they simply didn’t. It’s made-up guru fantasy that relies on “True Believers” NOT checking anything out of confirmation bias.

  • John Richardson

    For those who don’t understand why the Dinar is a scam:-

    The value of pegged currencies including the Iraqi Dinar are derived from how much foreign exchange reserves that country has divided by how many local units of currency it has printed. This is true of ALL pegged currencies – Iraq no exception. The Dinar is NOT backed by oil or anything else – it’s a fiat currency no different to the USD, and is just as unbacked as the USD. Iraq don’t want it backed by oil either!

    The Central Bank of Iraq has roughly $80bn of reserves (USD & gold), but it has printed over 87 TRILLION Dinar. 80bn divided by 87,000bn = $0.0008 USD available to “buy-back” each Dinar. This is exactly why the Dinar:USD rate is under 1000:1 to start with. If Iraq suddenly adjusted their peg (RV) 1,000x more, then their $80bn of reserves would be wiped out before even 0.1% of those 87 trillion Dinar were exchanged. It wouldn’t make anyone a “millionaire” – instead every bank in the country would be totally bankrupt overnight when they ALL run out of $ and Iraqi’s plunged into dire poverty!

    If Iraq declared the Dinar 1,000x more than the USD, they are also making it 1,000x more expensive for themselves to “buy back” each Dinar in circulation!” This is precisely why people are sucked into this scam – they hear promises of “free money” by scammers, yet literally have no clue how currencies work in reality or ignore the blatantly obvious on the other side of the equation – for you to make 1,000x off Iraq means Iraq will have to spend 1,000x more USD’s buying your Dinar back. And they do not have that. They don’t even have 2x. Forex is a zero-sum game. For A to buy something for 1000:$1 then sell for 1:$1, means B must find 1,000x MORE money to buy back $1:1 which they sold at $1:0.001.

    To debunk the morons claiming “oil will back the Dinar”, Iraq sells around $90bn-$110bn of oil per year (depending on oil price fluctuations). In order to acquire enough $ to “back” a stupid $87,000bn money supply (which is more money than the global economy by the way), it would take Iraq 87000 divided by $100bn oil revenue = 870 years! In order to back the absurd “$3.5 rate” it would take 3,045 years. In order to back a delusional $35 rate would take 30,450 years. Trying to “price in” oil reserves that’s sitting in the ground which won’t be drilled for decades is absurd as you’d be double counting – once as reserves and again as actual exports. You can’t “value” the same barrel of oil twice, and currency’s don’t even work like that anyway!

    You get the picture… Sorry, but it really IS a scam. You cannot print yourself 3,500x more money – tens upon tens of trillions of banknotes – then “pretend” you haven’t – no one can – and that’s the “RV” argument in a nutshell! The Dinar fell simply because Iraq had 20bn Dinar back in the 1980’s, but have since printed 87,000bn Dinar – not “unfairly” but because of plain and simple inflation. Same reason the USD fell from $25/oz vs gold to over $1,000.

    Or should we also “pretend” it’s still $25/oz like Nixon is still president, and that house prices are average $25,000, that a brand new car is just $3,900, that gas is still 36 cents per gallon, etc. :-D

    There are sadly just a lot of gullible conspiracy theorists who don’t understand what “inflation” is, and think the price of everything should remain stuck in the 1970’s no matter how much you print – but only for Iraq, all on the back of manufactured hype from a couple of dozen conmen running “conference calls” which they can make up to $10,000 profit per call from “shared revenue” cutbacks from the phone company / call hosting provider…

  • jimmiejerkmeeoff

    The massive amount of idiots wasting money on a farce is bad enough but the ultra low grade logic society is full of these days is extremely pathetic. They buy into all of this BS that Iraq is super wealthy with oil which no nation backs it’s currency on, the little bit of gold iraq possesses is only about $1.3 billion, natural gas, etc… ALL compounded could NEVER EVER support the nearly 85 trillion dinar Iraq has printed and MUST support. So even at the dreamiest return of $1 rate that is a minimum of $85 trillion. Hell not even $.10 nor $.01 can be supported. People who bought into this highly failed logic refuse to accept the economic explanation which is the REALITY of how currencies operate rather than these stupid fly by night “subject matter expert liars” a.k.a. GURUS. Of course the currency is real but the entire lie devised by the GURUS on all of the sites is where the scam exist. That’s like negating the fact that scams in America don’t exist because the USD is a real currency. Personally I feel these idiots deserve to lose all they’ve invested and more so that they learn for themselves. Some people don’t believe that fire burns all flesh so they stick their hands in the flames as well.

