Dinar Scam - DinarVets.com
Dinar scams are gaining in their prevelance on the internet. Dinars scams are perpetrated on unshophisticated and nieve investors that think they will be instant millionaires by buying the Iraqui dinar from unregulated brokers and then waiting for a revaluation of it. Some such sites such as Dinarvets.com (http://www.dinarvets.com) are among the most fraudulent and aggressive marketers of the dinar scam on the internet.
Dinar Scam Background
Hold off on buying into this total lie.
The dinar is a scam that has gained a lot of popularity recently. The way the dinar scam works is to prey on American and International investors by leading them to believe they can get rich by buying large amounts of the worthless iraqui dinar then hope for a magical day ( which never will come) when the currency will re-value or RV as they call it.
The dinar is a near worthless currency which is valued at 1170 dinars to 1 US dollar. These unscroupulous sites convince thousands of people into truly believing they will get rich by buying thousands of dollars of the dinar and waiting for God or Iraq ( depends on who you listen to) to revalue the currency so that it is worth between $1 - $4 per dinar thereby making the investor rich. NIce. Don't quit your job as this is not going to happen.
Why you ask? It is a simple game of numbers to figure out the problem with this scenario. According to reports there are 24 trillion dinars in circulation. If the dinar were to revalue or RV as they call it to just $1 Iraq would have to pay out to investors 24 trillion USD ! Even the USA which is thousands of times as rich as Iraq, would not be able to pay that if they wanted to. Their is only about 1.5 trillion USD in circulation which shows the incredible claim is totally ridiculous. What if it RV'd to $4 that would mean Iraq would have to come up with nearly $100 trillion dollars. I am sure you see the point by now.
Even more importantly. Forum sites such as DinarVets.com push this scam so hard it makes you want to be sick. The only posts they allow on DinarVets.com are from people that agree with them about the upcoming and (according to them) certain revaluation of the dinar. Any negative posts that would show just how stupid this investment is are deleted and the poster is banned. In other words they censor anyone that would dare speak the truth about the dinar. Go to their site and try to post any of this article and you will see what I mean.
The posters on the DinarVets site are constantly saying things like " the RV is going to happen on Monday at $3.96" so be ready to cash in" ! Monday comes and goes and then another round or rumors are started saying this time it is going to be on Thursday. This goes on and on and now 7 years have passed and stil no RV. The poor suckers on that site buy into these lies and go out and buy more dinars. This is how they make money as the brokers are getting rich and the investors are getting taken. These forums are just a way to promote the brokers and get rebate from them for pushing this nonsense
The dinar is the most illiquid currency in existence. No banks are trading it so it cannot be treated like other currencies which can be bought and sold on the forex market. The reason the dinar RV cannot happen they way these scam sites say is because of the low liquidity of the dinar. In other words, if you wanted to sell your dinar their is no one to take the other side of the trade or do a BUY. Normally a bank would do this as in the case of the Euro or USD for example. The unsophisticated investors do not understand this. Is the Iraq Central Bank able to take the other side of the trade? No way. The Iraq Central Bank, according to reports has about $50 billion available on hand and if there were such a thing as an RV they would see all of their capital flow out of Iraq and they would be bankrupt in about 10 minutes. This is another reason for the impossibility of the scenario portrayed by these sites.
Don't try to tell this to the believers though. They will come up with more ways the RV will happen then you can count. Any truthful and accurate information such as this will be considered as blasphemous. Their are people on these sites that have quit their jobs and just star at the computer all day hoping their day will come when the RV is here and they can go off into the sunset as millionaires. I consider this as sad and I am writing this article to protect the innocent from these vultures that prey on the unemployed and desperate.
The dinar is a near worthless currency which is valued at 1170 dinars to 1 US dollar. These unscroupulous sites convince thousands of people into truly believing they will get rich by buying thousands of dollars of the dinar and waiting for God or Iraq ( depends on who you listen to) to revalue the currency so that it is worth between $1 - $4 per dinar thereby making the investor rich. NIce. Don't quit your job as this is not going to happen.
Why you ask? It is a simple game of numbers to figure out the problem with this scenario. According to reports there are 24 trillion dinars in circulation. If the dinar were to revalue or RV as they call it to just $1 Iraq would have to pay out to investors 24 trillion USD ! Even the USA which is thousands of times as rich as Iraq, would not be able to pay that if they wanted to. Their is only about 1.5 trillion USD in circulation which shows the incredible claim is totally ridiculous. What if it RV'd to $4 that would mean Iraq would have to come up with nearly $100 trillion dollars. I am sure you see the point by now.
Even more importantly. Forum sites such as DinarVets.com push this scam so hard it makes you want to be sick. The only posts they allow on DinarVets.com are from people that agree with them about the upcoming and (according to them) certain revaluation of the dinar. Any negative posts that would show just how stupid this investment is are deleted and the poster is banned. In other words they censor anyone that would dare speak the truth about the dinar. Go to their site and try to post any of this article and you will see what I mean.
The posters on the DinarVets site are constantly saying things like " the RV is going to happen on Monday at $3.96" so be ready to cash in" ! Monday comes and goes and then another round or rumors are started saying this time it is going to be on Thursday. This goes on and on and now 7 years have passed and stil no RV. The poor suckers on that site buy into these lies and go out and buy more dinars. This is how they make money as the brokers are getting rich and the investors are getting taken. These forums are just a way to promote the brokers and get rebate from them for pushing this nonsense
The dinar is the most illiquid currency in existence. No banks are trading it so it cannot be treated like other currencies which can be bought and sold on the forex market. The reason the dinar RV cannot happen they way these scam sites say is because of the low liquidity of the dinar. In other words, if you wanted to sell your dinar their is no one to take the other side of the trade or do a BUY. Normally a bank would do this as in the case of the Euro or USD for example. The unsophisticated investors do not understand this. Is the Iraq Central Bank able to take the other side of the trade? No way. The Iraq Central Bank, according to reports has about $50 billion available on hand and if there were such a thing as an RV they would see all of their capital flow out of Iraq and they would be bankrupt in about 10 minutes. This is another reason for the impossibility of the scenario portrayed by these sites.
Don't try to tell this to the believers though. They will come up with more ways the RV will happen then you can count. Any truthful and accurate information such as this will be considered as blasphemous. Their are people on these sites that have quit their jobs and just star at the computer all day hoping their day will come when the RV is here and they can go off into the sunset as millionaires. I consider this as sad and I am writing this article to protect the innocent from these vultures that prey on the unemployed and desperate.
Dinar Scam Sites that promote the dinar scam most aggresively on unsuspecting investors
DinarVets: http://www.dinarvets.com (Adam Montana is owner of the site)
Dinar Speculator: http://www.dinarspeculator.com ( MED is moderator)
Dinar Trade: http://www.dinartrade.com. ( Ali is owner of the Dinar Dealer)
Tampa Dinar: http://www.tampadinar.com
by rhenry50
rhenry50
I am a professional forex trader wwith 10 years of experience in forex.
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