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Dinar banker concern?

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Dinar banker concern? Empty Dinar banker concern?

Post by forexrosser on Mon Jul 25, 2011 1:44 pm

Date: 2011-07-11 15:22:05
Name: Rod
E-mail: forxxxxxxx (at) yahoo (dot) com
Phone Number:

Message:

I a have 1,000,000 dinars in 25,000 denominations: current value 1170 M/L My question is once the 3 0's are lifted what will the value be. I was told $1.0 for 1 dinar would mean, I now have $1,000,000 value (Example) Then I was told the value will not change by another source, the 0;s will just be gone: (Help) Can u give me an example to clear this up. Thanks Rod


Date: 2011-07-11 16:30:02
Name: Jordan

Message:

Hello,
The rumor of Iraq removing the zeros from its notes is just that, a rumor. The zeros will not be removed.

Kind Regards,

Jordan
DinarBanker
1-888-DINARS-1
www.dinarbanker.com

I might ask now: WHY DID I BUY THEM? Doe's anyone have a legitamate answer?




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Dinar banker concern? Empty Dinar banker concern?

Post by happywelshguy on Mon Jul 25, 2011 1:56 pm

There is an abundance of information on this topic, as it's been discussed month in and month out, for a very long time. The answer to your question is contained within all those numerous posts.

However, here is the answer that your looking for.

Once the RV occurs, your Dinar value will be as follows:

One Million Dinars x $ rate = $????

Example One Million Dinars at a rate of $4.00 would give you a value of $4M ($ Four Million)

Hope that helps

Smile



@forexrosser wrote:Date: 2011-07-11 15:22:05
Name: Rod
E-mail: forxxxxxxx (at) yahoo (dot) com
Phone Number:

Message:

I a have 1,000,000 dinars in 25,000 denominations: current value 1170 M/L My question is once the 3 0's are lifted what will the value be. I was told $1.0 for 1 dinar would mean, I now have $1,000,000 value (Example) Then I was told the value will not change by another source, the 0;s will just be gone: (Help) Can u give me an example to clear this up. Thanks Rod


Date: 2011-07-11 16:30:02
Name: Jordan

Message:

Hello,
The rumor of Iraq removing the zeros from its notes is just that, a rumor. The zeros will not be removed.

Kind Regards,

Jordan
DinarBanker
1-888-DINARS-1
www.dinarbanker.com

I might ask now: WHY DID I BUY THEM? Doe's anyone have a legitamate answer?



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Dinar banker concern? Empty Re: Dinar banker concern?

Post by Jogjk on Mon Jul 25, 2011 2:06 pm

Much confusion on the removal of three zeros. It pertains to the Iraqi demonations. Right now they do not have the 1, 5, 10 & 20's like we do. I refers to removing the larger bills and putting in smaller bills into circulation. Say a loaf of bread is 1000 dinar it will cost after RV it will be 1 dinar.

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Post by Keys on Mon Jul 25, 2011 2:17 pm

Wait a minute!

Why is the guy from Dinar Banker DENYING that the 3 zeros will be removed?

I think that's the question.
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Dinar banker concern? Empty Article from: Radio Free Europe Radio Liberty

Post by faithblossoms on Mon Jul 25, 2011 2:26 pm

http://www.rferl.org/content/Iraq_Planning_Currency_Redenomination/1950504.html

NEWS / FROM OUR BUREAUS
Iraq Planning Currency Redenomination

Iraqi dinars are stacked at a teller's window in a Najaf bank.
February 06, 2010
BAGHDAD -- The Iraqi Central Bank is planning to redenominate the national currency in an effort to ease transactions and allow people to carry less paper money, RFE/RL's Radio Free Iraq (RFI) reports.

Mudhhir Muhammad Salih, a member of a Central Bank advisory panel, told RFI that a plan has been made to remove three zeros from the currency and phase out the current banknotes late this year.

Salih said by the end of 2010 the new banknotes will be fully introduced while the old banknotes will be gradually removed from circulation. He did not specify when the new notes would be issued.

Both will be legal tender in Iraq until the old notes are completely withdrawn.

Iraqi officials have had a long-running plan to redenominate the Iraqi dinar. In 2006, the Finance Ministry recommended to the Central Bank that it carry out such a plan.

