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Trump Fans Sink Savings Into ‘Iraqi Dinar’ Scam DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

Trump Fans Sink Savings Into ‘Iraqi Dinar’ Scam

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Trump Fans Sink Savings Into ‘Iraqi Dinar’ Scam Empty Trump Fans Sink Savings Into ‘Iraqi Dinar’ Scam

Post by RamblerNash on Tue Nov 20, 2018 10:06 am

HUNDREDNAIRES!

Trump Fans Sink Savings Into ‘Iraqi Dinar’ Scam


The president’s true believers are convinced he’s going to make them millionaires with Iraqi currency.


Trump Fans Sink Savings Into ‘Iraqi Dinar’ Scam Will_anedax

Will Sommer


11.20.18 4:56 AM ET

Trump Fans Sink Savings Into ‘Iraqi Dinar’ Scam 181119-sommer-iraqi-dinar-trump-tease_ehkldv

Photo Illustration by The Daily Beast




Trump supporter Hayes Kotseos runs a North Carolina pool-maintenance company, but she’s got a side bet that she thinks might make her fabulously wealthy: the Iraqi dinar.


The currency is nearly worthless outside of Iraq, but Kotseos bought millions of dinars in April, after watching a video of President Trump at a 2017 press conference. In the clip, Trump says, with characteristic vagueness, that all currencies will soon “be on a level playing field.”


In reality, Trump was talking about trade imbalances with China. But like other Trump supporters who have fallen into the dinar investment scam, which has existed since at least 2012, Kotseos interpreted Trump’s rambling statement as proof that the Iraqi dinar would soon be worth as much or even more than the dollar, making anyone who had been smart enough to buy in early a millionaire.

“I love my president, and I was like, ‘Oh my God,’” Kotseos told The Daily Beast.

The purchase, Kotseos said, cost her and her husband somewhere between $5,000 and $10,000, counting the cut to the company that sold them the dinars. Two of her adult children have bought millions more dinars, too.

Like other investors in the incredibly long-shot dinar scheme, Kotseos hopes that Trump and the Iraqi government will somehow “revalue” or “RV” the currency, boosting its current value of less than $0.001 to $3 or $4.

Dinar promoters have claimed that near-mythical event will occur for nearly a decade. But if it does it would theoretically make a millionaire of anyone with the foresight to put just a few thousand dollars into dinars.

“If it happens, it’ll be awesome and there’ll be a huge party at my house,” Kotseos said.

The rumored wealth surrounding the dinar dates back to its pre-Gulf War price, when each dinar was more than $3. But sanctions and years of war have pummeled its value to less than one-tenth of one U.S. penny.

Unfortunately for American investors, the long-awaited “RV” never seems to come.

The persistently low value has inspired warnings from state regulators and several indictments against dinar sellers accused of misleading investors about the currency’s prospects. But that hasn’t stopped dinar investors from buying and counting on the much-awaited “RV” to make them rich.

While it’s difficult to measure how many Americans have invested in the dinar, court papers related to dinar scams often mention millions of dollars worth of dinar purchases. Dinar holders regularly tweet at Trump and various Iraqi government Twitter accounts, demanding to know when they’ll finally enact the “RV” that will let the money flow in.

The dinar scam has become particularly Trump-centric since 2015, over rumors that Trump has personally invested in the dinar (there’s no evidence that he actually does). Search-engine searches related to Trump and the dinar have shot up, according to Google Trends, returning hoax articles claiming Trump has bought millions of dollars worth of dinars.

Trump supporters like Kotseos have also been drawn in by videos showing the “prophecy” of Kim Clement, a South African “prophet” whose fans believe predicted Trump’s election. Before his death in 2016, Clement also often mentioned a dinar revaluation.

“It was like, OK, well, God said the Iraqi dinar is going to revalue,” Kotseos told The Daily Beast.

Jay Addison, an attorney who follows financial scams, watched for six years as dinar believers’ hopes for a revaluation failed to materialize. After writing a 2012 blog post about why the dinar was a bad investment, Addison heard from dinar investors who insisted the RV was about to occur.

Six years later, it still hasn’t happened.

Addison, who calls the hype around the dinar a “study in stupidity,” said he’s personally encountered dinar investors who were otherwise savvy in business but became entranced by the prospect of instant riches.

“I’ve had a few clients fall for it,” Addison said. “They weren’t really the sharpest knives in the drawer.”

It’s not that the revaluation is totally impossible, according to Addison. It’s that companies that sell dinars and dinar “gurus” vastly exaggerate the likelihood of a revaluation.

