ISF Logo   IS Forum
Forum Index Register Members List Events Mark Forums Read Help

Go Back   International Skeptics Forum » General Topics » Economics, Business and Finance
 

Notices


Welcome to the International Skeptics Forum, where we discuss skepticism, critical thinking, the paranormal and science in a friendly but lively way. You are currently viewing the forum as a guest, which means you are missing out on discussing matters that are of interest to you. Please consider registering so you can gain full use of the forum features and interact with other Members. Registration is simple, fast and free! Click here to register today.
Reply
Old 29th October 2010, 08:44 PM   #1
pipelineaudio
Illuminator
 
pipelineaudio's Avatar
 
Join Date: Feb 2006
Posts: 3,953
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?
__________________
Don't fear the REAPER, embrace it
pipelineaudio is online now   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 31st October 2010, 12:26 PM   #2
drkitten
Penultimate Amazing
 
Join Date: Mar 2004
Posts: 21,629
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.
drkitten is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 1st November 2010, 12:55 AM   #3
Puppycow
Penultimate Amazing
 
Puppycow's Avatar
 
Join Date: Jan 2003
Posts: 19,982
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/
__________________
A fool thinks himself to be wise, but a wise man knows himself to be a fool.
William Shakespeare

Last edited by Puppycow; 1st November 2010 at 12:59 AM.
Puppycow is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 1st November 2010, 10:31 AM   #4
brenn
Muse
 
Join Date: Oct 2010
Posts: 601
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.
brenn is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 1st November 2010, 11:12 AM   #5
geni
Anti-homeopathy illuminati member
 
geni's Avatar
 
Join Date: Oct 2003
Posts: 28,233
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.
geni is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 3rd November 2010, 01:33 AM   #6
pipelineaudio
Illuminator
 
pipelineaudio's Avatar
 
Join Date: Feb 2006
Posts: 3,953
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
__________________
Don't fear the REAPER, embrace it
pipelineaudio is online now   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 18th February 2014, 04:31 PM   #7
Puppycow
Penultimate Amazing
 
Puppycow's Avatar
 
Join Date: Jan 2003
Posts: 19,982
http://www.bbc.co.uk/news/blogs-trending-26187471

I guess this 'imminent' revaluation has been imminent for several years now.
__________________
A fool thinks himself to be wise, but a wise man knows himself to be a fool.
William Shakespeare
Puppycow is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 19th February 2014, 11:23 PM   #8
ThunderChunky
Graduate Poster
 
Join Date: Jul 2007
Posts: 1,982
It amazes me how long scams like this last.
ThunderChunky is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 20th February 2014, 06:35 AM   #9
BenBurch
Gatekeeper of The Left
 
BenBurch's Avatar
 
Join Date: Sep 2007
Location: The Universe 35.2 ms ahead of this one.
Posts: 36,311
People are still falling for the Nigerian thing.
__________________
For what doth it profit a man, to fix one bug, but crash the system?
BenBurch is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 20th February 2014, 06:49 AM   #10
The Don
Penultimate Amazing
 
The Don's Avatar
 
Join Date: Nov 2002
Location: Cymru
Posts: 14,585
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 .
The Don is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 20th February 2014, 08:24 AM   #11
wrs
Graduate Poster
 
wrs's Avatar
 
Join Date: Nov 2013
Posts: 1,895
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.
__________________
In search of meaning and purpose for life.

http://forums.randi.org/showpost.php...postcount=2026
wrs is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 22nd February 2014, 12:43 AM   #12
ThunderChunky
Graduate Poster
 
Join Date: Jul 2007
Posts: 1,982
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.
ThunderChunky is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 17th June 2015, 03:58 AM   #13
KDLarsen
Master Poster
 
KDLarsen's Avatar
 
Join Date: Dec 2007
Posts: 2,997
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...
KDLarsen is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 17th June 2015, 08:41 AM   #14
Giordano
Philosopher
 
Join Date: Apr 2011
Posts: 7,299
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.
Giordano is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 17th June 2015, 08:42 AM   #15
Giordano
Philosopher
 