Salih pointed out that banks are having a hard time accepting cash savings and deposits, but by dropping the zeros it will make it easier for both the banks to deal with their customers and for the general public to carry money. He said some 80 percent of Iraq's money supply is cash in circulation.

Salih added that in 1990 the value of banknotes in circulation was about 25 billion Iraqi dinars but is currently some 25 trillion dinars.

Economic analyst Hilal al-Tahhan told RFI that the bank's move is overdue. He said he expects the currency change to go smoothly because of the decision to allow both the old and new banknotes to coexist, leading to less turbulence in the economy.

The current exchange rate is 1,167 Iraqi dinars to the U.S. dollar.

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Post by Keys on Mon Jul 25, 2011 2:42 pm

I know the 3 zeros are to be "raised".

My question is - How come the guy from Dinar Banker doesn't have a clue????????????
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Post by rick152 on Mon Jul 25, 2011 2:44 pm

OkieFan wrote:I know the 3 zeros are to be "raised".

My question is - How come the guy from Dinar Banker doesn't have a clue????????????

It the fact that Dinar Banker is bound by Insider trading laws. They cannot speak ...rick152
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Dinar banker concern? Empty Re: Dinar banker concern?

Post by FoxyRoxy on Mon Jul 25, 2011 2:47 pm

On yesterday's CC with (Fresh?), it was stated as follows: (My words, but I did type/transcribe the call):

Real quick, regarding Arab translation, there was a lot of "translation" out there that were misinterpreting a key word. They were putting in the word "remove" when, in fact, the word in context meant "retrieve." So once they felt they had a sufficient amount [of the large denoms] after the retrieval process, they could release the lower denoms so their money could be in the palm of their hand instead of the back of a pickup.

That's just what I heard, not what I know, but it did make me feel better. I hope that helps.


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Dinar banker concern? Empty Re: Dinar banker concern?

Post by Keys on Mon Jul 25, 2011 2:49 pm

@rick152 wrote:
OkieFan wrote:I know the 3 zeros are to be "raised".

My question is - How come the guy from Dinar Banker doesn't have a clue????????????

It the fact that Dinar Banker is bound by Insider trading laws. They cannot speak ...rick152




Sorry, insider trading laws apply only to the stock market.

No such thing in currency market.
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Post by rick152 on Mon Jul 25, 2011 3:06 pm

Here is the example I am talking about as to "insider trading of currency

We're seeing quite the economic turbulence in the United States as of late, and financial problems lead to two things: 1) further regulations on the issues that caused the problem; and 2) people seeking out new sources to exploit to make a quick buck. Plenty of people have written article upon article about all of the various economic tools that have been exploited to bring us to this point. I, however, would like to talk about one of those potentially exploitable areas people may move toward, that being the currencies that exist in virtual worlds and MMO games. I figure it's only a matter of time before what I'm about to describe occurs in one manner or another, which could very easily turn the tide of regulatory scorn from Wall Street to Azeroth or Second Life.

I guess the best place to start is from something I hope most people are familiar with on a basic level: insider trading. In short, insider trading is when people with non-public information trade stocks to their benefit. It's regulated as a combination of a breach of fiduciary duty to the company or a misappropriation of information. In short, it's an unethical way to profit from inside information, and generally frowned upon (though some economists disagree with regulating insider trading). But insider trading is about stocks and securities, so where am I going with this?
While current regulations focus on established stocks and securities, the concept could pretty easily be applied to any virtual economy, but on a much more complex scale. Say you work for one of the developers, and you're aware of some event that will be happening in the game that will cause currency prices to rise. If you took the opportunity to buy currency before the event and then resell currency after the event, you're doing the equivalent of insider trading. By the same token, using information to sell off currency before an event devalues it is no different. Going to a more broad level, even taking advantage of information about changing drop rates of items or new additions to the game that would make some items more or less valuable would be the same as using information about currency.
"In short, this goes beyond simple insider trading to the level of in-game market manipulation."


Of course, the very nature of virtual worlds and MMO games means there potential for fraud goes much, much deeper, and it's in these depths where I see the real potential to raise the ire of government regulators. Specifically, the greatest potential risk is in the manipulation of two things: asset trading values and asset volumes. In short, this goes beyond simple insider trading to the level of actual market manipulation.

