You Will Not Get Rich in the Dinar Scam

You Will Not Get Rich in the Dinar Scam November 20, 2018

Is this MAGA or MDGA?

That would be “Make the Dinar Great Again.”

In the latest parody-to-real-life thing happening in the kingdom of MAGA, we see a nearly decade-old scam coming to vivid life for the faithful clingers to every, incoherent word of Donald Trump.

In this particular scam, Trump supporters have decided to invest hefty sums of money into the Iraqi dinar, a currency worth less than an American penny. The goal is to have enough invested in this worthless currency, so that when a coming “revaluing” happens, boosting the worth to somewhere around $3 or $4 for a single dinar, they’ll all be rich.

They’d be better off playing the lottery, here, but for these true believers, a single comment from President Trump in 2017 pretty much set them on fire. If he can be a messiah here, he can surely bring wealth and goodness to the whole world, right?

In what was a 2017 press conference, Trump said all currencies would be on a “level playing field,” soon. He was talking about those perceived trade imbalances with China, but that’s not how his followers took it.

One particular investor, Hayes Kotseos, of North Carolina, explains her family’s hopes for the dinar.

“I love my president, and I was like, ‘Oh my God,’” Kotseos told The Daily Beast.

The purchase, Kotseos said, cost her and her husband somewhere between $5,000 and $10,000, counting the cut to the company that sold them the dinars. Two of her adult children have bought millions more dinars, too.

“If it happens, it’ll be awesome and there’ll be a huge party at my house,” Kotseos said.

Of course, there was a time, before the first Gulf War, when the dinar actually was worth about $3, but war, sanctions, and time have taken a toll and driven the value to near-nothing.

State regulators have been warning against this scam. There have been indictments against dinar sellers, even, for misleading investors about the prospects. None of this is dissuading them.

The dinar scam has become particularly Trump-centric since 2015, over rumors that Trump has personally invested in the dinar (there’s no evidence that he actually does). Search-engine searches related to Trump and the dinar have shot up, according to Google Trends, returning hoax articles claiming Trump has bought millions of dollars worth of dinars.

They’re reaching out to Trump across social media, hoping he can fast-forward the process of making the dinar great again.

“MR TRUMP. I really admire you….please help us with this RV,” wrote one Twitter user. Another asked Trump to increase the dinar’s value to “give us the financial tools we need to support your efforts.”

Who wants to take the bet that the online conspiracy hucksters, QAnon are also hot with this crowd?

You’d be correct.

It would seem this is the kind of scheme crafted perfectly to take advantage of this really dumb era.

Jay Addison, an attorney who follows financial scams, watched for six years as dinar believers’ hopes for a revaluation failed to materialize. After writing a 2012 blog post about why the dinar was a bad investment, Addison heard from dinar investors who insisted the RV was about to occur.

Six years later, it still hasn’t happened.

Addison, who calls the hype around the dinar a “study in stupidity,” said he’s personally encountered dinar investors who were otherwise savvy in business but became entranced by the prospect of instant riches.

“I’ve had a few clients fall for it,” Addison said. “They weren’t really the sharpest knives in the drawer.”

“They’re basically told that it’s a sure thing. Nine out of 10,” Addison said. “When it’s actually one in a hundred billion.”

He’s not even saying that it couldn’t happen. What he’s saying is that the likelihood is so small that investors in this particular scam are really throwing money away.

There are online clubs for these investors, with names like, “Dinar Vets” or “Dinar Detective.” They even have unboxing videos, where they video themselves opening up the boxes of dinar they receive.

These guys are really dedicated.

Did I mention it was a scam?

But the dinar-specific corners of the internet are also rife with manipulation. In October, the owners of a Georgia-based dinar reseller that made $600 million selling the dinar and other currencies were convicted of fraud for misleading investors about the dinar’s chances to gain value.

Their scheme, according to prosecutors, included paying off a dinar “guru” to tell his fans in chat rooms and conference calls that he had high-level sources in American and Iraqi government and international financial institutions who were sure a revaluation was imminent.

Dinar holders had what one of the accused sellers described as a “cult-like” devotion to their dinar guru’s news. But according to prosecutors, those government “sources” were entirely fictitious.

