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Thoughts on buying Iraq Dinar?

  • #21
  • Sep 13, 2007 1:01pm Sep 13, 2007 1:01pm
You can buy Dinars a lot cheaper through the Central Bank of Iraq

http://www.cbiraq.org/

Some of my trading buddies did that at the time, you just need to fax some ID and open an account. There are even forums on the net that will talk you through the whole process.

There is a lot of hype about the eventual exchange rates and if you believe what is quoted you could be a trillionaire. They are based on the current value of the Kuwaiti dinar (1= $3.5)but the dinar does not work like that and there is no reason that the Iraq Dinar will ever reach anything like it.

Mart
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  • #22
  • Sep 13, 2007 1:29pm Sep 13, 2007 1:29pm
OK so you understand the risk and think "outside the box" but what about that spread. But keep in mind my replies are meant for others who may be less sophisticated.
  • #23
  • Sep 13, 2007 1:45pm Sep 13, 2007 1:45pm
Quoting SunTrader
OK so you understand the risk and think "outside the box" but what about that spread. But keep in mind my replies are meant for others who may be less sophisticated.
Suntrader: the spread i am not worried about. because i feel this will be a year-2 year hold. which i am okay with. I am not looking for something crazy like $3 per. but i do think .10 to the USD is not out of reach considering our economy and what not, we will see, but like i said, it is money i am willing to "throw away" for the possiblity of the reward.
  • #24
  • Sep 14, 2007 12:28am Sep 14, 2007 12:28am
Quoting philmcgrew
Bank of America does not buy or sell Iraqi Dinar. It is not a country listed on their site and just to be sure, I called them. You should check out facts before posting. If you can post the bid/ask for dinar from an actual bank I'm sure we'd all like to see it.
you can sell it on ebay for about $900 per million, if you sell in 4 installments of 250K dinar each
  • #25
  • Sep 14, 2007 12:31am Sep 14, 2007 12:31am
Quoting bmwboyee
Suntrader: the spread i am not worried about. because i feel this will be a year-2 year hold. which i am okay with. I am not looking for something crazy like $3 per. but i do think .10 to the USD is not out of reach considering our economy and what not, we will see, but like i said, it is money i am willing to "throw away" for the possiblity of the reward.
.10 to US, I dont know about that much, that would turn my $750 into 100K? nah, only in dreams
  • #26
  • Sep 14, 2007 2:34am Sep 14, 2007 2:34am
Hey all,

I live in the UAE and i can drive up there on the weekend. I'm sure I can get a much better rate buying it off the street. I bet even with the shipping costs you'll save money buying it through me. Just send me your requests and cash and I'll take good care of you all.
  • #27
  • Sep 14, 2007 2:43am Sep 14, 2007 2:43am
This Iraqi Dinar has been a hot High Yield Investment Program (aka HYIP) theme for many years. Some of these programs would require "investor" (aka victims) to pay "membership fee" to be able to buy Iraqi dinars. And so the HYIPs flourished sucking in "investor money"...
Hmmm.. Looking at your chart, your 1M Dinar earned about USD50 over a period of several months. Nice. But where do you redeem this exotic Iraqi dinar? Are you even sure that you got authentic iraqi dinar or some counterfeits?

From the looks of it, it would be easier if you would just do a carry trade and get just as much money in less time and less risk.

In all honesty, about 2 years ago (Q4 2005), I solicited "investor" money from friends and relatives to buy Iraqi Dinar. I was not able to solicit money as all of them argued "when can they cash in"... It was obvious that this would be a waiting game and none of them liked the idea.

When I started trading Forex and learned several trading techniques, I realized the folly of doing this Iraqi Dinar thing. It would be best to simply trade Forex.. If "hoping of appreciation for a particular currency" is your cup of tea, then why not "hope that USD would appreciate vs EUR" from 1.3900 to 1.0000 and collecting daily swaps as well...
  • #28
  • Sep 14, 2007 6:14am Sep 14, 2007 6:14am
Quoting BurgerKing
This Iraqi Dinar has been a hot High Yield Investment Program (aka HYIP) theme for many years. Some of these programs would require "investor" (aka victims) to pay "membership fee" to be able to buy Iraqi dinars. And so the HYIPs flourished sucking in "investor money"...
Hmmm.. Looking at your chart, your 1M Dinar earned about USD50 over a period of several months. Nice. But where do you redeem this exotic Iraqi dinar? Are you even sure that you got authentic iraqi dinar or some counterfeits?

From the looks of it, it would be easier if you would just do a carry trade and get just as much money in less time and less risk.

In all honesty, about 2 years ago (Q4 2005), I solicited "investor" money from friends and relatives to buy Iraqi Dinar. I was not able to solicit money as all of them argued "when can they cash in"... It was obvious that this would be a waiting game and none of them liked the idea.

When I started trading Forex and learned several trading techniques, I realized the folly of doing this Iraqi Dinar thing. It would be best to simply trade Forex.. If "hoping of appreciation for a particular currency" is your cup of tea, then why not "hope that USD would appreciate vs EUR" from 1.3900 to 1.0000 and collecting daily swaps as well...
Yes, but where is the fun in that. Now I have a million to count out in cash.

