Dinar

Number 1 Question To Ask If You're Thinking About Buying Dinar Options, Layaways, or Reserves!!!

Maybe you've bought Iraqi Dinar options in the past or maybe in the process of possibly making a purchase. This article is a must read!!!!

For those of you who aren't aware, Iraqi Dinar options, which are often referred to as layaways or reserves, are something many Dinar Dealers offer in addition to just selling physical currency.

The idea of buying an option to buy Dinar in the future for a fraction of the price of physical currency, however you have a limited time frame to exercise your option and make your purchase or your option expires and whatever money you put down is forfeited.
Iraqi Dinar Options Ripoffs
Iraqi Dinar Options Ripoffs

We have done a number of articles warning you guys about Iraqi Dinar Options in the past, we'll link to a few below if you want to read some previous articles...

Iraqi Dinar Options BEWARE!!! Ebayer "Buds650" Has 578 Million Options For Sale - Believe He Has Over $495,538 Worth Of Dinar To Back It? 

 

Beware Unknown Iraqi Dinar Options Sellers On Ebay - Most Ridiculous One We've Seen Yet!!!

 

Iraqi Dinar Options...Are They Legal To Sell?

 

Is Iraqi Dinar Considered A Security? State Of Colorado Goes After Dinar Investment Seller

 

If you're looking to read more about options Baghdad Invest also recently did a fantastic article questioning why Tampa Dinar, supposedly one of the largest Dinar dealers in the country would need to be rescued by DinarInc. because Tampa was not well funded. Though it's never been confirmed Dinar forums and message boards have been abound with rumors to the effect of saying that Tampa Dinar sold more options than they had physical currency to back, somehow wound up getting in trouble with the IRS or the Treasury, and needed to be bailed out by DinarInc. Keep in mind this is purely a something I've heard passed around through message boards so not saying this is true, however something is funny when one of the supposed largest Dinar Dealers is in financial crisis over 150K which in the grand scheme of things is peanuts considering a company like Sterling is rumored to make 20 Million a month. 

 If you'd like to read the Baghdad Invest article you can do so by clicking HERE


The main point of this post however is to educate you on options and the number one question you need to ask before buying options from a dealer. It's actually a two part question.

 

#1 Question To Ask A Dinar Dealer Before Buying Options

1. Do you physically have in your possession enough Dinar to back all options sold by your company?

2. Have you had an independent audit done by a third party company which proves that to be true?


If a Dinar Dealer can't answer yes to both of those questions they have no business selling options and shouldn't be selling options. If a dealer can't answer yes to both of those questions run don't walk away.

Options are kind of a grey area to begin with. As Baghdad invest touched on in their article as well as how we did in our article titled "Iraqi Dinar Options...Are They Legal To Sell" which you can read at the link above; technically an option is an investment and one should be registered with the SEC to sell investments as well as the investment itself should be registered with the SEC. 

Obviously no Dinar Dealers are registered investment advisers and thus shouldn't be selling "Dinar Options". A few dealers have gotten in trouble in states like Arkansas and Colorado for selling options. Dealers quickly however changed their verbiage, called the options layaways as opposed to options and treated it like a payment plan, even though in reality people are buying options and this is a way they can kind of skirt the law while still making money selling options.

If a dealer is going to sell options however, at the very least they should have in their possession enough Iraqi Dinar to back every option sold. For example if a dealer sells 100 Million Dinar in options they should have 100 Million Dinar totally separate from their inventory of currency they sell sitting in a vault somewhere just in case the Iraqi Dinar revalues and they have to supply all these option buyers with their currency. 

Though you nor I have any idea who does or doesn't have Dinar to back their options I would venture to bet the majority of dealers selling hundreds of millions in options don't actually have the currency to back the options. Now in my mind this is fraud, however as long as the Dinar doesn't revalue or go up in value to a point where everyone wants to exercise their options it's basically a license for dealers to print money. 

Just look at eBay. As we and others have pointed out in numerous posts and articles, many eBayers with no history of selling Dinar, who aren't registered with the US Treasury and seemingly have no physical Dinar in their possession have upwards of 500 Million in Dinar options listed on eBay.

