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Q: What Is the Iraqi Dinar Scam?
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Q: What Is the Iraqi Dinar Scam?
Q:
What Is the Iraqi Dinar Scam?
Unfortunately for the victims, the dinar is unlikely to experience the same rise in value as its Kuwaiti counterpart. In that case, the revaluation occurred due to the country's centrally controlled economy, something Iraq lacks in its current state. In addition, as of 2014, Iraq is suffering strong inflation, which reduces the value of its currency instead of causing it to appreciate. In addition, there are very few markets in which to sell dinars, and if the currency were to undergo a revaluation, it might be impossible to sell it outside of Iraq.
What Is the Iraqi Dinar Scam?
A:
The Iraqi dinar scam is particularly nefarious because it's actually legal. As long as the scammers are careful not to promote the dinar as a financial investment but merely hint at the possibility of its increase in value, the sale is legal and unregulated. Victims actually receive the dinar in exchange for their money, making this simply an investment in foreign currency. And, as the scammers are quick to point out, the dinar could actually rise in value.The Iraqi dinar scam tricks victims into believing Iraqi currency is about to undergo a revaluation, encouraging them to exchange their dollars for dinars. The scammers usually rely on fake websites and news reports to provide hype, and draw comparisons to the rise in value of the Kuwaiti dinar after the first Gulf War. Victims are told to hold their dinars until they become extremely valuable, which never happens.
Unfortunately for the victims, the dinar is unlikely to experience the same rise in value as its Kuwaiti counterpart. In that case, the revaluation occurred due to the country's centrally controlled economy, something Iraq lacks in its current state. In addition, as of 2014, Iraq is suffering strong inflation, which reduces the value of its currency instead of causing it to appreciate. In addition, there are very few markets in which to sell dinars, and if the currency were to undergo a revaluation, it might be impossible to sell it outside of Iraq.
Sources:
investorplace.com
whnt.com
learningmarkets.com
forbes.com
investorplace.com
whnt.com
learningmarkets.com
forbes.com
https://www.reference.com/government-politics/iraqi-dinar-scam-25ff60b210f9038f?qo=contentSimilarQuestions#
Ponee- Admin
- Posts : 38267
Join date : 2011-08-09
Re: Q: What Is the Iraqi Dinar Scam?
Except - even Kuwait did not RV - that is a false statement.
Also, the gurus DO PROMOTE it as an INVESTMENT so that makes it ILLEGAL RIGHT?
Also, the gurus DO PROMOTE it as an INVESTMENT so that makes it ILLEGAL RIGHT?
Ponee- Admin
- Posts : 38267
Join date : 2011-08-09
Re: Q: What Is the Iraqi Dinar Scam?
And the FBI is investigating it.
Source: https://forms.fbi.gov/iraqi-dinar-investment-investigation
Iraqi Dinar Investment Investigation
The Federal Bureau of Investigation (FBI) and Internal Revenue Service – Criminal Investigation (IRS-CI) are investigating a currency investment scheme involving the Iraqi dinar and certain other foreign currencies. Since the 2003 Iraq war, various promoters have claimed that the Iraqi dinar will undergo a “revaluation” (RV), meaning that dinar holders would make enormous profits. Many of these promoters claim to have high-level sources in the government or the financial industry. Several state agencies, major financial institutions, and consumer protection groups have cautioned that this is a scam.
If you or a relative have been told that you will make enormous profits from the purchase of the Iraqi dinar, Vietnamese dong, Indonesian rupiah, or other foreign currency, the FBI encourages you to complete this victim questionnaire.
Source: https://forms.fbi.gov/iraqi-dinar-investment-investigation
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Ethel Biscuit- VIP Member
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Location : This other Eden
Re: Q: What Is the Iraqi Dinar Scam?
IF YOU DONT BELIEVE THEN GET OFF THIS BANDWAGON-REMINDS ME OF THIS-https://www.youtube.com/watch?v=ABXtWqmArUU
clyde b- Forum Fanatic
- Posts : 162
Join date : 2018-04-16
Re: Q: What Is the Iraqi Dinar Scam?
Dealers can't promote it the way the Gurus do. They would lose their licence.Ponee wrote:Except - even Kuwait did not RV - that is a false statement.
Also, the gurus DO PROMOTE it as an INVESTMENT so that makes it ILLEGAL RIGHT?
The Gurus can BS all they want. They have no licence to lose.
All of them have disclaimers that basically say they are idiots and don't take their advise.
Footforward even admits it...
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RamblerNash- GURU HUNTER
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