Iraqi Dinar and Ebay
Over the last 4 or 5 months we have heard a lot of Dinar speculators using Ebay as their tool to buy and sell the Dinar by way of cutting out the broker charging the scandalous 20% commission.
This blog post, is inspired from a comment made 10th April 2014 by Brian on our previous article:
“Likewise, a few years back, the number of auctions on Ebay for Iraqi Dinar was merely dozens per week, then a couple of years ago, it grew to a few hundreds per week, today it’s averaging 7,000 auctions per week, and they’re not “official” auctions by MSB’s selling Dinar, most are just ordinary people waking up and bailing out. Let’s do the maths : 7k auctions per week x 52 weeks = 364,000 auctions per year. That’s a LOT of former Dinar owners now dumping Dinar after figuring out the scam.”
This set the wheels in motion to have a dig around on Ebay and find out what is going on
One auction caught our attention. Frankly speaking, I am disgusted beyond belief but that’s neither here nor there.
An Ebay seller by the name of fd671401 has at the time of writing 10 auctions all individually offering the same service, TEN MILLION Iraqi Dinars 90 Day RV Certificate!!
fd671401 has a 96.9% feedback rating for the last 12 months of sales to a total of 131 customers. Not bad, indicating he does what he says he is going to do.
What do you get?
The Below is from the Ebay Listing
“90 day Option CERTIFICATE for TEN MILLION (10,000,000) Uncirculated IRAQI DINARS”
Options are a great way to reserve a large amount of the Iraqi Dinars for pennies on the dollar.
These options give you the choice to benefit from an increase in the price of the dinar notes, without you having to invest a fortune.
This option certificate entitles you to 10,000,000 Dinars in 25,000 Dinar Notes each, if the value of the Dinar goes higher against the dollar during the 90 day period your option certificate can be exercised. The Revaluation must be announced by the government of Iraq or agencies (Central Bank of IRAQ) and/or the dinar be exchanged at the new rate on international currency exchanges like the Forex. The new value of the Dinar must be equal or greater than the US Dollar. In the event the RV occurs and is greater than USD, your 10,000,000 Iraq Dinar will be mailed to you FREE of charge.
ReValuation Term:
Revaluation of the dinar would increase its value against the US dollar.
If the Iraqi Government removes the zeros from their currency but does not change its value in terms of dollars, then no RV has taken place. If they just remove the zeros the exchange rate to the US Dollar would still be the same. When a
RV takes place the Iraqi Government and its official banks (CBI) revalue the dinar’s value in relation to the US dollar. When this happens you will know because it will be all over the news.
Buying With Confidence:
Buy your option Certificates from a reliable US Seller. US Contracts can be enforced in the court of law, but not in other countries. We are based out of Florida and also have a location in West Virginia and we will send you a signed options contract.
When you buy with us you are buying with Confidence.
Terms and Conditions:
1. Win the auction and pay using PayPal.
2. Payment made within 24hrs after auction has ended.
3. The Option time starts as soon as item is Payed for.
4. A Options contract will be mailed to you by First Class Mail.
5. If the Iraqi Dinar changes in value to the US Dollar within the 90 day period, the 10,000,000 Iraqi Dinar will be mailed to you FREE of charge by First Class Mail, over Night, with signature required upon delivery.
The Above is from the Ebay Listing
Remarkable!! So fd671401 will sell you an option on 10 Million Iraqi Dinars today for whatever the price is once the Ebay auction finishes and if the Dinar “revalues” during the following 90 days, you will receive 10,000.000 brand spanking new notes in accordance with the option being fulfilled.
Just how much are these “options” selling for?
Since April 1st 2014 and April 8th 2014 a total of 16 auctions have completed with the lowest winning bid of $41.00, highest of $255 and an average of $101.67 per trade, bringing in a total of $1,626.77 for the week.
Not bad! Multiply that by 4 and you are averaging $6,507.08 in gross earnings for the month minus the costs for 64 stamps, 64 envelopes, 64 certificates and of course his/her? Paypal fees…
In any case, he/she? is walking away with a decent income for selling an option that will NEVER be fulfilled. Never. In other words it is a license to print money and money it is printing!
The Iraqi Dinar mathematically can not ever complete a revaluation.