Why you ask? Because they don't think the Dinar is going to revalue and as long as it doesn't they essentially can sell an expensive product which they never have to physically deliver and pocket all the proceeds. This is fraud and unethical, however there seems to be little to any ramifications for doing so. 

Long story short, options probably aren't the best way to go, however if you want to buy options at the very least ask these two questions we suggested above. If the Dinar does go up in value and you want to exercise your options you at least want to make sure your Dealer has your Dinar for you and that you aren't told, "sorry we sold 100 Million in options but only have 20 Million in our vaults. All customers have been paid out. Were sorry."

 

 

 

So You Wanna Know About The ZIM? ZImbabwe Dollar Data Sheet

Okay so Zimbabwe currency seems to be all the rave these days but there's very little information online about the Zimbabwe currency so here's a quick data sheet giving you some info regarding the Zimbabwe Dollar.

The Zimbabwean Dollar was the offical currency of the country of ZImbabwe from 1980 to 2009. Because of political turmoil and the collapse of the economy as well as hyperinflation the Zimbabwe Dollar whose ticker symbol is/was ZWD is no longer in circulated.
Zimbabe Dollar Currency 100 Trillion Note
Zimbabe Dollar Currency 100 Trillion Note

Typically the standard trading currency used and accepted is either US Dollars or South African Rand. Though not as favored the British Pound, Euro, and the Botswana Pula are also typically accepted fairly easily. In countries like this they often require notes of certain mint years only and sometimes only in crisp new condition so if traveling to this area find this out. Many African countires will only accept US Dollars for example 2008 and newer and in crisp mint condition.

April 18, 1980, ZImbabwe gained its independence from former British Colonly Rhodesia rule. Because of this the ZImbabwean Dollar was issued to replace the Rhodesian Dollar at a 1:1 value. At that time the Zimbabwe Dollar was higher in value against the US Dollar at 1.59. Since then and because of instability and turmoil, hyperinflation, and the collapse of the economy, the Zim has been devalued making it one of the weakest currencies in the world. The 100 Trillion ZImbabwe note to date is the largest denomination note ever printed.
In 2008, inflation rates spiked at 80 billion percent per month. Over the course of a year that was more than 6.5 Quindecillion, hard to even wrap your head around that number right? In lamens terms, this means that inflation was at 98% a day and that prices of the most basic commodities doubled every 24.7 hours. You've probably seen the photos of people going to the market to buy a loaf of bread with literally a wheelbarel full of stacks and bundles of money, all for a simple loaf of bread. This is why. 
The Zim underwent three re-denomintions in the years of 2006, 2008, and finally again in 2009. On July 30, 2008 the Reserve Bank of Zimbabwe redenominated 10 Billion to 1 Zimbabwe Dollar. Coins were also issued with a value at 25, 10, and 5. Baknotes were issued at a value of 5, 10, 20, 100, and 500. On February 2, 2009, another redenomination occured. New notes were issued again at 1, 5, 10, 20, 50, 100 and 500. These currencies remained the legal tender and circulated together until around June 30, 2009. During this time 1 USD was worth more than 300 Trillion Zimbabwe Dollars. 
In January 2009, the use of foreign currencies in Zimbabwe was officially made law even though it had been used for years previous as well. This led to a large drop in the usage of the actual Zimbabwe currency. By April of 2009 the Zimbabwe Dollar was tossed aside as an official currency. The Zimbabwe Government said they will only reintroduce the Dollar if the industrial output of the country would average 60% or more of its current output capacity as compared to the April 2009 output of 20%. 
In January 2009, the use of foreign currencies was legalized.  This move led to a sharp drop in the usage of the said currency.  By April 12, 2009, the Zimbabwean dollar was abandoned as an official currency.  According to the Zimbabwe government, they will only reintroduce the dollar if industrial output would average 60 percent more of its current output capacity as compared to the April 2009 output of 20 percent.

Why Is Most Vietnam Dong Circulated While Most Dinar Is Uncirculated?

A common question many Dinar and Dong buyers wonder about is why most Dinar is uncirculated wihle most Dong is circulated? Now this isn't always the case there is some circulated Dinar out there and you can also find uncirculated Dong for sale but more often than not Dinar comes in uncirculated condition while Dong comes in circulated condition. Just check any Dinar dealers website or even eBay to confirm this.

