Iraqi dinar

[SuperBowlNachos]

Has anyone heard about the opportunity to buy some Iraqi Dinar? My boss was telling me last night about how you could buy it for 1/10 of a US cent. It's not valued yet, but if it values at even $1 dollar then you have pretty much hit the jackpot. He bought $1,000 worth. It's pretty much buying stock in Iraq.

[Cusefan]

Re: Iraqi dinar

Iraqi Dinar is pretty much only good for one thing, burning it to stay warm. The American Dollar is the only thing that is used in Iraq and will be until Iraq starts making some serious money so they have something that will back up their dollar. Even if that happens, they will print more new money and the old money will just be as worthless tomorrow as it is today.

Seems like a pretty foolish investment too me.

[SuperBowlNachos]

Re: Iraqi dinar

This is the new currency. The old currency is long gone and this stuff is just waiting to have a value. It's been re-printed and just waiting to hold any kind of real value.

[Sportsforever]

Re: Iraqi dinar

Has anyone heard about the opportunity to buy some Iraqi Dinar? My boss was telling me last night about how you could buy it for 1/10 of a US cent. It's not valued yet, but if it values at even $1 dollar then you have pretty much hit the jackpot. He bought $1,000 worth. It's pretty much buying stock in Iraq.

My brother bought THOUSANDS of dollars worth of Iraqi dinar back in 2002/2003...it has been sitting in boxes in his closet for 10 years as he waits for the Iraqi economy to recover. He might as well use it for firewood.

[Gotmadskillzson]

Re: Iraqi dinar

Ummm yeah your boss will be better off investing in euros.

[ImTellinTim]

Re: Iraqi dinar

Your boss should have used that $1000 on something fun like a weekend in Vegas. Because it's long gone.

[countryboy]

Re: Iraqi dinar

Be careful!

http://www.argusleader.com/article/20110319/NEWS/103190302/1001/news/Lead-man-accused-fraud-Iraqi-money

A South Dakota man who banked hundreds of thousands of U.S. dollars by selling Iraqi dinars to investors outside the state has been indicted on federal fraud charges.

The case against 58-year-old online retailer Dave Olmsted of Lead is the first prosecution in the U.S. District of South Dakota for the unlicensed sale of the Iraqi currency, but officials say the investment scam has flourished throughout the country in recent years.

Olmsted was indicted on charges of operating an unlicensed money transmitting business, failure to report on exporting and importing monetary instruments and unlawful structure of transactions to evade reporting requirements.

Before his arrest March 9, Olmsted was getting Federal Express packages every day, filled with shrink-wrapped piles of dinar bills that had been smuggled out of Iraq and into Jordan, court documents say. One U.S. dollar is worth about $1,200 dinars.

Most of the $670,000 worth of dinar he's charged with importing came from a seller in Amman, Jordan. Olmsted allegedly told agents with the U.S. Immigration and Customs Enforcement Service that his business had grown tenfold since 2006.

Last April, Montana-based First Interstate Bank flagged $268,000 of Olmsted's money as having come through "suspicious activity," the court papers allege.

The papers also point out that Olmsted has spent time in prison for tax crimes, has been successfully sued in small claims court several times in Lawrence County during the past 12 years and owes nearly $140,000 in state and federal taxes.

Sellers of the Iraqi currency tell potential investors that the dinar's value will grow as Iraq's government and economy stabilize, and that those who buy the bills now are certain to see huge returns when they exchange dinars for dollars in the future.

What dinar dealers don't say, according to Jim David of South Dakota's Better Business Bureau, is that Iraqi currency cannot be exchanged for dollars in the U.S.

"It seems as if people don't realize that they'd have to take it to Iraq to get anything out of it," David said.

Even if the money were exchangeable, he said, someone who invests in foreign currency has to be careful to note the actual value of the currency before buying any from an online dealer.

"With a lot of these outfits, they've already doubled the price of what the dinars are actually worth," David said.

The Better Business Bureau received six complaints about Olmsted's online dealership, mostly from customers who said they'd bought dinars and never received them. The South Dakota Attorney General's Consumer Protection Division had received 18 complaints of a similar nature, according to spokeswoman Sara Rabern.

All of the complaints came from outside South Dakota, Rabern said. The Consumer Protection Office has not received any complaints of other dinar dealers in the state or of South Dakota residents who've purchased dinars from online dealers in other states.

"This is a pretty new thing for us," Rabern said.

Anyone who thinks they might have been a victim of the scam can call 773-4400.

[superjames1992]

Re: Iraqi dinar

Should have invested that money in gold 10 years ago...

[SPTO]

Re: Iraqi dinar

Ummm yeah your boss will be better off investing in euros.

...or the Canadian dollar and/or Canadian commodities which is what has pushed the CAD up in the last 5 years. Okay, the weaker USD helps as well but you get my point

[Chrisksaint]

Re: Iraqi dinar

Yeah I'm no genius, in fact I'm still in HS technically but it doesn't seem smart to invest that much money in Iraq of all countries

[Cusefan]

Re: Iraqi dinar

Yeah I'm no genius, in fact I'm still in HS technically but it doesn't seem smart to invest that much money in Iraq of all countries

You would be correct sir, all it takes is one Civil War and your money is worthless again. Not to get all political in here but once the US leaves Iraq for good, its any ones guess what the hell will happen over there. There is a pretty good reason why there only one thing worth investing in the Middle East, its not the most stable of all places.

[Knight165]

Re: Iraqi dinar

Should have invested that money in gold 10 years ago...

Or Silver just last year.
Doubled my money...
The sweetness of Silver can't be praised enough right now!!!

M.K.
Knight165

[NoDakHusker]

Re: Iraqi dinar

Has anyone heard about the opportunity to buy some Iraqi Dinar? My boss was telling me last night about how you could buy it for 1/10 of a US cent. It's not valued yet, but if it values at even $1 dollar then you have pretty much hit the jackpot. He bought $1,000 worth. It's pretty much buying stock in Iraq.

$1,000 he's never getting back. That is a terrible investment.

[USF11]

Re: Iraqi dinar

Has anyone heard about the opportunity to buy some Iraqi Dinar? My boss was telling me last night about how you could buy it for 1/10 of a US cent. It's not valued yet, but if it values at even $1 dollar then you have pretty much hit the jackpot. He bought $1,000 worth. It's pretty much buying stock in Iraq.

I used to trade currencies on FOREX. Your basically gambling when you buying Dinar, im not saying don't do it, but don't use any money your not prepared to lose.

I will say this....just getting involved and aware for money YOU CAN afford to lose, maybe a very valuable learning experience.

I did make 30,000% on a penny stock once, only to blow the money later. Crazy things can happen.

[ESPNdeportes]

Re: Iraqi dinar

my bad investment detector is going crazy.....we have no idea how stable the new government is. This has too much risk