We are going to leave you with Brian’s words, he sums up conclusively “The Iraqi Dinar Scam“:
Kim, it’s not about “trust”, it’s about what is simply a flat-out literal impossibility. No-one should “trust” anyone’s subjective “date & rate predictions” on the Dinar – I 100% agree. But the simple indisputable objective factual reality is:-
Iraq have $80-$90 BILLION of currency reserves (USD’s + SDR’s + gold bullion), to back the whopping great 87.7 TRILLION Dinar they’ve printed. They only have $1 worth of assets to back every 1000 Dinar. That’s why it fell under 1000:1 in the first place! There simply is no “unaccounted missing value” to “RV” to, as guru’s are falsely pumping. The world didn’t “forget” about the Dinar or it’s “real” value, the Dinar is just plain over-inflated and fell in the 1990′s (LONG before the 2003 war) when Saddam expanded Iraq’s money supply from 20 billion Dinar to over 80 TRILLION Dinar:-
Year = Money Supply / FX rate
1991 = 24,670m (24.7bn) / $1 = 10 IQD
1992 = 43,909m (43.9bn) / $1 = 21 IQD
1993 = 86,430m (86.4bn) / $1 = 74 IQD
1994 = 238,901m (239bn) / $1 = 458 IQD
1995 = 705,064m (705bn) / $1 = 1674 IQD
1996 = 960,503m (960bn) / $1 = 1170 IQD
1997 = 1,038,097m (1tn) / $1 = 1471 IQD
1998 = 1,351,876m (1.3tn) / $1 = 1620 IQD
etc, etc.
In 7 years alone, Iraq printed 52x more money, driving inflation well over 300%. In 23 years (1991 -> 2014), Iraq has printed 3,554x more money. Guess what? The Dinar fell in value by roughly the same amount over the same period…
This is not “belief” or “opinion” or “trust” it is the simple cold, hard truthful fact of what happened in Iraq in reality. Either you deal with the facts or you keep running away from the facts – either way, the truth is not going to go away just to convince scam victims they haven’t been scammed out of the usual pride / ego. The current 1166:1 rate IS its true market value (just as it was in 1996). In fact the real market value is still actually even lower as you can see for yourself here:-
8th April 2014 – 1166:1 Pegged rate / 1,218:1 Market rate.
http://www.cbi.iq/documents/CBI_FOREIGN_EXCHANGE_AUCTIONS.pdf
Iraq only controls the peg, if the Dinar were genuinely undervalued that market rate would be much higher. Either you understand this stuff or you don’t, and if you don’t, you really shouldn’t be playing around with any foreign currency speculation (you don’t “invest” in foreign currencies, you “speculate” on them). And many amateur speculators that half understand it and can vaguely grasp the extremely basic concept that printing more money = a dilution in value of each existing currency unit, end up trying to push these facts away solely for Iraq (as part of their “due diligence”) out of blind greed. There’s just no polite way of saying that Kim – that’s exactly what’s driving the Dinar scam – blind greed & willful ignorance.
Kim – “Brian – what the f do you care – it’s my money and I can do what I effen please with it. I could give a crap what you do with you’re money.”
I care when liars mislead other naive but well-meaning people. YOU may not want the truth to “keep the dream going” inside your imaginary “RV” bubble – but others do and are exponentially waking up – that’s why there’s now over 7,000x Ebay auctions for Dinar at any one time – people are fast waking up and are now bailing out, left, right & center.
The “350,000% RV” is a scam that’s not even possible. Get over it already. The rest is just a desperate false propaganda appeal to relativize an objective fact simply because you so badly want to believe someone will give you $1m for nothing:-
- If I say 1 inch is 2.54cm and you say 1 inch is 1cm, is the “real” answer “1 inch = 1.77cm”?
- If I say a cheetah can run at 70mph, and you say it can run at 5,000mph, is the “real” answer “a cheetah can run at 2,535mph?”
- If I say that $30m Nigerian Prince e-mail is a scam – and you say it isn’t, is the “real” answer “a Nigerian scammer is going to give you $15m” instead if you “just have faith”?
See how silly all that sounds?…
“Fake appeals to middle-ground” is just another propaganda tactic straight out of the “guru songbook” to “keep the flock from straying” that ‘faith-based investors’ fall hook, line and sinker for.
I know you mean well Kim, but seriously, it is a scam to the core and false appeals to relativize simple objective facts, or trying to ignore or rewrite the history of Iraq’s self-inflicted chronic inflation that’s what really caused the Dinar to tank from 1989 onwards, will not change that one iota…
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