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Old 04-20-2012, 09:57 AM   #1
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Iraqi Dinar investment.... DON'T DO IT!

Just wanted to put the warning out, if you get someone trying to talk you into investing in the "new" Iraqi Dinar, do not listen. 9 times out of 10 it will be a scam, and there is a consumer alert FROM THE GOVERNMENT specifically about this:

http://www.dfi.wa.gov/consumers/aler...inar-scams.htm

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The Washington State Department of Financial Institutions is warning consumers about potential scams regarding Iraqi Dinar currency exchange services. While foreign exchange scams are not new, the sudden popularity with the Dinar and resulting consumer complaints to our banking partners is concerning. Consumers can read about the investment-related risks in our previously-released consumer alert, “Forex: Risky Business?” at www.dfi.wa.gov/consumers/alerts/forex.htm.

Several websites have recently begun advertising investment opportunities in Iraqi Dinars, the currency of Iraq. These websites are asking the consumers to send a check, wire, money order, or pay cash upon delivery of the Dinars. What consumers are not told is that the Dinars can be redeemed only in Iraq, as most of the established currency exchange houses and banking institutions cannot convert the Dinar to US dollars. Since no exchange exists for the Iraqi Dinar, dealers can charge whatever they want to sell and buy back the Dinars.

These dealers often register with the U.S. Treasury as a Money Services Business (MSB). An MSB registration is nothing more than a form they file; it does not reflect any experience in trading currency nor entail any qualifications on the part of the dealer, other than basic anti-money laundering requirements. The reason dealers seek this registration is to lend legitimacy to their scam and avoid more stringent regulation.

In addition, most of these websites are operating illegally in Washington State, without a currency exchange or money transmission license issued by the Washington State Department of Financial Institutions. Make sure you only deal with licensed, legitimate companies when making financial decisions.
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Old 04-20-2012, 11:19 AM   #2
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I have friends with thousands of dollars tied up into the dinar, hoping for some big payout "Oh, as soon as the dinar hits we're going to..."

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Old 04-20-2012, 11:51 AM   #3
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I bought some off of Ebay, one can only hope..
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Old 04-20-2012, 12:54 PM   #4
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omg.......in this world of SCAM AFTER SCAM on the internat, why ANYONE would do this is beyond me......some people are so gullable, and they are lookinjg for a "GET RICH QUICK" scheme....and thats exactly what that is.
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Old 04-20-2012, 01:17 PM   #5
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omg.......in this world of SCAM AFTER SCAM on the internat, why ANYONE would do this is beyond me......some people are so gullable, and they are lookinjg for a "GET RICH QUICK" scheme....and thats exactly what that is.
But you do get rich quick...if you are the person that starts the scheme, that is.
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Old 04-20-2012, 01:28 PM   #6
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I have friends with thousands of dollars tied up into the dinar, hoping for some big payout "Oh, as soon as the dinar hits we're going to..."


Tell your friends I have some Ocean Front Property in Arazona for sale....
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Old 04-20-2012, 02:08 PM   #7
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I bought some off of Ebay, one can only hope..
I bought some off ebay too. And some of those Zimbabwean trillions too.
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Old 04-20-2012, 02:22 PM   #8
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Quote:
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I have friends with thousands of dollars tied up into the dinar, hoping for some big payout "Oh, as soon as the dinar hits we're going to..."

you have some dumb friends... unless this thread is a conspiracy to keep people form buying the Dinar...

that must be it! make it look like crap, then buy a whole bunch of them for next to nothing, sit on them for a while then turn around and make millions!!!!

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Old 04-20-2012, 03:04 PM   #9
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I bought some off of Ebay, one can only hope..
Well, I don't see any problem with buying like maybe $10 worth... having traveled to various countries, I really enjoy bringing back samples of everyone's currency, and I do have what I think is a $10 dinari note that I brought back from a trip to baghdad (as well as yen from Japan, and some dollars from the Grand Caymans). But unless you really know what you're doing, investing large amounts of money in foreign currency is really risky.
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Old 04-21-2012, 11:08 AM   #10
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Before the war one 25,000 dinar was worth 75,000 us dollars. I bought 10 of the new 25,000 for 100.00 off Ebay awhile back. See what happens I guess.
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Old 04-21-2012, 01:15 PM   #11
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As with any investment or speculation, only shell out what you're willing to lose....