I think it was only about 300 quid at the time and I didn’t use my trading account.
I used my spend’s, you know money for playstations, motorbikes wine and song (given up on the women bit)

Check it again in a few years and see what it’s worth.

Mart
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  • #29
  • Sep 14, 2007 5:36pm Sep 14, 2007 5:36pm
One of the "biggest hope" in the Iraqi Dinar dream is waiting for it to become 500%~10000% from its current value.

Greed.

Last 2006 election showed that USA dont like to waste time, money, effort on Iraq; thus Republicans only have up to Nov 2008 to turn Iraq into a self governing democracy. So that should answer one of the egging question "up to when do we wait".

As an alternative to this Iraqi Dinar investment, I'd rather put my money on Chinese Yuan. It pays interest; it is assured it will appreciate - not as wishfull as the Iraqi dinar, but assured. And China is far more stable economically and politically than Iraq.
  • #30
  • Sep 14, 2007 5:47pm Sep 14, 2007 5:47pm
Quoting bmwboyee
i would actually have to get them in paper form.

www.safedinar.com
I'm impressed with your depth of knowledge. How did you find these guys?
  • #31
  • Sep 15, 2007 5:13am Sep 15, 2007 5:13am
Sure buying the Chinese Yuan may be the sensible thing to do, as is buying cable in an up trend. That’s how we make a living by trading and not gambling.

However the Dinar is “having a punt” like getting a tip of from a dodgy trainer and sticking a few quid on a wild outsider at 100-1.
I certainly would not recommend it as a trading opportunity

Buying millions of the stuff though or using money you are not prepared to write off would be greed.

Mart
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  • #32
  • Sep 15, 2007 9:46am Sep 15, 2007 9:46am
Quoting mart-hart
Sure buying the Chinese Yuan may be the sensible thing to do, as is buying cable in an up trend. That’s how we make a living by trading and not gambling.

However the Dinar is “having a punt” like getting a tip of from a dodgy trainer and sticking a few quid on a wild outsider at 100-1.
I certainly would not recommend it as a trading opportunity

Buying millions of the stuff though or using money you are not prepared to write off would be greed.

Mart
Good example. I have friends who bought dinar two years ago and they did it on a lark. I doubt that they've even checked the value since then.

It's a novelty and fun to own a huge stack of exotic cash. Certainly no harm in it when looked at in that light. And it may pay off, though it's a longshot for sure.
  • #33
  • Sep 16, 2007 5:33am Sep 16, 2007 5:33am
OOPS, I miss-read the post, I thought it said buying Iraqis dinner. I thought now there is a sensible man trying to make a few Iraqis feel a little bit better about there situation. Damm I was wrong, Hell no would I buy Iraq currency. They cant agree on what color the toilet paper should be without killing each other. What if this government goes under? ( a likely possibility)
Then what? now you have 1 million pieces of paper that would work great to start a fire in the winter time.
Just Trade It
  • #34
  • Sep 16, 2007 6:56am Sep 16, 2007 6:56am
Quoting Big Wave Rider
OOPS, I miss-read the post, I thought it said buying Iraqis dinner. I thought now there is a sensible man trying to make a few Iraqis feel a little bit better about there situation. Damm I was wrong, Hell no would I buy Iraq currency. They cant agree on what color the toilet paper should be without killing each other. What if this government goes under? ( a likely possibility)
Then what? now you have 1 million pieces of paper that would work great to start a fire in the winter time.
No, dont burn it !

I have a wall in the office needs re covering. Only need another $50 worth.

mart
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  • #35
  • Feb 5, 2008 7:47pm Feb 5, 2008 7:47pm
somehow i worry if current paper renewed and we suddenly have to exchange all of this stuff for short period of time, high discount every time it happened...
just when we think the price is going up in crazy and ready to exchange it, they just say "sorry, the money is expired"
  • #36
  • Mar 18, 2011 7:08pm Mar 18, 2011 7:08pm
Just saw this thread, and I see it's been awhile since anyone on here has discussed this.

What does everybody here think of this investment now? Does anybody see it revaluating in the near future? If so, what do you think will be the new value and why?
  • #37
  • Mar 19, 2011 3:26am Mar 19, 2011 3:26am
Anyone thinking of doing this then please visit learning markets .com. They have a very good article on this. It might just save some of you some heartache.
London: New York: Tokyo - but mostly Rangiora
  • #38
  • Mar 24, 2011 1:15pm Mar 24, 2011 1:15pm
Quoting trader912

What does everybody here think of this investment now? Does anybody see it revaluating in the near future? If so, what do you think will be the new value and why?
Lol just seen this thread.
I bought 1 million IQD in 2005 and I'm still not rich yet like I was promised!
At least I will have pretty wallpaper if the zeros are dropped or there's a reprint.
  • #39
  • Mar 24, 2011 2:02pm Mar 24, 2011 2:02pm
Breakfast would cost less.
Living the adventure in my head.
  • #40
  • Mar 24, 2011 2:16pm Mar 24, 2011 2:16pm
Quoting fosking
Lol just seen this thread.
I bought 1 million IQD in 2005 and I'm still not rich yet like I was promised!
At least I will have pretty wallpaper if the zeros are dropped or there's a reprint.
wow, Sir...
maybe u can give me a few dinar bills..
i'll add them to my future collection... (i'll send u Philippine mangoes, in return)t
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