Why Dinar Banker, Dinar Trade and Dinar Daddy know it's a scam

If you had a collection of art worth $1,000 in your possession, and you believed it would be worth $3,000,0000 some time this year, would you sell any of it today at today's price?

I wouldn't.
But if I thought it would always be worth only $1,000, I would be happy to sell it.

That's what Dinar Daddy, Dinar Trade and Dinar Banker are doing. They want to sell you some Dinars today at today's price.

That's how I know they know. It's Greed 101.

But let's work it out by the numbers.

If you look at the videos on the Dinar Banker website, you see the guy in charge talking with a mountain of Dinars behind him. Why would he sell a million Dinars for $1,000 if he could just wait a while and sell the same million Dinar for $3,000,000?

Why would he even bother to run his business if he knew he would shortly be a multi-billionaire?

The answer is, he's making his money be selling Dinar at his 10-20% markup. He knows there will never be an "RV" (Revaluation) of any reasonable factor, so it's easy money selling Iraqi Dinars to millionaire-hopefuls all day long, then buying them back at a steep discount when those same people wake up to reality months or years later.

Wave after wave of Dinar RV hopefuls rush to the sellers with their money. It is the classic signature of an irrational believe that grips people badly in need of some hope in their lives.

The RV will never happen. If you are in possession of Iraqi Dinar today, you'll be lucky to even get your original purchase price back.

Whenever I try to draw Iraqi Dinar owners to the facts surrounding this issue, I get verbally attacked the way religious people get all aggressive when you suggest their religion is "Santa for Grownups" or something. And when people get all defensive with me like that, I know they already know the truth. Deep down.

It reminds me of how religious fundamentalists froth at the mouth when someone challenges their faith-based religion. Go to any of the bulletin boards or online forums that talk about the imminent Iraqi Dinar RV. They'll shoot you down like your are the very incarnation of Satan. Not the response of folks who have facts to back up what they say.

Watch these two short videos on the subject. Decide for yourself what the credibility of the speaker is. Do your own research. Don't rely on the word of anyone who is selling you Dinars.

What a true foreign exchange expert says about the Iraqi Dinar

This should set your mind at rest as to what the real possibilities of a significant revaluation of the Iraqi Dinar are.
Take it from an expert, not someone who wants to sell you Dinars.

Now, watch Part 2 from the same expert

I'm not an investment analyst, or any kind of financial expert, but I know one when I see one, and this guy is clearly legit. Compare what he has to say with the people who want you to buy their Iraqi Dinars. If you still believe the Iraqi Dinar will make you rich, go for it.

The Iraqi Dinar - the Gift that Keeps on Giving

The problem with all the scams collecting money on the Rapture (e.g., save your pets, email your friends services, etc.) is that, once the time of the Rapture has come and gone, those scam artists stop collecting money.

The beauty of the ever-imminent Iraqi Dinar Revaluation is that it goes on forever. In fact, the more "imminent" it is, the more easily newcomers get sucked into it. It goes like this: a friend introduces you to the impending and imminent revaluation of the Iraqi Dinar. After a quick bit of research, you see that it is "about to revalue", and you fear you might miss out on the windfall of a lifetime, so you rush to buy a bucket of Dinar before the day is out. You watch the moment-by-moment buzz of the online and unreal world of the imminent Iraqi Dinar RV for the next few days. Slowly, over the next few weeks you realize, this supposed RV, or "revaluation", is not going to happen.

You keep your Iraqi Dinar -- perhaps stuffed into a shoebox in a bottom drawer -- in the belief that, even with a one-in-two-hundred chance of an RV, the payback would be so huge, it's probably worth it to stay quiet, hold onto the Dinar, and get on with your life.

And still, the scammers just keep nudging the date of RV another few days out into the future. More fools arrive every day. More fools buy in. It's like that scene in The Time Machine where, to the sound of a siren, the Eloi slowly march into the cannibalistic clutches of the Morlocks. Just a few at a time is more than enough for the hungry Morlocks.

The Rapture Scammers should have taken a leaf out of the Iraqi Dinar Scammers' handbook: drum up a story where the Rapture is "coming soon, but we don't know exactly when".

Oh, while you're here, let me just look... did the Iraqi Dinar revalue today?.... let me just check... Ah. Nope.
Not today.
Who'd have guessed!
Must be tomorrow.
Or maybe the next day...
But it is going to be soon. Jesus told me so, and it is a blessing from God. Because I'm special.

Yeah, right.

