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Old 29th October 2010, 08:44 PM   #1
pipelineaudio
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Iraqi Dinar scam?

Everyone around me is investing in Iraqi dinars. I hear daily ( for the last three years) how "it is going to RV next week"

What's the real story on this stuff?
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Old 31st October 2010, 12:26 PM   #2
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Originally Posted by pipelineaudio View Post
Everyone around me is investing in Iraqi dinars. I hear daily ( for the last three years) how "it is going to RV next week"

What's the real story on this stuff?
I know nothing about the Iraqi dinar, but it sounds fishy to me for several reasons.

First, how many of the people you are hearing it from even know what "rv" means in this context?

Second, the people who can afford to play currency games are the kinds of major banks that can afford to have a contact inside the Iraqi Ministry of Finance to give them up-to-the-minute phone calls about the current situation. I believe Francesca R works for one of those groups; it would take her about a minute and a half to pull several billion trillion out of Ruritania and use them to buy Iraqi dinars, or the other way around.

You can't win playing against her. She's got deeper pockets, lower transaction costs, better information costs, and a tank full of geniuses in the basement to do analysis for her. When she moves into Iraq, she will make millions -- and someone else, probably you, will lose it to her.

There aren't enough currencies in the world. You can make money against the major brokerage houses because the stocks are too thinly traded and and too thinly advertised. But unless you have inside information -- and you don't -- you don't know any more than Francesca and probably a lot less.
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Old 1st November 2010, 12:55 AM   #3
Puppycow
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What does "RV" mean? And what is the evidence?

I would think that if the same people have been saying this will happen next week for years, and it hasn't happened yet, that it would be an indication that said people don't know what they are talking about and also aren't very quick learners.

ETA: if you type Iraqi Dinar into Google, "scam" is one of the top suggested next words by Google. There is even a site all about it:

http://www.iraqidinarscam.info/
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Last edited by Puppycow; 1st November 2010 at 12:59 AM.
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Old 1st November 2010, 10:31 AM   #4
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Originally Posted by pipelineaudio View Post
Everyone around me is investing in Iraqi dinars. I hear daily ( for the last three years) how "it is going to RV next week"

What's the real story on this stuff?
Just from what you posted, it looks like a bet that Iraq will recover and maintain a government that recognizes this currency and, therefore, the currency will increase in value. Same as buying any other foreign currency, but increased risks could mean increased profits.

EDIT: I overlooked the "RV" part - I'd guess that's BS - just smells like it.

Last edited by brenn; 1st November 2010 at 10:33 AM.
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Old 1st November 2010, 11:12 AM   #5
geni
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Originally Posted by drkitten View Post
Second, the people who can afford to play currency games are the kinds of major banks that can afford to have a contact inside the Iraqi Ministry of Finance to give them up-to-the-minute phone calls about the current situation. I believe Francesca R works for one of those groups; it would take her about a minute and a half to pull several billion trillion out of Ruritania and use them to buy Iraqi dinars, or the other way around.
Thats only relivant if you are day trading though. For longer term holds you are mearly at a significant dissadvantage. Which is kinda fortunate since mid level manufacturing companies have to to play medium term currency games to spread their risk profile.
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Old 3rd November 2010, 01:33 AM   #6
pipelineaudio
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Well it looks like I can rest somewhat safely when I tell my industrious cousins " I wouldn't do it"
I didnt want to recieve a beatdown if all their buddies ended up millionaires off of the dinar trade
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Old 18th February 2014, 04:31 PM   #7
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http://www.bbc.co.uk/news/blogs-trending-26187471

I guess this 'imminent' revaluation has been imminent for several years now.
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Old 19th February 2014, 11:23 PM   #8
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It amazes me how long scams like this last.
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Old 20th February 2014, 06:35 AM   #9
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People are still falling for the Nigerian thing.
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Old 20th February 2014, 06:49 AM   #10
The Don
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Originally Posted by BenBurch View Post
People are still falling for the Nigerian thing.
Only rubes are taken in by that kind of thing and fail to do proper due diligence. I, on the other hand thoroughly researched my Nigerian contact and fully expect my $120 million just as soon as the Finance Minister is able to authenticate my $100 k payment to him .
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Old 20th February 2014, 08:24 AM   #11
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Originally Posted by The Don View Post
Only rubes are taken in by that kind of thing and fail to do proper due diligence. I, on the other hand thoroughly researched my Nigerian contact and fully expect my $120 million just as soon as the Finance Minister is able to authenticate my $100 k payment to him .
These are the same kind of people as the ones who put money into MtGox after Monday and bought goxcoins for $300 hoping for Gox to reopen today. Now they have no coins and no money, only hope.
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Old 22nd February 2014, 12:43 AM   #12
ThunderChunky
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Originally Posted by BenBurch View Post
People are still falling for the Nigerian thing.
Yeah that is true. The victims of those nigerian scams will fall for anything, but no one falls for that twice. These dinar people just keep on buying more dinar.
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