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Topic: Iraqi Dinar, investment opportunity or scam?< Next Oldest | Next Newest >
 Post Number: 1
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PostIcon Posted on: Sep. 21 2011, 1:27 pm  Skip to the next post in this topic. Ignore posts   QUOTE

I've been training a fellow at work who informed me that he had bought 1 million Iraqi dinars with the expectation of a huge return when/if the currency is revalued(?).
Sure sounded like a scam to me. I just wondered if anyone here had heard about it.
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PostIcon Posted on: Sep. 21 2011, 1:37 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

Does he have any money left?  I'm sure I could come up with another good opportunity for him.  Maybe some foreclosure properties in Newark?
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PostIcon Posted on: Sep. 21 2011, 1:58 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

Well, since 1 million Dinar is less than $900 USD, I'd say his risk of any huge financial loss is fairly low.  That said, he'd better be in it for the long haul ... like 1000 years.   :D

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"History is strewn with the wrecks of nations which have gained a little progressiveness at the cost of a great deal of hard manliness, and have thus prepared themselves for destruction as soon as the movements of the world gave a chance for it. "  Walter Bagehot, Founder of the National Review
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PostIcon Posted on: Sep. 21 2011, 4:54 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

I can't claim to understand much more than the basics of Forex trading, but I know some people have made (and lost) a lot of money doing it.
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PostIcon Posted on: Sep. 21 2011, 6:09 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

I can't legally give an opinion here, but if you email me at benfrihauf@mcalvany.com we can discuss the dinar.

Ben


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PostIcon Posted on: Sep. 21 2011, 10:01 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

I think its worth the 900 bucks just to be able to tell chicks that you are a milliondinaraire.
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PostIcon Posted on: Sep. 21 2011, 10:45 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

I can't legally give an opinion here, but if you email me naked pictures of curvy women in thongs at RanDLikesNaked.com we can discuss the dinar.

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PostIcon Posted on: Sep. 21 2011, 10:47 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE


(boogie @ Sep. 21 2011, 10:01 pm)
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I think its worth the 900 bucks just to be able to tell chicks that you are a milliondinaraire.

:laugh: No doubt.

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PostIcon Posted on: Sep. 21 2011, 10:49 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE


(eyebp @ Sep. 21 2011, 10:47 pm)
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(boogie @ Sep. 21 2011, 10:01 pm)
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I think its worth the 900 bucks just to be able to tell chicks that you are a milliondinaraire.

:laugh: No doubt.

Bonus points for cashing them in at the Baghdad Airport.
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PostIcon Posted on: Sep. 21 2011, 10:51 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE


(big_load @ Sep. 21 2011, 10:49 pm)
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(eyebp @ Sep. 21 2011, 10:47 pm)
QUOTE

(boogie @ Sep. 21 2011, 10:01 pm)
QUOTE
I think its worth the 900 bucks just to be able to tell chicks that you are a milliondinaraire.

:laugh: No doubt.

Bonus points for cashing them in at the Baghdad Airport.

High five! Smack!

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PostIcon Posted on: Sep. 22 2011, 12:00 am Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE


(eyebp @ Sep. 21 2011, 10:51 pm)
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(big_load @ Sep. 21 2011, 10:49 pm)
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(eyebp @ Sep. 21 2011, 10:47 pm)
QUOTE

(boogie @ Sep. 21 2011, 10:01 pm)
QUOTE
I think its worth the 900 bucks just to be able to tell chicks that you are a milliondinaraire.

:laugh: No doubt.

Bonus points for cashing them in at the Baghdad Airport.

High five! Smack!

Or take a vacation here. http://www.theotheriraq.com/
They would probably prefer dollars though.  :D

He said it cost $1100+ with shipping. I wonder how big a bundle that was.  :;):
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PostIcon Posted on: Sep. 22 2011, 12:11 am Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

US Troops were giving them away like candy.  I have several from my years of running TFT.   I rather doubt that they will ever be worth anything again since Saddam's photo is on them.  But, I would certainly be willing to trade them for greenbacks if I am wrong.

