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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
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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
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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
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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
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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
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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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Old 17th June 2015, 03:58 AM   #13
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Better late than never, I suppose, but the FBI raided a couple of the major Dinar sellers in the past couple of weeks and has indicted the owners of at least one of them.

As per the indictment, at least one of the Dinar "gurus", who were the ones pushing the ridicolous RV heory, was paid $4,000 per month by this particular Dinar seller per a secret agreement. Meanwhile the Dinar seller was absolutely raking in money, as per page 29 of the 48-page indictment.

Of course, to the true believers, this is just all a ploy by "the man" to cheat them out of their rightful RV...
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Old 17th June 2015, 08:41 AM   #14
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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 .
Sometimes I wonder why they need my money before giving me my much greater sum of money. But then I stop thinking about it. Or much of anything else.
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Old 17th June 2015, 08:42 AM   #15
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Originally Posted by wrs View Post
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.
Hope is a very valuable expensive thing!
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Old 17th June 2015, 08:52 AM   #16
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Definition of RV for the casual readers, please?
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Old 17th June 2015, 09:35 AM   #17
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Originally Posted by Jrrarglblarg View Post
Definition of RV for the casual readers, please?
I'm assuming RV = revaluation, as in 1 new dinar = x number of old dinar.
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Old 17th June 2015, 09:47 AM   #18
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Got it. Thanks.
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Old 18th June 2015, 02:52 PM   #19
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Originally Posted by jhunter1163 View Post
I'm assuming RV = revaluation, as in 1 new dinar = x number of old dinar.
Not exactly. The Dinar gurus have been pushing the RV theory that says, that when the Iraqi Central Bank "flips the switch", the Dinar will go from being worth x dollars, to being worth y dollars.

The idea being that you pay, say 1 Dollar for a 1000 Dinars now, and then when the switch is flipped, 1 Dinar will, through the magic of the RV, be worth 1000 Dollars (figures exaggerated for simplicity).

Last edited by KDLarsen; 18th June 2015 at 02:54 PM.
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Old 18th June 2015, 10:50 PM   #20
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I see both the appeal and the fallacy. Awesome helpful. Thanks
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Old 22nd June 2015, 11:54 AM   #21
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To put some actual figures on it, here's the current value of the Iraqi Dinar:
1.00 USD = 1,190.86 IQD

Here's what one of the Dinar "gurus" is pushing:
Quote:
Deep Source (RV/GCR): "Directly from the Pentagon from General Xxxxxxx's right hand man to the representative of the New Republic. The Iraqi Dinar has officially revalued at $3.91.
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Old 24th June 2015, 04:08 AM   #22
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Next thing to watch out for is the Islamic Dinar scam.

Come on, guys! This is the most sure-firest way to get loads of dosh since BitCoin.
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Old 24th June 2015, 04:27 AM   #23
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Such money. Many dinars.
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Old 24th June 2015, 04:45 AM   #24
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i will be investing later today. I reckon 6pm is dinar time.
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Old 24th June 2015, 05:27 AM   #25
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Originally Posted by Lothian View Post
i will be investing later today. I reckon 6pm is dinar time.
early bird at 4 for the seniors
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Old 1st February 2021, 07:15 AM   #26
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The great Iraqi dinar revaluation!

The Iraqi dinar, nearly worthless currency of the war torn nation of Iraq or opportunity to get rich quick?

Financial cranks around the internet seem to believe the second. If you search around social media for Iraqi dinar, or revaluation, you'll see an interesting scheme afoot.

Cranks are claiming that a "revaluation" is coming. Basically, they believe that some government agent is going to wave a magic wand and revalue the dinar, making the once worthless currency worth orders of magnitude more.

For example, searching twitter for Iraqi Dinar leads to some interesting posts:

https://twitter.com/hashtag/iraqidinar?lang=en

As far as I can tell, this whole scheme just seems to be mostly a scam by dinar sellers to fleece rubes who don't understand how currency revaluation works.

Revaluation does occasionally happen in countries that has a currency that has become worthless through inflation. The rubes don't seem to understand that it always involves issuing a new currency note, and that old notes that aren't converted (still at near worthless rates) into the new currency eventually become worthless pieces of paper.

Much of this scam seemed to be a a mostly right wing thing that focus on everyone's favorite wet boy, Donald Trump.

Quote:
rump Fans Sink Savings Into ‘Iraqi Dinar’ Scam

The president’s true believers are convinced he’s going to make them millionaires with Iraqi currency.
https://www.thedailybeast.com/trump-...aqi-dinar-scam
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Old 1st February 2021, 07:29 AM   #27
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This scam is over a decade old now. See, there was a thread about it back in 2010:

http://www.internationalskeptics.com...d.php?t=190163

I bumped the thread in 2014 because the scam was still going 4 years later.
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Old 1st February 2021, 07:31 AM   #28
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Originally Posted by Puppycow View Post
This scam is over a decade old now. See, there was a thread about it back in 2010:

http://www.internationalskeptics.com...d.php?t=190163

I bumped the thread in 2014 because the scam was still going 4 years later.
Mea Culpa!

Thanks for the link, maybe a mod can clean up my carelessness here.
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Old 1st February 2021, 07:31 AM   #29
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I've never been to an Iraqi diner, how are they different? I'm guessing you can't get bacon there, just a hunch.
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Old 1st February 2021, 07:46 AM   #30
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Originally Posted by SuburbanTurkey View Post
Mea Culpa!