The Iraqi Dinar. It's the Gift that Keeps on Giving.
To the folks selling Iraqi Dinars, that is.

The Iraqi Dinar Scam. Not just selling worthless Dinar

There is a website called Peoples Talk Radio (www.peoplestalkradio.com). On it, there is a forum for people to talk about the Iraqi Dinar and the ever-imminent RV (Revaluation).

One interesting offer they have on their website is for the "Post RV Event", supposedly in San Francisco.

If you look at the language on the page, you'll see that is is clearly a scam:
http://peoplestalkradio.com/events/san-francisco-event-2-week-after-rv/

This is why:

1. They say you will get your $25 refunded "after you have attended the event".
   If there is no RV, there will be no event. You'll never get your refund, because you'll never attend the event.
2. They say there have been "a few cancellations", so grab your chance now and make a reservation.
   The thing is, that page has been saying there have been a few cancellations since December 2010, and probably a long longer ago than that. And how could there be cancellations if you only get a refund after you have attended the event?

How about that!
Just get visitors to cough up $25. Rake in the cash. Never give anything for it, except some vague sense of not missing something.
Unsuspecting visitors to the site -- all hoping for the impossible -- are relieved of even more of their cash.

L'nard.

The Iraqi Dinar and the Rapture

Hey, Dinarians!
how will you feel if on Saturday morning you get an Iraqi Dinar Revaluation (RV) windfall, and Saturday afternoon God sweeps you up in the Rapture? Will you be angry at God, Jesus or both?

It'd be a blessing for the rest of us if all those Christian fundamentalists did in fact get swept up in a Rapture, but I fear we will be stuck with them -- and they with us -- for a long time to come.

Describing the Iraqi Dinar situation...

Factcheck.org, as far as I know, has not spoken about the Iraqi Dinar being a scam or not, but they did talk about the work of a one Jerome Corsi who wrote "Where's the Birth Certificate?" They described it as 
"a mishmash of unsupported conjecture, half-truths, logical fallacies and outright falsehoods."
Sounds just like all the nonsense that's posted on all these Iraqi Dinar Revaluation websites.

About the Iraqi Dinar

The word on the street is, the Iraqi Dinar will soon be revalued substantially.

Today (May 2011) the exchange rate published by the Iraqi government is about 1168 Iraqi Dinars to one US Dollar.

The theory is that the exchange rate will be changed overnight to something like three or four dollars to one Iraqi Dinar. This would mean, if you had a thousand dollars worth of Iraqi Dinar in your pocket before the revaluation (or "RV" as the Believers call it), you would have over three million dollars after the RV.

Since the Iraq War began in 2003, a community of people in the United States and elsewhere has been buying Iraqi Dinar at this very low rate. The community has grown as word-of-mouth has captured the interest of more and more people. Online discussion forums, as well as banks selling Dinar, have sprung up everywhere.
Two examples of such banks:
www.dinarbanker.com
www.dinartrade.com

Two examples of online discussion forums:
http://peoplestalkradio.com/
http://www.investorsiraq.com/

If you search for such banks or forums, you'll find more of them.

It appears that there are hundreds of thousands -- perhaps over a million -- of people in the United States each with a cache (no pun intended) of Iraqi Dinars, each waiting for the Big RV to come, and for all their financial problems to evaporate. Some have a few hundred dollars worth, some have ten thousand dollars worth.

On these forums, every day or so, you can read a posting from one person or another saying that the RV "will happen tomorrow" or "in the next few days", or even that it "has already happened" and that everyone just has to "wait for it to be announced".
Individuals talk of having "boots on the ground", meaning they know people in Iraq who have "intel" about the imminent RV. "Intel" is knowledge of impending revaluation of the Iraqi Dinar.
So assured are these folks that the RV is about to happen, many have signed up for a "RV Event Celebration" in one city or another, due to happen two weeks following the Big Day, whenever that is.

The Reality

Any challenge to the assertion that the substantial revaluation of the Iraqi Dinar will happen is met with immediate disdain and ridicule on these discussion forums. There is no room for dissension. You might as well log on to a forum of Area 51 Believers and say aliens don't exist. These people are convinced that the Iraqi Dinar is about to be revalued, giving them a windfall to match their dreams.