    • Danette J

      The central bank seeks to stabilize the Iraqi dinar against the U.S. dollar

      03/12/2014

      BAGHDAD / newspaper rectitude – exposure of the Iraqi economy to economic shocks large affected and fully at the level of the Iraqi dinar and caused slumping and the flight of capital abroad, declined to foreign investors from entering the country, for fear of fluctuations in the exchange rate of the currency, and now seeks the central bank to adopt a new policy to protect the currency Iraqi and ensure its stability against the U.S. dollar.

      Where A member of the parliamentary Finance Committee Abdul-Hussein al-Yasiri that the stability of the Iraqi dinar is due to several reasons, including the policy followed by the Central Bank of Iraq auction sale dollar a day.

      He added: “This auction is a balance between supply and demand, the Iraqi dinar and the dollar, and was able to since its introduction a few years ago until now to maintain the stability of the Iraqi dinar.”

      He Yasiri that the central bank has an important role in the stability of the dinar through daily currency auction, and that other measures also have an important role in supplying the Iraqi economy that serves everyone. ”

      Between “the country and the potential Iyad worker and good technical, we want the Investment Authority that work well for the investor comes with the money, that does not come and borrow from the banks.”

      He pointed out that “the banking sector progresses through the banking system is good and has a locking system well and keeping deposits of citizens and keeping bank loans and the strategic situation and cash management well,” stressing that “the Central Bank of 80 billion dollars, and must exploit the part of these amounts for development of the economy in Iraq. ”

      For its part, revealed the association of private banks – non-governmental organizations – all taken in coordination with the Central Bank of Iraq some monetary policies that will maintain the stability of the exchange rate of the Iraqi dinar against foreign currencies.

      He says the managing director of the Association super good: “The private banks now operate to attract traders, who make up one of the main sources for the introduction of foreign currency to Iraq and determine the activity of speculators at the exchange rate of the currency through the revitalization of reliance on bank bonds in banking transactions.”

      So stressed economic expert Majid picture on “the need for cooperation with the Ministries of Finance and Commerce, in the application of monetary policy new taken by the central bank in coordination with the private banks,” and warned at the same time that the absence of such cooperation would lead to “the inability of the private banks and the central bank of control the Iraqi dinar exchange rate, even with these policies. ”

      “The central bank has worked to identify the sales of foreign currency in the market to create a kind of balance between the price and the bank in the local market.”

      For his part, President of the Association of private banks in Iraq, Nouri al-Wadih starting workshop expanded civil and private banks in coordination with the Central Bank to discuss the latest developments change the exchange rate of the Iraqi dinar against the U.S. dollar in the local market.

      Nouri said that “the main objective of this workshop is to identify the mechanisms of cooperation in accordance with the new regulations issued by the central and include forcing private banks to deposit their capital with the central bank in the event of its desire to enter the auction of foreign currency held by the central bank every day.”

      “The workshop will also discuss the design and planning of a clear policy to maintain the stability of the Iraqi dinar against foreign currencies and its impact on the value of the local currency.”

      The decision of the Commission on Economy and Investment parliamentary Mahma Khalil: “The central bank is obliged to maintain the exchange rate of the Iraqi dinar and a balance must be maintained by the sovereign and the feature in the Iraqi economy because it is expected to be the Iraqi dinar economic identity in the region.”

      Khalilzad said that “the price is still volatile and that stability is through control of the movement of the dollar and the market may not be a balance of Iraq in 2007, ten billion dollars and the exchange rate in 1200 and today our credit $ 76 billion later this year remains the exchange rate itself.”

      For his part, said banking expert and executive director of the Association of private banks in Iraq, Abdul Aziz Hassoun “The arrival of the cash reserve to 80 billion dollars, enhances the value of the Iraqi dinar and ensure traders do and possessors upon trust and power, as it acts as a cover real currency.”