Why is this many people wonder? Here's the reason. The Iraqi Dinar though used in Iraq, US Dollars are used just as much if not more than Dinar. The Dinar is also sold at auctions and most of the Dinar bought is shipped to a neighboring country before then being shipped to the US so much of the Dinar never has a chance to go through the economy or be used in markets and such.

Dong on the other hand is not sold at auctions like the Dinar, it's a currency that's actually traded. Not only that but Vietnam Dong is actually used in Vietnam in shops, restaurants, etc. Vietnam also has tourists who use the local currency as opposed to Iraq where even citizens often use Dollars and contractors and military typically use Dollars as well.

This is basically the reason that most Dong is circulated while most Dinar is uncirculated. Most of the circulated Dinar you come across will either be Dinar brought back home years ago by members of the military or contractors working over in Iraq, or it's notes which were origionally uncirculated but were either damaged during shipping or by those who bought them and when resold they cannot be sold as uncirculated as they have imperfections. Many of these notes have never actually been used in commerce in the streets of Iraq  and probalby look almost like new but once they get bends or folds cannot be sold as uncirculated notes so are sold as uncirculated.

Hopefully this posts answers this common asked question.

Why Your Bank Isn't A Trusted Expert When It Comes To Iraqi Dinar

Many Dinar buyers seem to rely upon their banks and bankers to verify their Iraqi Dinar currency or even answer questions regarding the Iraqi Dinar. This is a poor strategy and a poor source of information and in this article we will tell you why.

Most banks and bankers don't deal with foreign currency on a regular basis and for that reason typically don't know a whole lot about foreign currency. At most banks there is also a specialized teller who deals with and orders foreign currency for the rest of the tellers so in most cases even if a bank does deal with foreign currency, typically only one teller will be knowledgeable about it.

Over the past few years banks have begun getting away from offering currency exchange services to their customers. They are doing this because it's costly, it makes them little if any money, and it's more of a hassle than anything. In the past many banks offered currency exchange to their customers. These days however many banks don't offer this service period and the few that do typically outsource this service to other companies like International Currency Exchange and Travelex among others.

Banks have typically done currency exchanges for customers for very low rates, basically at cost. It costs banks quite a bit of money to order foreign currency, it requires an additional Brinks shipment which again is more money. It also leaves them open to buying outmoded or fraudulant notes because it's not something they are dealing with a lot. For example, did you know most currency exchange companies will not buy 500 Saudi notes among others because of the large number of counterfeit notes in circulation. A bank who didn't keep up with the FX industry could easily buy in a large number of these notes unknowingly and be holding the bag.

Because banks don't deal with foreign currency on a regular basis they don't keep up with changes in the industry and aren't knowledgeable about foreign currency. Foreign currency transactions are a drain on them as opposed to being a revenue generating activity.

In forums, message board, and blogs Dinar buyers are often talking about talking to a banker about their Dinar. Why rely on someone else to authenticate your Dinar, why not know how to do it yourself? The Dinar is one of the top 3 most secure currencies in the world and has plenty of security features which are very easy to check with the naked eye or a black light. As far as asking about a revalue date or rate the banker will know nothing so your wasting your breath.

If you have questions about the Iraqi Dinar research and investigate it yourself, although you'll need to be careful to sift the credible information from the Guru nonsense and idiots spouting off like experts on message boards.


Confessions Of An Iraqi Dinar Dealer, No Hype, No Rumors, No Guru BS The Iraqi Dinar Scam: Why Buying the Dinar is for Dummies

Short Entertaininge Film About The Iraqi Dinar - The Bond 2013

THE BOND-- 2013

This is about An unemployed web programmer puts his marriage in jeopardy when he hides an investment (Iraqi Dinar) worth millions from his pregnant wife.

WINNER Best Narrative Short
2014 Seattle True
Independent Film Festival

Director & Writer:
Bryan Campbell
Stars:
Trick Danneker, Emily Chisholm, Aaron Washington
Source
http://goldenboydigital.com/featured-work/ 







Short Film About Iraqi Dinar

Interesting Article Discussing How The Iraqi Dinar Will Be Taxed - Is The IRS Setting Up Dinar Task Forces?