Imagine, if you will, that you are in a position either within a game company and in charge of the trade between real currency and your currency, or within an outside brokerage that deals in in-game currency. From that position, it would be entirely possibly that you would have the ability to, at least to a small degree, alter the price of the asset. From there, knowing what the shift would be and when it would occur, it would be simple to orchestrate purchases and sales for profit against the market. However, I would imagine that most companies would be monitoring this closely enough to prevent it from happening altogether.

In a more convoluted means, imagine you're involved with the trade of in-game assets for in game currency. In a static pricing model (rather than an auction model), the ability to manipulate prices is roughly the same as the ability to regulate the value of the currency. Simply put, if you know that the price on a given weapon is about to go up, or rather, you are about to raise the price, it's relatively easy to orchestrate a profit. This is meaningless in in-game currency, unless that currency can be sold for real world currency. Given that currency for basically any game can be bought or sold in some manner despite the game company's intention that it not be, it seems like this is a viable possibility for profit.
"There is no item in game that can't be duplicated, and clever duplication could be easily exploited for profit."


What is likely the most ripe for fraud potential is, in essence, the very nature of the virtual world: the ease of changing supply of digital products. Someone with true access has the unlimited ability to, within the game universe, literally violate what would be the laws of physics in the real world: they can create and destroy 'matter.' There is no item in game that can't be duplicated, and clever duplication could be easily exploited for profit. Of course, a good plan would make sure different accounts were receiving items so that it was less obvious than one particular player re-selling a bunch of high level items or cashing out a bunch of gold.

So, how likely is any of this to happen? That depends largely on how much caution is exercised by those who run the virtual worlds. Of course, some of that comes down to perception versus practice, as we've seen with the financial sector. While we may believe that caution is being exercised, it takes a major event to show whether that perception is accurate or not. I would like to think that those in charge of virtual worlds are exercising the utmost caution, and I sincerely hope that nothing like this brings the potential problems in vitrual worlds into the aim of the Federal government.

And here is the link http://www.joystiq.com/2008/12/12/lgj-regulating-virtual-currency/ rick152
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Post by Keys on Mon Jul 25, 2011 3:26 pm

Rick,

This attorney is speaking hypothetically.

He's saying that "insider trading" laws may, one day, be applied to video games or currency trading.
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Dinar banker concern? Empty dinar sellers/buy back?

Post by lvjeweler1 on Mon Jul 25, 2011 3:34 pm

I dont know if anyone has tried to sell their dinar back to a dinar seller,I have ,I was offerd an average of $800.00 per million but only for the larger notes not for the small notes,they wouldnt touch them,these dinars were purchased from dealers that are referd to as being reputable,and I have all paperwork and recieprts for these transactions,just curious to see if anyone has had similar experiences crazyspin
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Post by rick152 on Mon Jul 25, 2011 4:37 pm

@lvjeweler1 wrote:I dont know if anyone has tried to sell their dinar back to a dinar seller,I have ,I was offerd an average of $800.00 per million but only for the larger notes not for the small notes,they wouldnt touch them,these dinars were purchased from dealers that are referd to as being reputable,and I have all paperwork and recieprts for these transactions,just curious to see if anyone has had similar experiences crazyspin


If you sell them back you will regret it for the rest of your life...Hold on our time is coming...rick152
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Dinar banker concern? Empty Re: Dinar banker concern?

Post by SEBtopdog on Mon Jul 25, 2011 4:38 pm

@forexrosser wrote:Date: 2011-07-11 15:22:05
Name: Rod
E-mail: forxxxxxxx (at) yahoo (dot) com
Phone Number:

Message:

I a have 1,000,000 dinars in 25,000 denominations: current value 1170 M/L My question is once the 3 0's are lifted what will the value be. I was told $1.0 for 1 dinar would mean, I now have $1,000,000 value (Example) Then I was told the value will not change by another source, the 0;s will just be gone: (Help) Can u give me an example to clear this up. Thanks Rod


Date: 2011-07-11 16:30:02
Name: Jordan

Message:

Hello,
The rumor of Iraq removing the zeros from its notes is just that, a rumor. The zeros will not be removed.

