* Dinar Daddy: Definition of a “Scam”

* Dinar Daddy: Definition of a “Scam”
June 18th, 2011 06:06 pm · Posted in CHATS & POSTS (Iraqi Dinar Info), TIDBITS (Dinar Daddy Info)

All,

I’m posting this because so many have been throwing around the term “SCAM“ as irresponsibly as those who’ve shared rumors as though they were fact and shouldn’t be questioned. I’m hoping this will help set your mind at ease about this investment.

First off, the definition of the word “scam” is the following:

* a confidence game or other fraudulent scheme, especially for making a quick profit; swindle. To cheat or defraud with a scam

There’s another element to this word, that being the affect a scam has on those who were “scammed“. In EVERY situation, the person being “scammed” is left with a loss, and most if not all the time, they are left feeling they were taken advantage of and there’s nothing they can do to regain their loss.

So, now we come back to your investment in the Iraqi Dinar and those who’ve sold you your currency notes. Here’s WHY I feel there are ONLY A FEW who can claim they were “scammed“ when investing in this currency:

* The overwhelming majority of investors have paid a fair secondary market rate for the Iraqi Dinar (i.e. $1,060 per mil… $1,100 per mil… or even $1,200 per mil are all fair rates)
* You received IQD currency notes for the currency you chose to pay with. Until you exchange your IQD back prematurely, you’ve lost nothing.
* The dealers, banks, and currency exchange counters from which you’ve purchased your foreign currency were very clear up front what you’d receive should you choose to exchange, and told you the cost associated with the exchange. You weren’t taken advantage of with that information.
* There is NOTHING hidden about the IQD. It is the official currency of Iraq, and has a value.
* People claiming this is a “Madoff” scandal are actually “pumpers” of the contrarian perspective. They don’t know of that which they talk, as this is NOTHING like that. Madoff knowingly used funds backing investment money for loans that finally caught up to him. There is NOTHING similar between the two, including the fact that Madoff was singularly in charge of his company and the opportunity presented. This is BY NO MEANS a centrally controlled investment unless that would be the IMF/UN/US/IRAQ being the central controllers, in which case there is NOTHING we can do about it.
* Just about EVERY MAJOR BANK in the US (excepting Wells Fargo) has been involved in selling the IQD within the US. Is it REALLY a scam? Seriously?! Even BofA was behind the scenes doing the WHOLESALE SELLING to the banks, including JP Morgan Chase.
* Every investor has the ability, should they so choose, to sell their Dinars back. Various banks and most dealers will purchase Dinars (albeit a reduced rate) for a reasonable rate (i.e. $900 for 1 mil IQD that you paid probably $1,200 for). What what if you lose 20-30%!? It’s an investment, and if you’re impatient then you can expect to lose that percentage.
* NO ONE was holding a gun to your head or talking you INTO your investment in Iraq’s foreign currency when you acquired Dinar. You had a choice, and chose to do it on your own and for your own reasons. It’s time America and the World start taking individual accountability for personal financial decisions made.

There are a FEW examples where people have been scammed in this investment. I would be remiss if I didn’t point them out. I’d exhort EVERYONE to steer clear from such situations.

Here they are:

* South Dakota dealer is indicted by the US Feds due to NOT fulfilling orders for Dinar. This was a VERY SAD SITUATION!!! No one could have done anything about it, as he simply was a BAD MAN who acted dishonorably, and even went so far as to bring in Dinar into the US dishonestly, avoiding US customs.
* I read an article once where in Japan a elderly couple paid over $30K (US Dollar equivalent) for approx 500K Dinar. It was a complete SCAM!!! Someone took advantage of their lack of knowledge about the investment. If you exorbitantly overpaid, then you were scammed. That WOULD be considered a scam, as you at present would NOT be able to receive marginally fair compensation (percentage wise) for your investment.
* Placing your money into a “fund” that is controlled by someone else in order to purchase dinar and hold it for you is a VERY RISKY choice. If you’ve done that, I’d demand my physical dinars immediately, as I’d be worried you were scammed.
* Paying a company upwards of 20% of your investment capital as commission to place your funds into Warka Bank within Iraq IS A SCAM!!! Why? Because you can do it ON YOUR OWN for FREE!!! That is TOO LARGE A COMMISSION to pay ANYONE to do such a service for you! STAY AWAY FROM SUCH SCAMS!!!

Bottom line, you WEREN’T and AREN’T scammed by owning the physical currency of Iraq. Naturally, as with all investments, there is a risk you can lose money. I believe most astute investors understand this. It’s even more increasingly concerning because this is a foreign currency from a third-world nation who is under UN Sanctions (Chapter 7), on the OFAC (Office of Foreign Assets Control) List, war-torn and rebuilding, and in an area of the world where violence has always been part of their culture. Yes, this investment is always concerning. But… YOU WERE NOT SCAMMED when you chose to invest in the Iraqi Dinar. If you feel concerned, then maybe you should sell your Dinar. Do what is best for you and your situation.

So, before you allow people who WANT to create problems to cause you fear you’ve been taken advantage of, please check yourself. Get a grip. Remember your OWN reasons for investing and why you’ve invested. Then, do what is best for you. Until then, just know there are MANY who are simply BLOWHARDS who can’t keep from talking, and unfortunately, some of those who talk are naysayers knowing not of which they speak.

Go Truth… Go Relax… Go Dinar!

Dinar Daddy

http://theiraqidinar.com/2011/06/18/dinar-daddy-definition-of-a-scam/