      He said Hassoun he: “When you are in Iraq so guarantees will be provided external actors to cooperate with this country and invest in it, because it is considered an important indicator, and gives the amount supreme confidence in the Iraqi market for traders with dealers and contractors, and equipped foreigners.”

      He said Hassoun that the CBI has issued new instructions to stabilize the exchange rate of the Iraqi dinar against foreign currencies through quotas weekly for banks and money transfer companies will increase and reduce the share exchange for a commitment each of them deliver the amounts they want customers from citizens.

      The central bank announced earlier in the rise of the dollar reserves to 80 billion dollars, and 80 tons of gold, this reserve would provide significant support for the economy and the bulwark against the Iraqi currency fluctuations that you may encounter.

      It is noteworthy that many of the international banks began to open branches in Iraq, invested great stability in the exchange rates of the dollar against the dinar, in addition to banking facilities good, and that made Iraq one of the favorite destinations for global banks. Ended 9

      http://translate.google.com/translate?depth=1&langpair=auto%7Cen&rurl=translate.google.com&sandbox=0&u=http://alestiqama.com/%3Fp%3D74528

      Get your reserves #’s right! It is NOW-
      The central bank announced earlier in the rise of the dollar reserves to 80 billion dollars, and 80 tons of gold, this reserve would provide significant support for the economy and the bulwark against the Iraqi currency fluctuations that you may encounter.

      • John Richardson

        LOL. Which as is typical, says the exact opposite of what you think it says:-

        Iraqi currency auctions are about maintaining a stable peg (at 1166:1)

        And even if Iraq did have 80 tons of gold, 80,000kg x $44k per kilo = just $3.52bn.

        Is $3.52bn + $80bn = $83.5bn reserves going to “support” turning a $75bn currency into a $88,000-$307,300bn “RV’d” currency? Not even in 1,000 years…

        It’s obvious you haven’t the faintest idea how currencies actually work and are trying to mask that with bellicose talk and irrelevant guru links to articles which don’t even say what you think they say.

        I have a few quotes of my own from official Iraqi statements:-

        “The new 50 Dinar bill will have a value of $43 (50,000 current note Dinar)… The Iraqi currency change will not have any effect on the international value of the Iraqi dinar and economy” – Central Bank of Iraq

        This redenomination had previously been applied in countries such as Turkey, who deleted six zeros from their currency” – Dr. Mohammed Saleh, Central Bank of Iraq

        The exchange rate between the new banknotes and the old ones would be 1:1,000. – Mahma Khalil, Member of the Iraqi Parliament and official spokesperson of the Economic Committee

        “The change that will take place with the Iraqi currency will change the face value of the dinar and not the real value as measured by the value of Iraqi dinar against the dollar and gold Sami Atrushi, Iraqi Finance Committee

        “The step to delete zeros is merely an administrative process, and the currency equation should remain the same. This means that the purchasing power of the new currency should be equal to that of the old currency – Nafee Elias, Iraqi North Bank.

        The deletion of zeros will not affect the Iraqi dinar’s purchasing power – Ahmed Faizullah, deputy head of the parliamentary Finance Committee

        The “RV” is a scam. Even Iraqi’s are telling you that.

  • Danette J

    Um, us idiots won’t lose all of our investment; if this does nothing we hope for, we can sell our currency back to traders. Get your facts straight on their reserves too, both foreign and gold. You are off on your numbers. I could post links, but that would be idiotic of me, right? I never even knew what a guru was when we bought some dinar, I did my own research, talk to some investment brokers that worked for Edward Jones and other people I know would have a grasp on what the ASC calls a “risky investment”. A lot of wealthy people are advised to hold about 4-5 foreign currencies in their portfolio, they will be mostly long- term investments, but they are still valid investments. You don’t like the risk? Don’t purchase. End of story for you.

    • jimmiejerkmeeoff

      You are an idiot because you don’t realize you’re already 20% in the hole the minute you bought it. Plus sell back to dealer prices have dropped considerably. In addition dinar dealers are increasingly making it more difficult to sell you dinar if you bought back from another dealer. It’s your money and I can’t wait to see you lose it all, plus the money you’ll need for Prozac to comfort your destroyed feelings when you realize how pathetic you’ve acted over GREED.

