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Iraq Dinar: true or scam?

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  • Sep 4th, 2009 7:03 pm
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[OP]
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Dec 23, 2005
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Iraq Dinar: true or scam?

I came across an ad in the newspaper today, a website sells Iraq dinars 1M Iraq dinar is around $1.5k. I tried to investigate more, I found many sites that sell the dinar and actually the price varies. Some other sites warn about old and new currency or fake dinars. They compare the situation to Kuwait although very different. I think 1 dinar = 1 USD is impossible!!!
That is fishy. :mad:

BBB Warns that Iraqi Dinar Investment is Creating Concerns and Complaints!!!!
http://www.bbb.org/us/article/bbb-warns ... laints-690

Can we buy the dinars from a Canadian bank?
Is there a tax obligation after buying them?
Is there a tax obligation if I want to sell them?

Can anyone share his experience with us? :(
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23 replies
Deal Expert
Feb 29, 2008
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Montreal
I suggest you restrict your forex trading to countries not on the verge of military and political collapse.
Deal Addict
Oct 30, 2008
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Scam or not, even if it's a real dinar it won't be worth much anyway. And yes, you should be able to buy from any respectable forex place. Try bank or even Money Mart.
Lior Hershkovitz
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Deal Fanatic
Jul 1, 2007
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Why the f*** would you want to buy Iraqi dinars?
[OP]
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Dec 23, 2005
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Thalo wrote:
Sep 3rd, 2009 2:07 am
Why the f*** would you want to buy Iraqi dinars?
I don't know if it is true or scam but anyway it is like gambling

1M Iraq dinar -> $1.5k
If Iraq dinar went to $1 (half of its value before war)
Then the $1.5k will be $1M ... but will that happen? Nobody knows!
Life is life
When we all feel the power
Life is life
When we all feel the pain
Life is life
It's the feeling of the people
Life is life
It is the feeling of the land. Opus :razz:
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Jun 7, 2005
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tasamy wrote:
Sep 3rd, 2009 10:34 am
I don't know if it is true or scam but anyway it is like gambling

1M Iraq dinar -> $1.5k
If Iraq dinar went to $1 (half of its value before war)
Then the $1.5k will be $1M ... but will that happen? Nobody knows!
This thread made me do some wiki research.

Iraq of the 70's and early 80's is quite a different place than today. In the early 90's the value was much lower, like 4000 dinar to 1 USD.

But hey, its your money.
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Earth
tasamy wrote:
Sep 3rd, 2009 10:34 am
I don't know if it is true or scam but anyway it is like gambling
Yes, it is. So you might as well just go to a Casino. You'll probably have more fun there, and you'll be less tempted to think that you are investing.
I'm not overweight, I'm undertall.
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Feb 9, 2005
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You should also consider the Zimbabwean Dollar. If you buy it and it recovers you'll make even more money. Don't forget they already did a 10,000,000,000:1 reverse split so when you compare it to the historic exchange rate, you need to multiply your predicted gains by 10,000,000,000. That means if the currencey returns back to where it was, you will make $10 billion by buying just $1 worth of Zimbabwean Dollars. Heck, even if it only went to 1/1000th of it's original value, you'd still have made a million dollars from your $1 investment.
[OP]
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AllWheelDrift wrote:
Sep 3rd, 2009 12:51 pm
You should also consider the Zimbabwean Dollar. If you buy it and it recovers you'll make even more money. Don't forget they already did a 10,000,000,000:1 reverse split so when you compare it to the historic exchange rate, you need to multiply your predicted gains by 10,000,000,000. That means if the currencey returns back to where it was, you will make $10 billion by buying just $1 worth of Zimbabwean Dollars. Heck, even if it only went to 1/1000th of it's original value, you'd still have made a million dollars from your $1 investment.
I understand your example. The difference here is that if Iraq stabilized, their currency should return back to 1990 price like Kuwait. Iraq is the third country on the world with oil reserves. If not, i.e. civil war or divided three countries or they issued a new currency after Americans leave, the invested money will be lost. Zimbabwe doesn't have oil and they are still in Saddam era. It seems $500 is ok but not more. I wonder where the $500 are going to? ;)
Life is life
When we all feel the power
Life is life
When we all feel the pain
Life is life
It's the feeling of the people
Life is life
It is the feeling of the land. Opus :razz:
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tasamy wrote:
Sep 3rd, 2009 1:24 pm
I understand your example. The difference here is that if Iraq stabilized, their currency should return back to 1990 price like Kuwait. Iraq is the third country on the world with oil reserves. If not, i.e. civil war or divided three countries or they issued a new currency after Americans leave, the invested money will be lost. Zimbabwe doesn't have oil and they are still in Saddam era. It seems $500 is ok but not more. I wonder where the $500 are going to? ;)
Why do you think if it stabalizes the currency will return back to the 1990 price? You should expect more along the lines of if the country stabalizes, the currency will not drop further. Past valuations are largely irrelevant. You're making the same mistake people make with stocks... "It used to trade at 100, so eventually it will go back up to that, right?" Ask some former Nortel sharholders how that kind of thinking worked out for them.
Sr. Member
Aug 4, 2005
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Stouffville
Think about it this way. If you were in possession of millions of Iraqi currency and you thought that eventually the economy would recover and they would increase in value, would you:

A) hold on to them and make a fortune
B) place an ad in the newspaper and try to sell them to someone else
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tasamy wrote:
Sep 3rd, 2009 1:24 pm
I understand your example. The difference here is that if Iraq stabilized, their currency should return back to 1990 price like Kuwait.
Huh? Why?
Iraq is the third country on the world with oil reserves.
So what? Venezuela is one of the countries with most oil reserves, it is far more stable than Iraq, and its currency has been plummeting for the last 40 years. Oil reserves has nothing to do with the value of the currency. If it did, you should definitely invest in the Canadian dollar, since Canada is the second country in the world with the most oil reserves (and btw, Iraq is number 4, not 3).
I'm not overweight, I'm undertall.
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Stabilize? Once the US pulls out Iraq will descend in to a civil war so bloody it will make Gettysburg look like a birthday party.
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mr_raider wrote:
Sep 2nd, 2009 11:44 pm
I suggest you restrict your forex trading to countries not on the verge of military and political collapse.
Wow, your ignorance is baffling!

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