Happy Tuesday Dinarians,
I was sent the following private message – I decided to make it a full post since I get similar questions all the time. I did remove the person’s name to protect their privacy. Thanks for your question, and yes, I will add you to my Skype room! 🙂
Comment: I found the MrIQD.com website while researching whether investing in IQD (and Vietnamese Dong) is a scam. My only source of IQD intel for the past 18 months has been someone whose current “gurus” are TNT Tony, Okie Oil Man, “Mtn Goat”, and occasionally (recently) Loechin.
For about the past 3 weeks, I’ve been feeling like I’ve been “drinking the kool-aid” too long and need a more-balanced perspective on when (or if) the IQD and the VND will revalue. Thanks for providing this service.
You seem to believe these currencies will eventually revalue, which seems to be contrary to the belief of the person who publishes the Dinar Douchebags blog and whose posts I’ve seen on your site. Can you explain more about your differing opinions?
I respect Dinar Douchebags opinion, they do a lot of excellent research and expositions on the con artists in our community.
Based on all of the nonsense that these Hack Gurus spew out into our community it really is no wonder that most “former” Dinarians believe the “investment” in the Iraqi Dinar is a “scam”.
First, the IQD is really not an “investment” in the traditional sense – therefore if you were to apply the normal guides and rules that outline typical “investments” the Iraqi Dinar would be seen as not typical or possibly not legitimate.
You have to remember, purchasing and holding Iraq’s Dinar is no different that purchasing and holding any other foreign country’s currency.
We are just expecting that the IQD is greatly undervalued and will appreciate in value over time. This has been compared to purchasing a company’s stock which is currently undervalued and then later significantly increases in value.
Apple Stock is a good example of this – at one time not too long ago, it was trading under $10/share – today it is trading at: $552.20 according to Yahoo Finance (AAPL).
So, was purchasing Apple Stock several years ago when it was under $10/share illegal or a scam? Well, we sure may have thought so if there were Hack Gurus like Okie or Tony spewing out garbage on a daily basis saying that “tomorrow it will be worth $552!!!” – isn’t this correct?
And if you had bought Apple Stock back then, expecting that it was going to jump up to $552/share from your $10/share you certainly would have been disappointed when it didn’t significantly increase in value “by tomorrow”!!! See my point?
Now, the next question is always “the date”… Friend, I don’t have a crystal ball, and I most certainly wish the Iraqi Dinar were going to increase significantly in value by “tomorrow” at these Hack Gurus keep posting, over and over, again and again, year after year.
But, the reality is, it is a process of stability in my opinion and we will need to first see Political Stability which means the removal of Maliki, then hopefully soon after he is removed from power in March 2014 when his legal term as Prime Minister runs up, we will see the stability in their Political system, then their Economy, then in their Banking – which in my opinion will bring us the significant increase in value of the IQD that we are all waiting for.
Last bit of advice, only purchase as much Dinar as you can afford, don’t purchase Lay-A-Ways and Reserves at this time. In other words, don’t spend your rent money on buying Dinar!
Thanks for your thoughtful question, and I hope that I have answered your question to your satisfaction.
If you want to add to my answer, or give your own opinion, then use the form below and be heard by thousands of other Dinarians! 🙂
~ Mr. IQD