      ” I did my own research, talk to some investment brokers that worked for Edward Jones…”

      Now I know you are lying your butt off in an attempt to appear intellectual. I’m gonna contact Edward Jones and speak to their investment group to see if they ever recommended purchasing Iraqi Dinar as part of one’s “wealthy people” portfolio. Then I will inform them that Danette J. made the claim on this specific link. I can’t wait to hear the roaring laughter when I’m done telling them how pathetic you sound. But let’s let’s not stop there. “Wealthy People” I can assure you do use renown banks private bankers / wealth managers to manage their hefty portfolio and not as you said,”sell it back” which alludes selling back to dinar dealers. So to uncover your stupidity “wealthy people” use Forex to invest in foreign currency NOT fly by night dinar dealers. You are a clear case of a defrauded RV dreaming dinar holder and nothing more. Your research unless came from IMF, CBI, UST, CBO, WB, UN, or any other verifiable authentic site with real statistical history IS NOT data you can rely on.

      So if you’re gonna hold onto that pink worthless used camel crack paper, I suggest you go stock up on plenty of tissue and psychiatric meds cause you’re going to need it more than ever!

    • truth

      Don’t worry about this guy Danette, his name says it all! Like the article, he has no real facts and only deals in insulting vitriol, the kind reserved for miserable sods who are only interested in the cowardly, covert destruction of people. They live in stark terror of being discovered for who they really are.

    • jimmiejerkmeeoff

      Btw you say, “You don’t like the risk? Don’t purchase.” It’s not risk it is sheer stupidity based on internet stranger hearsay and nothing more than that. So will I purchase?? Hell no I’m way more intellectual than to throw away cash at a rumor with zero opportunity to profit from. Did Edward Jones investment advisor and “OTHERS” not tell you that? Guess they saw you coming and knew you were a perfect target to tell about the dinar right??

  • Danette J

    You’re right, Truth. Weird how he/she knows how every EJ broker would feel personally about this and assumed the Wealth Managers I know work for EJ. THEY DON’T! I had two separate friends to talk with.

    • jimmiejerkmeeoff

      You should really quit while you still have a few brain cells left or some dignity. We are trying to save you from your own failed logic. But if you want to waste your money go right ahead. Just stop spreading the lie that is hurting many senior citizens who are being scammed. For people like you who are blatant fools I wish you complete disaster post RD!!!

    • Son-of Liberty

      Danette,

      First you say..

      “I did my own research, talk to some investment brokers that worked for Edward Jones…”

      AND then you respond with

      “Weird how he/she knows how every EJ broker would feel personally about this and assumed the Wealth Managers I know work for EJ. THEY DON’T! I had two separate friends to talk with.”

      Those were your own words you got quoted on then you try to dispel Jimmie’s comment with your 2nd quote which just makes you look even more foolish.

      Hey while I can agree that not all “EJ broker” (meaning Edward Jones) may think personally on the matter I’m sure you didn’t go to get their personal opinion about investing in the Iraqi dinar or ANY other currency rather a professional opinion. So again you do appear to be one who is trying to keep the dinar investment false hope alive as either a GURU in disguise or just someone who has no clue about investment and is in denial of this scam.

      You are pathetic because John posted undeniable verifiable facts but of course clowns like you and truth will continue on your yellow brick road. Well guess what you’re not in Kansas anymore!!!

  • truth

    Yep Danette, one of the characteristics of these bottom feeding type people is they continually speak in terms like “Everybody knows this”. It is an attempt to splatter the attention of people all over the place. The only way to nail the evil little worms is to keep asking for specifics, which they can never provide (without outright lying). This splattering of peoples attention keeps these creeps from being spotted because, instead of putting their attention on the creeps, their attention is fragmented to “Everyone”. Now watch, since I spotted this jerk, he’ll start spewing in my direction. Very entertaining if you know how it works!

    • Son-of Liberty

      “The only way to nail the evil little worms is to keep asking for specifics, which they can never provide (without outright lying). ”

      I’m sure you’re speaking of the gurus right?!! They are the only ones that can’t provide any specifics or links aside from “any day now”, “the bible says so”, “my 2 contacts at 3 letter agencies”, “I have a bank story”, “okie hasn’t landed his plane”, “tony turd loves hot dogs”, “today is a great day”….