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 Post Number: 13
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PostIcon Posted on: Mar. 26 2013, 9:17 am Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

When we went into Iraq about a year after the initial invasion, our senior colonel made it a point to say he bought some dinars since he believed in Iraq.  He was the only one I believe.  More a political statement at this point unless you plan to visit (hint: don't unless you have your own armored caravan).  Very unstable country but they have oil which mostly non-US companies are helping them with, so long term who knows? ... that's the gamble (and it is a gamble).  

Also what else could your spare money (haha) be doing while waiting for the Iraqi's to sort their country out?  Check out some mainstream financial planning books on building an emergency fund and retirement portfolio of mutual funds, maybe investment real estate, ...  before any exotic investments in currencies, commodities, etc...


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PostIcon Posted on: Mar. 26 2013, 12:25 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

Here's a blip from Wiki about the Iraqi dinar (read for general interest):

"Since Iraq has few exports other than oil which is sold in dollars there is little demand for Dinars and they remain in "exotic" status. However the new currency has sparked a multi-million dollar industry in selling dinars to speculators. These so called "money service" companies will sell Dinar to speculators at an inflated price and push the idea that the dinar will "RV" or be revalued to greatly increase the exchange rate against the dollar."

Curious how much your friend paid for his 1M dinars?  As well, when it comes time to sell, there will be more fees or commissions to pay.  But we are talking about a small sum of money that can be treated as "play money" -- so great if he earns a profit (not likely) -- and no great harm done if he doesn't.


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PostIcon Posted on: Mar. 26 2013, 12:36 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE


(SW Mtn backpacker @ Mar. 26 2013, 9:17 am)
QUOTE
Also what else could your spare money (haha) be doing while waiting for the Iraqi's to sort their country out?  Check out some mainstream financial planning books on building an emergency fund and retirement portfolio of mutual funds, maybe investment real estate, ...  before any exotic investments in currencies, commodities, etc...

If looking for true financial advice on a backpacking forum, the above quoted passage is the absolute best advice you could have possibly hoped to have received.

If you have to ask about the rationality of a forex investment, then you shouldn't be investing in foreign currency.  There are many, many other vehicles for investing your money that are easier to understand, are domestically based (reducing costs, international complications, etc.), and are less volatile (less risky).

Seriously, and with all due respect, the investment you are asking about is extremely speculative, and akin to gambling, and you'd probably have better luck in a casino.

No personal emails necessary, and you just got the best advice you could hope for.

ETA: I also went back and read the OP, and realized you weren't really asking for advice, so take the above for what it cost ya :D  But yeah, to more accurately answer your question, yes I've heard of people investing in the dinar, but my above opinion still stands.


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PostIcon Posted on: Mar. 26 2013, 1:50 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

I think you would have better luck investing in the gyro.
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PostIcon Posted on: Mar. 26 2013, 3:03 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE


(StevenSmith @ Mar. 26 2013, 3:07 am)
QUOTE

Note that "StevenSmith" who dug this thread back up is a forum spammer in the area of foreign currency investment.  Read all five messages that 'he' has posted.
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PostIcon Posted on: Mar. 26 2013, 3:19 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE


(gimp @ Mar. 26 2013, 12:03 pm)
QUOTE
[quote=StevenSmith,Mar. 26 2013, 3:07 am][/quote]
Note that "StevenSmith" who dug this thread back up is a forum spammer in the area of foreign currency investment.  Read all five messages that 'he' has posted.

I missed that entirely.  Thanks!

Now, methinks this thread should sink back to the abyss where it properly belongs.


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PostIcon Posted on: Mar. 26 2013, 3:25 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

NO!  As a former currency spammer married to a current currency spammer, let me tell you, there is only one thing a currency spammer understands.  A bitter former 16 year old.