Thanks for the link, maybe a mod can clean up my carelessness here.
Oh, no biggie. I think we all forgot about it. I had, until you mentioned it and then I remembered. But lo and behold, it's still happening. The gullible are still being fleeced. Sad!
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Old 1st February 2021, 09:05 AM   #31
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Originally Posted by SuburbanTurkey View Post
The rubes don't seem to understand that it always involves issuing a new currency note, and that old notes that aren't converted (still at near worthless rates) into the new currency eventually become worthless pieces of paper.

So you're saying I shouldn't go to pass a dinar?
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Old 1st February 2021, 07:51 PM   #32
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I've been seeing a similar version of this scam/woo, where people believe the ZIM (Zimbabwe currency) will become valuable.

I've seen its followers say it'll do this any day for about 7 years now.

They've also become QAnon believers.

I must check if they're into the Iraqi dinar scam. Wouldn't be surprised.

That one relies a lot on the old, "Sunk Cost Fallacy", where investors get hyped up and buy more and more of it by scammy dealers.
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Old 2nd February 2021, 12:32 AM   #33
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Ooh, check out this bat's pile of doings:

https://dinardetectives.com/judy-byington-1299/

Quote:

Mon. Feb. 1 2021 was the official start of GCR/ RV liquidity and Global Currency Reset according to a top Banker in Zurich.

By Tues. 2 Feb. Tier 4B (us, the Internet Group) was scheduled to be notified about setting appointments to exchange currencies and redeem Zim at special rates.

Thurs. 1 April was known as the Great Event – the start of the financial year in the new world financial system after the Global Currency Reset.
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Old 2nd February 2021, 12:53 AM   #34
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I remember being in Iraq in 2004 and people in the Coalition Forces buying up lots of Dinars thinking Iraq was going to get its economic tailspin under control. I could never figure out why people, looking at the situation in Iraq in 2004 would have thought the Iraqi government was going to get anything under control any time soon. I just bought into S&P 500 index funds with all my hazard pay and money I wasn't spending on well, pretty much anything while I was there.
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Old 2nd February 2021, 05:27 AM   #35
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Originally Posted by Craig4 View Post
I remember being in Iraq in 2004 and people in the Coalition Forces buying up lots of Dinars thinking Iraq was going to get its economic tailspin under control. I could never figure out why people, looking at the situation in Iraq in 2004 would have thought the Iraqi government was going to get anything under control any time soon. I just bought into S&P 500 index funds with all my hazard pay and money I wasn't spending on well, pretty much anything while I was there.
At least there's a thin bit of plausibility there. Not to say it's even close to a likely outcome, but it is conceivable that an improvement of the general situation in Iraq could lead to the economy doing better and becoming more valuable on international exchanges.

The revaluation scheme that is being hawked to rubes is pure fantasy. It can never happen.
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Old 2nd February 2021, 07:53 AM   #36
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Originally Posted by SuburbanTurkey View Post
The Iraqi dinar, nearly worthless currency of the war torn nation of Iraq or opportunity to get rich quick?
The former.

Originally Posted by SuburbanTurkey View Post
Financial cranks around the internet seem to believe the second. If you search around social media for Iraqi dinar, or revaluation, you'll see an interesting scheme afoot.
It's been inflated by various get-rich-quick pimps several times before.
There's always some idiot to be fleeced. Look at GameStop.
But at least they're Trumpettes, no-one I significantly care about.

Originally Posted by SuburbanTurkey View Post
Cranks are claiming that a "revaluation" is coming. Basically, they believe that some government agent is going to wave a magic wand and revalue the dinar, making the once worthless currency worth orders of magnitude more.
I believe it's time for the petunias:
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Old 2nd February 2021, 02:48 PM   #37
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As in:

Quote:
Curiously enough, the only thing that went through the mind of the bowl of petunias as it fell was Oh no, not again. Many people have speculated that if we knew exactly why the bowl of petunias had thought that we would know a lot more about the nature of the Universe than we do now.
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Old 2nd February 2021, 03:26 PM   #38
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Originally Posted by Gord_in_Toronto View Post
As in:
That's him.
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Old 2nd February 2021, 05:11 PM   #39
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Originally Posted by Orphia Nay View Post
Ooh, check out this bat's pile of doings:

https://dinardetectives.com/judy-byington-1299/

Quote:

Mon. Feb. 1 2021 was the official start of GCR/ RV liquidity and Global Currency Reset according to a top Banker in Zurich.

By Tues. 2 Feb. Tier 4B (us, the Internet Group) was scheduled to be notified about setting appointments to exchange currencies and redeem Zim at special rates.

Thurs. 1 April was known as the Great Event – the start of the financial year in the new world financial system after the Global Currency Reset.
I suspect that last date is significant.
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Old 2nd February 2021, 05:21 PM   #40
gypsyjackson
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If there were to be a revaluation, wouldn’t there then be a ‘note swap’ or similar exercise in order to trade? I don’t know much about international finance, but I assume a country can’t say “right, our dinar used to be worth a tenth of a cent, now it’s worth 100 million dollars. Somebody go get the change from down the back of the sofa and nip to pay off our national debt”.
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