      Just curious…

  • John Richardson

    For those who don’t understand why the Dinar is a scam:-

    Pegged currencies including the Iraqi Dinar are derived from how much foreign exchange reserves that country has divided by how many units of currency it has printed. This is true of ALL pegged currencies – Iraq no exception. The Dinar is NOT backed by oil or anything else – it’s a fiat currency just as unbacked as the USD.

    The Central Bank of Iraq has roughly $80bn of reserves (USD & gold), but it has printed over 87 TRILLION Dinar. 80bn divided by 87,000bn = $0.0008 USD available to “buy-back” each Dinar. This is exactly why the Dinar:USD rate is under 1000:1 to start with. If Iraq suddenly adjusted their peg (RV) 1,000x more, then their $80bn of reserves would be wiped out before even 0.1% of those 87 trillion Dinar were exchanged. It wouldn’t make anyone a “millionaire” – instead every bank in the country would be totally bankrupt overnight when they ALL run out of $ and Iraqi’s plunged into dire poverty!

    If Iraq declared the Dinar 1,000x more than the USD, they are also making it 1,000x more expensive for themselves to “buy back” each Dinar in circulation!” This is precisely why people are sucked into this scam – they hear promises of “free money” by scammers, yet literally have no clue how currencies work in reality or ignore the blatantly obvious on the other side of the equation – for you to make 1,000x off Iraq means Iraq will have to spend 1,000x more USD’s buying your Dinar back. They don’t even have 1.5x. Forex is a zero-sum game. For A (you) to buy something for 1000:$1 then sell for 1:$1, means B (Iraq) would be 1,000x MORE out of pocket buying back $1:1 which they sold at $1:0.001.

    You get the picture… Sorry, Danette, etc, but it really IS a scam. You cannot print yourself 3,500x more money – tens upon tens of trillions of banknotes triggering off massive inflation – then “pretend” you haven’t without taking any money out of circulation – no one can – and that’s the “RV” argument in a nutshell! The Dinar fell simply because Iraq had 20bn Dinar back in the 1980’s, but have since printed 87,000bn Dinar – not “unfairly” but because of plain and simple inflation as a result of a +3,500x money supply expansion.

    Same reason the USD fell from $25/oz vs gold to over $1,000. Or should we also “pretend” it’s still $25/oz, that Nixon is still president, that house prices are average $25,000, that a brand new car is just $3,900, and that gas is still 36 cents per gallon, etc. :-D

  • Sourdough

    Danette J,

    I see you have been described by much eloquent language and adjectives concerning your mental capacity and research methods concerning your dinar purchases. Well, I surely must be the lowest form of life, the ultimate specimen of a “no-brainer”, because I went so far as to buy my dinars from a bank in Alabama. My research and knowledge of the dinar did not come from any web site or guru (I learned this term much later in my stupidity).

    I hope no one who is concerned about your inadequate financial knowledge/experience uses this banking organization, which operates throughout the southeast and statewide in Alabama (maybe the largest in the state), because they would be assisting a financial organization in perpetrating an illegal scam. Meaning a financial institution operating in intrastate and interstate commerce, therefore, in violation of state and federal laws. Maybe myself and those advising you here, if they are banking with this well known bank, could be up for criminal charges. Hopefully, you were not as stupid and can avoid the wrath of our “honest and trustworthy” Federal Government and the charges that the Alabama Securities Commission will bring against this bank and its customers. Obviously, the ASC must initiate charges since the TV station has done such a thorough and detailed reporting of this horrible scam affecting the citizens of their state.

    I wonder if the ASC or Feds will pay for my return to Alabama to testify when the charges fly. If not, I’m going to ask the bank to buy back the dinars I bought from them to cover my travel expenses. If they refuse then maybe I will have charges to bring against them, wouldn’t that be a hoot! After all, if it was legal for them to sell it to me, surely it will be legal for them to buy it back. This would make the bank look favorable to the ASC for being so nice and it would possibly elevate my status one notch. Oh, Danette, what do you suppose our status would be if we hold on and the big scam turns out just fine for us. Are you up for purchasing mass quantities of Prozac to settle the nerves of non-believers? You could leave cases of it at the TV station for distribution.