There is a lot of talk and speculation online regarding how the Iraqi Dinar will be taxed should it someday go up in value. Some argue it will be taxed as a simple currency exchange, others argue it will be taxed as a commodity, and others argue it will not be taxed at all. Though I don't have the answer to that question I can definately tell you it would not go untaxed, Uncle Sam always makes sure he gets his cut. As they say, only two things are certain in life, death and taxes.

How Will The Iraqi Dinar Be Taxed?
Recently while perusing Twitter we stumbled upon an article titled "New IRS Task Force Setup To Monitor Iraqi Dinar". It's worth a read and is food for thought, however the article never actually talks about this new task force. Everything mentioned in this article is nothing really new, it's standard reporting which has always been done on large currency transactions or transactions of anything over $10,000 USD. 

In this post we are going to quote some points from this article and discuss them below, however if you'd like to read the article in it's entirety you can read it yourself by clicking HERE


1. As of 2010, the Dinar Banker is not required to report any information at all to the United States Treasury Department in regards to individual domestic United States sales or purchases of Iraqi Dinar as long as the transactions are "not cash" for cash transactions.

Article Source: http://EzineArticles.com/6077129

This is actually not true, and if DInar Banker was not reporting transactions over $10,000 they were in violation of the law to the best of our knowledge. Any transaction over $10,000 is required to be reported whether it's an international or domestic transaction. This is nothing unique to the Dinar. If you won over $10,000 at a Casino the same report would be filed. If you bought a car for over $10,000 and paid in cash the dealership would file one of these forms. This is nothing unique to the Iraqi Dinar nor is it anything new. 


2. In a nutshell, if you have a certain amount of profits from these transactions which involve the Iraqi Dinar, you will be required to pay the United States Taxes on the change in value of your Iraqi Dinar(s) purchase(s).

Article Source: http://EzineArticles.com/6077129


I believe the author is referring to tax law which states you need to pay taxes if you see a gain of $200 or more on a currency exchange transaction. I'm not going to bother looking it up but I've read it before in tax law and it's not anything new and groundbreaking nor is this secret information,its written in the IRS tax law. 

3. The IRS is currently working on putting monitoring procedures in effect. The amount of taxes that the taxpayer will pay is dependent on the taxpayer's own individual tax rate and the length of time they have held the Iraqi Dinar. This is normal for all transactions of this kind.

Article Source: http://EzineArticles.com/6077129

I've yet to find any reliable source who has definitively stated how the Iraqi DInar will/would be taxed. It could be taxed as a currency exchange, it could be taxed as a commodity, it could be a long term capital gain or a short term capital gain depending upon how it's taxed as well as how long the buyer held it for. 


4. Check and wire purchases of sales within the United States are not reported. For international transactions over $10,000, the Dinar Banker must report the transaction on a Fin Cen 105. For more information on this, go ahead and take a look at the following website: http://www.fincen.gov/forms/bsa_forms/ It will give you more information on such types of transactions and also show you the list of forms that are available.

Article Source: http://EzineArticles.com/6077129

To the best of my knowledge this information is not accurate. It does not matter whether the wire is done internationally or domestically. Any transaction over $10,000 must be reported. If you bought over $10,000 in Iraqi Dinar and your dealer is Treasury Registered they are required to fill out a Fincen 105 form. They most likely asked for a copy of your government issued ID as well as your social security or tax id number. The reason they asked for this is so they could file a form on you to the IRS.




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Artistic Short Film About The Iraqi Dinar - NOT News Or Info, An Fictionional Movie

Was just browsing trending subjects on Twitter and noticed someone had linked to a short film who's subject or topic was the Iraqi Dinar. This is not a documentary, news, or any relevant information about investing in the Iraqi Dinar, this is an artistic short film about a guy who sells a bond to buy Iraqi Dinar and later sells it for less than half what he paid for it. This film basically shows the pitfalls of the Iraqi Dinar.
A Short Film About The Iraqi Dinar
A Short Film About The Iraqi Dinar

It's worth a watch, and is actually a pretty well put together movie. I was expecting some low budget looking Blair Witch Project type movie, however this was actually pretty well done. The writer and/or director in my opinion don't have a firm grasp of the Dinar and the whole investment surrounding it, and the story is a bit sensationalized as all movies are but none the less it was interesting and worth a watch.

We'll link to it, and you can watch it by clicking HERE