Poll: End of the Road for Iraqi Dinar Scam?

By Guest Blogger.

Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News.

For several years, con artists have been peddling the Iraqi Dinar scam – the myth of a massive revaluation of the Iraqi dinar, but that may be about to change.

Using a range of convoluted arguments, these people push the idea that the dinar will increase to 1,000 times, or even 3,000 times, its current value; they or their associates then profit by selling the currency at a fat profit to people who desperately want to believe that they have found a pot of gold.

In a particularly cruel twist, they often target people who are in financial difficulty, and string them along with the fear that they wouldn't want to miss out on this once-in-a-history-of-the-world opportunity.

Self-reinforcing online communities have been created, where the unwitting victims can feel that they are finally part of an elite group destined to prosper, just as long as they continue to keep the faith.

Emotional commitment, and a quasi-religious zeal, all play a role: An April Fool article spelling out the utter absurdity of the Iraqi Dinar scam get-rich-quick scheme was met with widespread anger and hostility in dinar chatrooms.

Anecdotal evidence, however, suggests that even the most diehard "dinarians" are finally starting to accept reality, and that by the end of 2015 this scam may have been consigned to history. Sadly, this will be too late for the many who have been cheated of their savings, their time, and their hope.

[poll id="4"]

(Dinar image via Shutterstock)


8 Responses to Poll: End of the Road for Iraqi Dinar Scam?

  1. FS4 7th January 2015 at 18:24 #

    54 votes that it isn't a scam kinda says it all. The scam will continue to die a slow death, though it wouldn't surprise me if it occasionally surged back, until Iraq deletes the three zeros (lops), if they ever do. Until then the gullible, desperate, and stupid will continue to pay the stupid tax in order to live in their fantasy world where they're going to be rich any day now.

  2. Stew 10th January 2015 at 19:34 #

    By looking at the poll results it's obvious this scam still lives on.
    To tell you what we're dealing with here. Just went over to one of the dinar boards to see what was up. There was an article posted from the Iraqi Economist that stated if they floated the dinar it could go to 50,000 dinars per dollar.
    Somehow... they all thought this was great.

  3. Barry 11th January 2015 at 09:33 #

    Stew - "By looking at the poll results it’s obvious this scam still lives on."

    Stew, I think the biggest problem with these polls is simply "sampling bias". 99.9% of people who aren't suckered into the absurd "RV" scam are unlikely to search for "Dinar" on hang round Iraq related sites, see these polls and vote on them. Meanwhile those obsessed with the Dinar will find this page when it inevitably gets reposted on those silly "guru" run viral networking sites where everyone will vote "It isn't a scam" for the same reason they've spent the past 5 years of their lives sitting around telling each other what they want to hear no matter how untrue it is. Your example from the Iraqi Economist is a perfect example of the cult-like "inverse reality" mentality that drives it.

    In the "big picture" of things though, I've noticed a definite trend where people who were formerly suckered in have been increasingly waking up and speaking out against it over the past year (2014). More so than 2009-2013. The scam will live on to some extent, just as even today people are still falling for those Nigerian Prince e-mails. I do think it's past its peak though, which is why the "guru's" have spent the past year resorting to latching the imaginary "Dinar RV" scam onto other similar structured scams, eg, the "GCR" or "NESARA" - they've watched their "flock" start to lose faith and are now being forced to reinvent it under another similar promising guise.

    Sure the liars will always lie, and the hardcore deluded ones will remain almost completely divorced from reality, but it's the "middle-ground" who are demanding facts and waking up when they find out the real facts are quite a bit different from what the guru's are shoveling. It often only appears otherwise since people who have previously fallen for a scam are often reluctant to later publicly admit it out of pride / embarrassment, whilst the fake "RV intel" guru's are often some of the most chronic attention seekers with the loudest mouths on the planet that gives them the impression of being "larger" than they actually are...

  4. Iraq Investor 13th January 2015 at 15:10 #

    So far, 282 people have registered their belief that dinar speculators will make 1000 times their money, but not a single one has used this comments section to explain why that should be the case.

    In the past, posters like 4aprofit, rockinrich, and rasica would have been using this as an opportunity to spread their mantra.

    So perhaps the scam is really coming to an end after all.

  5. George T Horvat 5th February 2015 at 16:10 #

    I am one of the so called foolish, whereas I actually purchased my Dinar hoard on August 20th of 2004. It looks like the early bird doesn't always get the worm. However, looking at the situation realistically I don't see how Iraq can go on much longer riding on the tail of the U.S. dollar. Raising the value of their currency does them no harm, whereas it would then take fewer Dinar to buy more products and services. Also due to the Obama spend and tax format of governing there is no longer any doubt that the dollar in all probability is on its way out as the global currency. I think that an abrupt increase in the value of the Dinar would however be a mistake because there would be way too many new millionaires globally which would only serve to hasten the demise of the U.S. dollar. The only thing that makes any sense is to unhinge the Dinar from the Dollar and let it find its own value on the open market.

  6. FS4Enthusiast 11th February 2015 at 20:45 #

    "I don’t see how Iraq can go on much longer riding on the tail of the U.S. dollar."

    They can go on forever "riding on the tail of the US dollar", especially since 95% of their economy is oil which is usually traded in dollars.

    "Raising the value of their currency does them no harm"

    It 100% DOES do them harm because it depletes the reserves that they use to prop up the value of their currency.

    "The only thing that makes any sense is to unhinge the Dinar from the Dollar and let it find its own value on the open market."

    It already trades below 1166 in Iraq, usually between 1240 and 1300. If they unhinged it from the dollar the value would go DOWN, not up. There is no reason there would be a significant appreciation of the dinar if they floated it. There are many many reasons why there wouldn't be.