    • John Richardson

      Funny thing is you’re obviously not intelligent enough to understand that the “RV” scam the series is focussed on is not banks that used to sell Dinar in general that people used to buy with the intent of travelling to Iraq, but rather the new breed of non-bank amateurish MSB’s (Money Services Business) affiliated with selling Dinar on the back of a promise of 100,000% returns…

      And yes, some of them HAVE been prosecuted and shut down:-

      “A company selling investments in Iraqi money has been ordered to stop by the state of Colorado. The cease and desist order is for AmIraq Fund, LP, its general partner, BB&M International Corporation, and the managing director and CEO of both, William Burbank, all of Coronado, Calif. The AmIraq Fund sold investors on buying Iraqi dinar by saying the dinar is currently undervalued, Iraq has great long-term potential and that the dinar will recover post-war, officials said.”

      http://www.thedenverchannel.com/news/colo-tells-firm-to-stop-promoting-investments-in-iraqi-dinar

      Did your bank “suggest” that the Dinar would go up 100,000% when you bought them years ago and encourage you to buy them on that basis? No, because they’d have been committing securities fraud. The same however, is not true of some of these MSB & their relationship with paying guru’s a “kickback” from Dinar sales to manufacture hype over the Dinar with made-up fake “intel” rumors, historical revisionism and flat-out lies…

      • Gilhou from Quebec Canada

        You are the scammer, why they don’t arrest the trader who sell dinars, how it be scam if you pay the market price, if tomorrow I buy US dollar, is it a scam, the chicken reading your site and your article must be happy because they are too chicken to buy some dinars, luck is not for chickens.

      • John Richardson

        It’s a MIS-SELLING scam. If I sold you 1,000x Microsoft stocks tomorrow, then told you you’d make 100,000% profit, that would be a scam too (even though stocks are 100% legal to buy)! You do understand they have to abide by regulatory securities laws which clamps down on making promises of false returns that are not only unlikely but actually 100% impossible, right?

    • John Richardson

      Likewise do you remember that period in 2011 when Dinar Trade took a sudden surprise “vacation” from trading Dinar?

      Here’s the cease & desist order & $20,000 fine:-

      http://www.securities.arkansas.gov/!userfiles/Consent%20Order%20C-11-0205-11-OR02.pdf

      “I bought my Dinar from a bank years ago so it can’t be a scam” is a total irrelevant straw-man as the issue isn’t with banks at all, it’s with MSB’s & guru’s giving deliberately false investment advice as the basis for purchasing it.

      • Sourdough

        John, since I’m “obviously not intelligent enough to understand” I won’t try to compete with your superior intellect, after all, you understand all of the financial ramifications in the U.S. and Iraq and I bet almost every other country. I’m sure the reason some of these countries survive is because you have shared your knowledge with their finance ministers and top government leaders. I have a feeling the IMF contacts you before they make any decisions on world currencies. My goodness, have they ever been lucky to have you as a reliable source in all things including reading minds of the low information people like Danette and myself.

        I don’t remember much of anything useful, however, I do remember what the Dale Carnegie course said about ‘How to Win Friends and Influence People”, but no need for me to mention that to you because I bet you told him what to say. I should have noticed the footnotes in that course and several of his others that I attended because surely he would have given you credit for your expertise.

        I suppose I should only correspond with the “idiot” mentality range people such as Danette, since that is where I fit, so hopefully someday she will contact some gurus and we may be able to find their locations and go study at their feet.

        Maybe you can assist the TV station in their expose’. Undoubtedly you know several of the U.S. Senators and Congresspeople who hold dinars, except for the ones who have already exchanged theirs back to USD.

        I feel fortunate to have come in contact with you since I’m “obviously not intelligent enough to understand” what is happening. I want to thank you for the enlightenment and also thanks to the “idiot” Danette for making it possible. We “idiots” of a feather must flock together, or somethings like that, I bet you know the real wording.

      • John Richardson

        “I feel fortunate to have come in contact with you since I’m obviously not intelligent enough to understand what is happening.”

        LOL. No problem Sourdough… :-)

Comments are closed.

Follow

Get every new post delivered to your Inbox.

Join 979 other followers