Kind Regards,

Jordan
DinarBanker
1-888-DINARS-1
www.dinarbanker.com




[b]I have send Dinarbanker.com a few questions. One thing I have learned through independent verification is that if Jordan answers your question you will invariably get incorrect information. He told me I could keep sending wire transfers to the old bank address, and when I asked for clarification I got an answer from someone else who said NOT to use the old address, but rather to use the new wire transfer instructions. I have heard on some of the calls that Jordan told people with layaway orders that if people want their dinar shipped after RV, Dinarbanker.com "has a good relationship with FEDEX" and will just go ahead and ship them as they have always done. Trouble is, FEDEX insurance is only up to a value of $1,000. When people could get to someone higher up at Dinarbanker.com they got the correct answer, which is that the RV's dinar would NOT be shipped FEDEX. It would be cashed in at a Dinarbanker.com sites to be announced post-RV in various areas of the country. I don't know why Jordan is still on the payroll at Dinarbanker.com. He is either incompetent or a real rogue employee purposely disseminating incorrect information. Either way, he should be history.[size=12][/size

*****************
Dinar banker concern? Emoticon-animal-028
 
Keep smiling ... It'll make 'em wonder what you're up to!
 

Dinar banker concern? Bump~0 Will someone please let the RV Widget out of the jar?
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Dinar banker concern? Empty PULLED FROM CIRCULATION

Post by hoosierbuster on Mon Jul 25, 2011 4:44 pm

Much confusion over this issue...there has been a translation and interpretation problem with what Shabbibi has said in regard to the redenomination. We have difficulty interpreting his expression that "the 3 zeros will be dropped?" Shabibibi meant that the large denoms will be eventually be pulled from circulation after about 2 years.

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Post by greenlight on Mon Jul 25, 2011 8:17 pm

OkieFan wrote:Wait a minute!

Why is the guy from Dinar Banker DENYING that the 3 zeros will be removed?

I think that's the question.

Let's see... they sell Dinar. If they verified the removal of 3 zeros, how many would hurry and buy more?
Just asking.
Shabibi and Saleh both have said numerous times that the intention is to remove the 3 zeros and that the value will not change. see here: http://www.iraq-businessnews.com/2011/07/05/new-dinars-for-old/ for 1 of many news sources.
Notice in particular the next to the last paragraph.
If this is correct, then for example, if an Iraqi walks into a bank with $1000 worth of Dinar in 3 zero notes. Does the exchange. He then walks out with exactly the same value in Dinar of lower denoms (w/o 3 zeros). The total amount of Dinar would be 1000 times less that what he walked in with, but the value of his dinar would be exactly the same after as before - exactly.
Now, there are many people who insist this is a wrong scenario. So who is right? Time will tell.
However, consider this. If an Iraqi goes to the store and buys a new TV for, let's say, 500,000 Dinar (worth somewhere around $400). The next day we see an RV occur for, let's say $4.00/Dinar. It doesn't take much for this person to realize he just paid $2,000,000 for that TV. What do you think the Iraqis will do to their government after realizing they just lost a fortune overnight? That's if the correct outcome is an RV w/o a RD.
If they do what Shabibi and Saleh says in the news, then it will be much more seemless - especially if the RD and then later gradually RV. He will have paid exactly the same amount before as he would have had he waited till the next day - no different.

Just think about it.
I'm not telling you it will happen one way o\r the other. Just laying it out for you to think about it.
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Dinar banker concern? Empty Re: Dinar banker concern?

Post by cammielucky on Mon Jul 25, 2011 9:14 pm

So Greenlight, do you think they are removing the zeros, and making a 25000 note worth 25? Just wondering...

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Post by greenlight on Mon Jul 25, 2011 10:15 pm

@cammielucky wrote:So Greenlight, do you think they are removing the zeros, and making a 25000 note worth 25? Just wondering...
Just me personally from reading the many news reports out of Iraq and the CBI, I lean towards removing the 3 zeros from all the 000 notes (25000 would exchange for 25) at the same time the dinar will RV. However, I suspect the RV will start out 1000 times what it is today. In other words, just like the article says, 1.17IQD will = $1.
Bottom line, the way it appears, there should be an RD+RV at the same time with a gradual increase to at least 3.22 after a period of time.
Here is another link that ties many news articles together.
http://www.iraq-businessnews.com/tag/redenomination/
notice in particular in the first article right at the end. Shabibi noted what Turkey had done. Turkey did exactly this. They RD+RV by introducing new lower denoms and at the same time removed 6 zeros. Shabibi said they can learn from what Turkey did. Hard to be any more clear than that.
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