Alot of my buddies that came back from Iraq (military and contractors) have quite a bit.
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Old 04-21-2012, 02:34 PM   #12
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Quote:
Originally Posted by CamaroSpike23 View Post
you have some dumb friends... unless this thread is a conspiracy to keep people form buying the Dinar...

that must be it! make it look like crap, then buy a whole bunch of them for next to nothing, sit on them for a while then turn around and make millions!!!!

Now that I can see the light, I am going out to buy dinars will every dollar I own!
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Old 04-21-2012, 07:25 PM   #13
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Man o' man, don't tell me that the good ol' Dinar ain't what she used to be. Say it ain't so!!!

It's always been the Rock of Gibraltar whenever the Dollar or gold were shaky, there was the solid Dinar.
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Old 04-21-2012, 10:37 PM   #14
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Uhhhh so I guess I'm going to have to empty my safe deposit box and cash my retirement in Iraq! Is it still worth something if sadam's face is on the bill?

Atleast I sent those thousands of dollars to south Africa to expidite my long lost relative fortune! They left us everything! As soon as those guys that contacted me in my email get that wire transfer I'll be rich! Who's laughing now!
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Old 04-22-2012, 11:53 PM   #15
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When I was in Kuwait in 2005, I bought some Dinars. The theory is in 1991 during the Gulf war, the Kuwaiti dinar was worth nothing. If you were there in 91, and bought a million kuwaiti dinars, today it would be worth about 4 million US dollars. The Iraqi dinar is in the same situation as the Kuwaiti dinar was in 1991.

One belief is it is a scam and don't waste your money. Another belief is the government tells you not to buy this money because they don't want a ton of millionaires running around getting rich quick.

The money is backed by the oil, and Iraq is one of the largest producers of oil. If they run out of oil the money would be worthless. I spent my money and am taking the risk, if nothing comes out of it I have some nice souveniers.
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Old 04-23-2012, 12:32 AM   #16
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Tell your friends I have some Ocean Front Property in Arazona for sale....
I can do you one better I have ocean front in Arizona!
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Old 04-23-2012, 08:29 AM   #17
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When I was in Kuwait in 2005, I bought some Dinars. The theory is in 1991 during the Gulf war, the Kuwaiti dinar was worth nothing. If you were there in 91, and bought a million kuwaiti dinars, today it would be worth about 4 million US dollars. The Iraqi dinar is in the same situation as the Kuwaiti dinar was in 1991.

One belief is it is a scam and don't waste your money. Another belief is the government tells you not to buy this money because they don't want a ton of millionaires running around getting rich quick.

The money is backed by the oil, and Iraq is one of the largest producers of oil. If they run out of oil the money would be worthless. I spent my money and am taking the risk, if nothing comes out of it I have some nice souveniers.

Yeah, there IS the possibility that it will take off. But, like I said, there are a LOT of websites popping up that aren't even licensed to sell foreign currency here in the US. Just gotta be careful.


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Before the war one 25,000 dinar was worth 75,000 us dollars. I bought 10 of the new 25,000 for 100.00 off Ebay awhile back. See what happens I guess.
Yeah, that's not bad. I had a coworker that sunk $1200 into it, and he really should be using that $1200 for more important things.
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Old 04-23-2012, 08:53 AM   #18
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Look here at what someone bought recently:



IRAQ: Authentic Fifteen Million Iraqi New Dinar 600 X 25000 IQD UNC MINT

See original listing




Item condition:UncirculatedEnded:Apr 07, 201205:20:03 PDTWinning bid:US $13,650.00 [ 1 bid ]
Shipping:FREE FedEx Ground or FedEx Home Delivery
Item location:Amman- Jordan, Jordan
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Old 04-23-2012, 05:23 PM   #19
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I had mine, money I hand when I got mine inKuwait. And yes there are websites popping up all over. And you have to be careful. Knowing someone who is over there and having them get it is much better way to get it.
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