“They’re basically told that it’s a sure thing. Nine out of 10,” Addison said. “When it’s actually one in a hundred billion.”

Kotseos, like other dinar holders, have found support in dinar communities online.

The investors, who call themselves “Dinarians,” gather on forums with names like Dinar Detective to dissect every news item for what, if anything, it could mean for their dinar. On another site, Dinar Vets, would-be posters have to verify or “dinar-ify” themselves by posting a picture of their dinars to prove that they are really committed to the cause.

Other fans post dinar “unboxing” videos on YouTube, filming themselves as they open envelopes filled with the dinars they hope will make them wealthy. On Facebook, some dinar groups are devoted to praying for the dinar revaluation to come sooner.

But the dinar-specific corners of the internet are also rife with manipulation. In October, the owners of a Georgia-based dinar reseller that made $600 million selling the dinar and other currencies were convicted of fraud for misleading investors about the dinar’s chances to gain value.

Their scheme, according to prosecutors, included paying off a dinar “guru” to tell his fans in chat rooms and conference calls that he had high-level sources in American and Iraqi government and international financial institutions who were sure a revaluation was imminent.

Dinar holders had what one of the accused sellers described as a “cult like” devotion to their dinar guru’s news. But according to prosecutors, those government “sources” were entirely fictitious.

The most devoted dinar investors tend to become obsessed with the minute details of Iraqi politics, convincing themselves that a new director of the Iraqi central bank or a particular infrastructure program in Nineveh is all that stands between them and millions of dollars.

Kotseos herself has dived headfirst into the dinar internet, tweeting regularly about her RV theories. She’s invested in the Vietnamese dong, a dinar rival that’s worth even less than the dinar, and she has strong feelings about various Iraqi politicians.

“With what’s going on in Iraq right now, everything is so hopeful,” Kotseos said.

Kotseos also spends a portion of each day in a dinar chatroom, where dinar holders convince one another that their investment will eventually pay off. Instead, she tries to promote “hopium”—dinar-world slang for optimism about the currency.

“Some people get a little negative,” Kotseos, who also tweets about the pro-Trump QAnon conspiracy theory, said. “You’ve gotta squish it fast. We just support each other.”

Kotseos said her family can afford to lose their dinar investments, if the currency never appreciates. But she’s convinced that she’ll be able to resell her dinar and at least recover a majority of her investment.

Those prospects are actually somewhat unclear. Many resellers will only buy back a portion of the dinars they sell, and they tend to sell them at already inflated prices.

But for now, Kotseos isn’t selling. She said she has seen ads offering to buy back dinar, but she ignores them.

“You’re not getting my dinar,” Kotseos said.  




https://www.thedailybeast.com/trump-fans-sink-savings-into-iraqi-dinar-scam



Courtesy Zig iqdcalls.com
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Trump Fans Sink Savings Into ‘Iraqi Dinar’ Scam Empty Re: Trump Fans Sink Savings Into ‘Iraqi Dinar’ Scam

Post by Ethel Biscuit on Tue Nov 20, 2018 10:57 am

ayestu

Yep, that seems to be a very fair summary of the situation. Of course, it won't make a blind bit of difference to the true believers. They'll claim that Sommer is a "cabal" agent, or a minion of the "deep state", or some such. These people are so far divorced from reality that nothing will change their minds because everything is woven into their fantasy and becomes supporting evidence for their delusions.

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Trump Fans Sink Savings Into ‘Iraqi Dinar’ Scam Empty Re: Trump Fans Sink Savings Into ‘Iraqi Dinar’ Scam

Post by Sam I Am on Tue Nov 20, 2018 1:31 pm

I've had several try that line on me.  I try to explain to them that Trump has been upset about China's undervalued currency for years, and that this doesn't mean what they think it means, but of course they won't listen.

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Trump Fans Sink Savings Into ‘Iraqi Dinar’ Scam Empty Will Sommers