Join Date: Apr 2011
Posts: 7,299
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!
Giordano is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 17th June 2015, 08:52 AM   #16
Jrrarglblarg
Habitually Bipedal Sentient
 
Jrrarglblarg's Avatar
 
Join Date: Nov 2010
Location: Watching netflix on an iPad while pounding laundry with a rock
Posts: 6,386
Definition of RV for the casual readers, please?
__________________
Formerly known as ApolloGnomon
http://www.internationalskeptics.com...92&postcount=1
Jrrarglblarg is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 17th June 2015, 09:35 AM   #17
jhunter1163
beer-swilling semiliterate
Moderator
 
jhunter1163's Avatar
 
Join Date: Jul 2006
Location: Connecticut, or King Arthur's Court. Hard to tell sometimes.
Posts: 23,845
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.
__________________
A møøse ønce bit my sister
jhunter1163 is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 17th June 2015, 09:47 AM   #18
Jrrarglblarg
Habitually Bipedal Sentient
 
Jrrarglblarg's Avatar
 
Join Date: Nov 2010
Location: Watching netflix on an iPad while pounding laundry with a rock
Posts: 6,386
Got it. Thanks.
__________________
Formerly known as ApolloGnomon
http://www.internationalskeptics.com...92&postcount=1
Jrrarglblarg is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 18th June 2015, 02:52 PM   #19
KDLarsen
Master Poster
 
KDLarsen's Avatar
 
Join Date: Dec 2007
Posts: 2,997
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.
KDLarsen is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 18th June 2015, 10:50 PM   #20
Jrrarglblarg
Habitually Bipedal Sentient
 
Jrrarglblarg's Avatar
 
Join Date: Nov 2010
Location: Watching netflix on an iPad while pounding laundry with a rock
Posts: 6,386
I see both the appeal and the fallacy. Awesome helpful. Thanks
__________________
Formerly known as ApolloGnomon
http://www.internationalskeptics.com...92&postcount=1
Jrrarglblarg is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 22nd June 2015, 11:54 AM   #21
KDLarsen
Master Poster
 
KDLarsen's Avatar
 
Join Date: Dec 2007
Posts: 2,997
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.
KDLarsen is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 24th June 2015, 04:08 AM   #22
angrysoba
Philosophile
 
angrysoba's Avatar
 
Join Date: Dec 2009
Location: Osaka, Japan
Posts: 18,018
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.
__________________
"The thief and the murderer follow nature just as much as the philanthropist. Cosmic evolution may teach us how the good and the evil tendencies of man may have come about; but, in itself, it is incompetent to furnish any better reason why what we call good is preferable to what we call evil than we had before."

"Evolution and Ethics" T.H. Huxley (1893)
angrysoba is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 24th June 2015, 04:27 AM   #23
jhunter1163
beer-swilling semiliterate
Moderator
 
jhunter1163's Avatar
 
Join Date: Jul 2006
Location: Connecticut, or King Arthur's Court. Hard to tell sometimes.
Posts: 23,845
Such money. Many dinars.
__________________
A møøse ønce bit my sister
jhunter1163 is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 24th June 2015, 04:45 AM   #24
Lothian
Penultimate Amazing
 
Lothian's Avatar
 
Join Date: Apr 2002
Posts: 11,143
i will be investing later today. I reckon 6pm is dinar time.
__________________
should have been banned
Lothian is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 24th June 2015, 05:27 AM   #25
Whip
Scholar
 
Join Date: Feb 2015
Posts: 115
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
Whip is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Reply

International Skeptics Forum » General Topics » Economics, Business and Finance

Bookmarks

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump


All times are GMT -7. The time now is 04:31 PM.
Powered by vBulletin. Copyright ©2000 - 2015, Jelsoft Enterprises Ltd.
© 2014, TribeTech AB. All Rights Reserved.
This forum began as part of the James Randi Education Foundation (JREF). However, the forum now exists as
an independent entity with no affiliation with or endorsement by the JREF, including the section in reference to "JREF" topics.

Disclaimer: Messages posted in the Forum are solely the opinion of their authors.