Iraqi Dinars

verypoor

First post in the forum anyway I was checking on ebay for the latest moneymaking schemes and came across the Iraqi Dinar ones (I know it has been going on for a while). Does anybody have any idea if this will work or what this is all about. It all sounds good however as per usual not entirely convinced

grex9101

what's the scheme? do you have a link?

Amba_Gambla

AFAIK it's all crap.

First of all, it's illegal to trade money if you're not registered with some organisation or other

Second of all, if it's going to be worth so much, then why are they selling it now, instead of keeping hold of it for a couple of years, then trading it properly later?

The golden rule of ebay:
If it seems too good to be true, then it probably is....

nej

I bought some Dinars as a longer-term, high-risk investment. There is a possibilty of a huge profit when the Dinar is pegged, but there is also a possibility of sod-all....

If you look at the positives of Iraq (i.e. HUGE oil/gas reserves - bigger than Saudi Arabia's) then the long-term looks good once the troubles have gone away.

But, there is absolutely NO guarantee of making anything... I didn't buy more than I could afford to lose, and I'm happy to hang onto them for ten years if necessary. It's certainly not a get-rich-quick scheme (although some are saying that a currency peg is expected in the new year - we'll have to wait and see on that).

Also, I didn't buy from Ebay, but from a dealer based in Jordan. I'd be wary of buying from Ebay.

Contains_Mild_Peril

The eBay listings I've seen say they can't normally be bought outside Iraq, so I assume you can't normally convert them back to sterling outside Iraq either, which leads me to wonder how one would cash them in if and when the value does rocket.

freeonline

verypoor wrote:

First post in the forum anyway I was checking on ebay for the latest moneymaking schemes and came across the Iraqi Dinar ones (I know it has been going on for a while). Does anybody have any idea if this will work or what this is all about. It all sounds good however as per usual not entirely convinced

Beware investment scams involving IQD Iraq Dinars.
If you enjoy reading then follow this link:

http://www.xe.com/iqd.htm

nej

Once the currency is pegged then it'll be "tradeable" outside Iraq. Until then it isn't.

As I said, it's quite probably a very long-term investment that may or may not pay off. I'm not holding out any huges hopes of making lots of money, but I thought it was worth a (small) punt. If nothing comes of it, then never mind. Nothing ventured, nothing gained.