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PostIcon Posted on: Mar. 26 2013, 3:33 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

QUOTE
We must move forward not backward.  Upward, not forward.  And always be twirling, twirling, twirling toward freedom.

I think there's an error in your sig line.  You can't exhort people to move forward and not move forward!  Perhaps you mean:

"We must move forward not backward.  Upward, not forward downward.  And always be twirling, twirling, twirling toward freedom."

There.  All better now.   :;):


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PostIcon Posted on: Mar. 26 2013, 3:41 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

Oh, Ben Ben Ben 2World.  You are not a scholar of the Simpsons.  Trust me, Bob Dole says what Bob Dole means.

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PostIcon Posted on: Mar. 26 2013, 3:42 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE


(LuketheDrifter @ Mar. 26 2013, 12:41 pm)
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Oh, Ben Ben Ben 2World.  You are not a scholar of the Simpsons.  Trust me, Bob Dole says what Bob Dole means.

Bob Dole is a logical man.  You, sir, are no Bob Dole.  Although, there is nothing wrong with just being LuketheDrifter, you know.  :;):


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PostIcon Posted on: Mar. 26 2013, 3:48 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE


(Ben2World @ Mar. 26 2013, 3:19 pm)
QUOTE
I missed that entirely.  Thanks!

Now, methinks this thread should sink back to the abyss where it properly belongs.

There's another one showing up on this site called "redfox1939".  He promotes Sedona, AZ links on lots and lots of websites involving travel, dining, and the outdoors.  I noticed a week ago that the link didn't show up in the original message but it did if you quoted the message.  Sometimes you can tell that a real person wrote the message to establish legitimacy, other times it's a computer quoting something in the discussion, or using a topic or word from the discussion such as a product name and then inserting a paragraph about that item robbed from elsewhere which doesn't fit the conversation, or it's just plain gibberish.  "redfox1939" has an IP address out of the Phillipines and I believe "Smith" has an IP address out of India.  I've noticed that the Isle Royale Forum has been getting hit with a lot of this lately and don't know if I'm just noticing, or if it's getting worse.
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PostIcon Posted on: Mar. 26 2013, 5:26 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

I've got a ton of these lying around.  Maybe I should cash them in and retire early?

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PostIcon Posted on: Mar. 26 2013, 5:28 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

I'm terrible at posting pictures :(

Attached Image
Attached Image

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PostIcon Posted on: Mar. 26 2013, 6:01 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

I'm headed over that way late next week, what me to pick some up for you?

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PostIcon Posted on: Mar. 26 2013, 6:07 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE


(hiroshimajaro082 @ Mar. 26 2013, 2:28 pm)
QUOTE
I'm terrible at posting pictures :(



Those are worthless -- thanks to the 'coalition of the willing'.  You need these (preferably lots of them):



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(Chuck D @ Mar. 26 2013, 3:01 pm)
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I'm headed over that way late next week, what me to pick some up for you?

Seriously?

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PostIcon Posted on: Mar. 26 2013, 6:41 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE


(Ben2World @ Mar. 26 2013, 12:25 pm)
QUOTE
Here's a blip from Wiki about . . .

You might get ready for a dressing down of the verbs from the general audience for "doing research on Wiki."

I got crapped on from a dizzy height in "I bought a gun" for that mortal sin, and I don't do research on Wiki.

Well, if I do, I don't quote it.


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PostIcon Posted on: Mar. 26 2013, 6:52 pm Skip to the previous post in this topic.  Ignore posts   QUOTE

I think collectively, the American public bought a lot of worthless dinars, whether we wanted to or not.

A buddy who flies a C5 and another who's a C5 maintenance crew chief both independently confirmed the stories of plane-fulls of shrink-wrapped pallets of hundred-dollar (U.S.) bills flown over on numerous sorties for "reconstruction." Much of it remains unaccounted for.


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