Post by HopeyD2 on Tue Nov 20, 2018 1:42 pm

I read his article regarding the "Hopeful Dinarians" I did a little research myself...it seems Will has only been at the Daily Beast a short time as a tech writer. Prior to that he was a campaign editor and prior to that a "Senior Editor " at a Washington DC paper..Hmmmm..A B.S. in Foreign Service and International Politics..NO WHERE have I seen that he is an expert in the Iraqi Dinar. I don't ascribe to Gurus he mentioned in his piece...I would have liked to see this piece as an unbiased report with history and facts..but as most reporters today he obviously slanted the piece to fit "his Narrative " ...Instead of trying to make Hayes Kotseos look like she drank the "Kool Aid" by referencing Jay Addisons blog in 2012..why didn't he research/know that (I believe this happened in 2011) Obama pulled our troops out of Iraq subsequently Maliki. .. gave the country over to Isis..Went after Dr Shabibi...took control of CBI..so we waited some more...Yes, Iraq has a lot to overcome but I see movement in the right direction and reason to hope..based on MY own research completed long before I even heard of the Guru sites! Could this change...of course ...it's the flippin Middle East! Seems to me Will Sommers doesn't let facts stand in the way of his narrative. I don't disagree that there are scammers in this investment but there are scammers everywhere...yes buyer beware but do your research. Lastly, Hayes hang in there! I'm hoping right beside you along with A LOT of other people!! YOU ARE NOT ALONE!

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Trump Fans Sink Savings Into ‘Iraqi Dinar’ Scam Empty Re: Trump Fans Sink Savings Into ‘Iraqi Dinar’ Scam

Post by Ethel Biscuit on Tue Nov 20, 2018 1:45 pm

See what I mean?

say what?

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Trump Fans Sink Savings Into ‘Iraqi Dinar’ Scam Empty Re: Trump Fans Sink Savings Into ‘Iraqi Dinar’ Scam

Post by Scotchie on Tue Nov 20, 2018 2:44 pm

Yes, I can see people hanging on every word Trump says about currencies and stretching it to mean the dinar, dong, and zim.  They are brainwashed, thanks to Tony, etc.  So many declared dates by Tilton, Mangelo, and others that never pan out.  Mangelo claimed the dinar RV'd over three years ago, stating his friends (who have cousins in Iraq) were celebrating with champagne.  Well, we know that never happened.  On and on this fake news goes......thanks Trump!

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Trump Fans Sink Savings Into ‘Iraqi Dinar’ Scam Empty Re: Trump Fans Sink Savings Into ‘Iraqi Dinar’ Scam

Post by Sam I Am on Tue Nov 20, 2018 7:14 pm

HopeyD2 wrote:I read his article regarding the "Hopeful Dinarians" I did a little research myself...it seems Will has only been at the Daily Beast a short time as a tech writer. Prior to that he was a campaign editor and prior to that a "Senior Editor " at a Washington DC paper..Hmmmm..A B.S. in Foreign Service and International Politics..NO WHERE have I seen that he is an expert in the Iraqi Dinar. I don't ascribe to Gurus he mentioned in his piece...I would have liked to see this piece as an unbiased report with history and facts..but as most reporters today he obviously slanted the piece to fit "his Narrative " ...Instead of trying to make Hayes Kotseos look like she drank the "Kool Aid" by referencing Jay Addisons blog in 2012..why didn't he research/know that (I believe this happened in 2011) Obama pulled our troops out of Iraq subsequently Maliki. .. gave the country over to Isis..Went after Dr Shabibi...took control of CBI..so we waited some more...Yes, Iraq has a lot to overcome but I see movement in the right direction and reason to hope..based on MY own research completed long before I even heard of the Guru sites! Could this change...of course ...it's the flippin Middle East! Seems to me Will Sommers doesn't let facts stand in the way of his narrative.  I don't disagree that there are scammers in this investment but there are scammers everywhere...yes buyer beware but do your research. Lastly,  Hayes hang in there! I'm hoping right beside you along with A LOT of other people!! YOU ARE NOT ALONE!

You guys are certainly not alone.  There are still untold thousands of deluded dinarians hanging on to hope that this unprecedented and impossible revaluation will somehow come along and make them rich.  You don't have to be an expert in the dinar to know that revaluations of 100% don't happen, let alone 10,000% or 100,000%.  You don't have to be an expert in the dinar to know that the CBI's currency reform plan was a redenomination designed to do nothing more than simplify cash transactions and accounting within Iraq.  You don't have to be a dinar expert to know that the IQD is much more likely to lose value than it is to gain value.  And you certainly don't have to be an expert to know that all of the scammers and indictments/convictions are an indication that this is not a legitimate investment.  It's a hard currency scam marketed to people who have little to no experience in currency speculation and naive church people.

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Trump Fans Sink Savings Into ‘Iraqi Dinar’ Scam Empty Re: Trump Fans Sink Savings Into ‘Iraqi Dinar’ Scam

Post by RamblerNash on Tue Nov 20, 2018 9:16 pm

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Post by Ssmith on Thu Nov 22, 2018 10:55 am

Trump Fans Sink Savings Into ‘Iraqi Dinar’ Scam 2018-584
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