No one can know -- outside of perhaps a handful of people -- if an RV is about to happen. In addition, the mere possibility of it happening lends itself to nicely to scam artists. You set up a forum website on the subject, get some traffic going, and plant a couple of shills who dish out "intel" every few days to get everyone excited. All the while, you are selling Dinar, collecting advertising revenue or selling some other crap to the unsuspecting visitors.
Even if there is a one-in-a-hundred chance of benefiting from an RV, if that RV gives you 3,000x return, it's worth it to become a "Believer" and go along with it.

Here is evidence that suggests the Iraqi Dinar Revaluation is a scam. By "scam" I don't mean there will never be a revaluation, but rather, when it does come, it won't give anything like the return people are dreaming of. Instead, it might give the type of return you get on your wall street stocks in a good year.

1. There are no articles on the Wall Street Journal, the Financial Times of any other source talking about a possible RV.
2. All of the claims about imminent or possible RV are on websites that benefit from the idea that an RV is possible or imminent. For example, Peoples Talk Radio sells content-visitor specific advertising (e.g. for websites selling Dinars or post-RV Events).
3. Although claims of imminent RV get posted almost daily on these sites, they are never supported with any external evidence or proof. You read the claim, but see no supporting link of verifiable story. Often claims are prefixed with "I strongly believe..." or "Jesus is telling me ..." or "I know God wants us to enjoy the RV, ..." and so on.
4. Every claim of impending RV is either from someone supporting the site, someone selling Dinars or someone who has no authority and is just making the claim.
5. Every claim to date about imminent RV has turned out to be fiction.
6. It is difficult to imagine that the Iraqi government would consider doing a straight revaluation of their currency where existing currency holders get a 3000x return. More likely, they remove three zeros and do a 3x return. Even then, the payback to existing currency holders would be enormous by investment standards.
7. Claims that this "has happened before in Kuwait" are not substantiated on any independent website like www.wsj.com, but instead are on websites whose affiliations cannot be determined.
8. Forum postings are replete with badly-written claims about imminent revaluation, awash in grammatical and punctuation errors that would fail a paper submitted by a fifth grader. The preponderance of poorly written and ambiguous material suggests a low level of education among contributors and a singular lack of critical thinking skills. The back-and-forth banter is similar to that of a handful of drunks arguing over something meaningless. Terms like "Nuff said" and "Don't shoot the message boy" (sic) tell me that the debating capacity of contributors is almost non-existent.
9. The wholesale rejection of any challenge to "the facts" is met with personal attacks on the individuals who make them. This lack of intellectual honesty creates an environment where new members see a very rosy picture -- devoid of dissension -- of impending and imminent revaluation of the Iraqi Dinar, which in turn encourages them to buy into the deal before the proverbial door closes (tomorrow of course, when the RV happens).
10. Invitations to register for a "Post RV Event" for a fee (e.g. $25) makes no sense. Why would a person need to book a position in an event that for which no one knows the date? It makes more sense that a person would simply register without a fee, and be emailed/asked, when the time comes, if they would like to attend. Post RV events are another tangential scam that this RV scam has generated.
11. In place of critical debate or argument, the forums are awash in  talk of 'thanking God for the blessing" or "Pray for RV tonight" and "God Bless America" or "God bless our troops". These forums are more like fundamentalist churches than investment environments. Beliefs trump facts.
12. Instead of a critical examination of the facts, Iraqi politicians are routinely derided for being "stupid" when they don't make the RV happen again this week. Claims like "the Iraqi people need this now" and "the Iraqi government is screwing their people by delaying" are typical of the baseless nonsense posted to these forums.
13. Contributors to the forums seem untraveled, uneducated and untrained in the business of foreign exchange, judging by the undisciplined and low editorial quality of their contributions and postings.
14. Owners of these forums will delete any negative talk or any attempt to draw people's attention to the nonsensical nature of it.
15. Mostly, though, no country on Earth would give away such a portion of their national wealth for nothing. More likely -- MUCH more likely -- they would reissue a new set of notes and buy back exiting notes with the new notes. It doesn't take a rocket scientist to work that much out.

Doing a basic "smell test" will tell you that this is a scam. It preys on vulnerable people, all wishing for a speedy and effective exit from the daily challenge of making ends meet and, for once in their lives, contemplate the possibility of a life of luxury. The sheer magnitude of the payoff is beyond the dreams of avarice. It is so outrageous, it is almost believable. And that is what draws people in.
To listen to the conversations reminds me of how compulsive gamblers talk. They blow the dice as if it will bring them luck. They let the rest of their lives -- their friends, family and other relations -- fall apart around them as they wallow in the self-hypnotism of an imaginary future that will never come...

More later.

L'nard.