The most devoted dinar investors tend to become obsessed with the minute details of Iraqi politics, convincing themselves that a new director of the Iraqi central bank or a particular infrastructure program in Nineveh is all that stands between them and millions of dollars.

Chatrooms, “fake news” sites, and appeals to President Trump to wave his magic MAGA hat, to speed up the revaluing process – this is all part of the bizarre dinar craze.

Imagine if these people took the tens of millions they’re investing in a scam to make sound investments with their money. Where would they be in another ten years?

I’m going to guess a lot better off than with this particular flimflam.

 

 

 

 

 

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  • IllinoisPatriot

    It sounds like these guys need some serious financial advice.

    I wonder if they’ve given any thought to taking some financial management courses from Trump University ? After all, if Trump has the financial wisdom to invest in pallets of Dinars, what possible harm can come from signing up with Trump University to study at Trump’s feet ? Especially since Trump personally selects the instructors and personally approves the course material……

    I’m also thinking about all the soybean farmers that believed what Trump told them about how easy and quick it is to win trade wars. Now that China is digging in their heals rather than be seen as capitulating to Trump’s bully tactics (a position that was predictable given their emphasis on honor or ‘face’), I will predict that China will not be the only country refusing to bow to Trump’s trade demands. I suspect the NAFTA treaty will fall through due to the social-engineering language Trump has filled it with being unacceptable to Congress and I predict that the EU will consider themselves large enough to survive without US trade until Trump is out of office.

    Therefore I do not expect any trade agreements to be finalized (with the possible exception of NAFTA – and then with perhaps only one country – not two – until the next president provides some sanity and calm reason to the office of POTUS and until all Trump tariffs are eliminated.

    Until then, I expect the farmers to continue to lose markets as other countries abandon US Suppliers as China seems to be doing. Trump’s farm bailouts worked for one year, but I don’t think Congress will sustain them year-after-year until they become an entitlement. We have enough welfare programs.

    Estimates last year were that if the trade war with China goes for more than year or so, farmers may start losing their farms. I expect that to happen between now and 2020.

    The Dinar scam is not the only one going around. Trump’s trade-war-scam continues to promise big riches for short-term sacrifice and for a vote to elect whatever Trump Congressional boot-licker Trump’s rallies advertise….

  • chemical

    I thought the new NAFTA was about the same as the old agreement, except some Canadian dairy farmers got upset about it. I figured Trump wanted to blow up NAFTA and then re-establish it so he could say he negotiated the best trade deal ever.

  • IllinoisPatriot

    Public details on the new NAFTA are still sketchy, but I saw in the Wash Examiner that several Republicans were objecting to the language that was inserted that guarantees non-discrimination with the addition of “gender identity”. The Republicans were objecting based on that becoming a treaty (over-riding US laws) binding on both the US and Mexico as a way of Trump liberals sneaking social-engineering language into the force of treaties under the guise of “trade”.

    There are also indications that Trump removed the adjudication by the WTO in case of disputes in favor of (I believe US courts). This is one of the things Canada objected to because they get a raw deal from US court bias.

    Other changes include moving toward $15/hr by requiring a high(er) proportion of cars to be made by workers making at least $15/hr. This tilts the tables toward US labor unions and against US businesses remaining competitive because the high labor rates in the treaty raise the cost of building automobiles and essentially price Mexican businesses out of the market (they cannot afford to pay the labor rate due to much lower standard-of-living costs).

    Trump is trying to push his new NAFTA through before the current President of Mexico leaves office. The new President realizes it’s a bad deal for Mexico and (IIRC) is against signing off on it.

    Trump would LOVE to say it’s a the best trade deal ever (and we can expect just that no matter how bad the deal actually is).

    I think the deal may make labor unions happy, but is bad for businesses because it lowers their ability to compete against foreign competitors by jacking up their labor costs. I think the lack of 3rd-party arbitration will be a source of contention with Canada and perhaps on-going, escalating trade issues long after Trump leaves office. I think if Congress buys off on this, it locks gay-agenda social-engineering into the federal government by treaty – something no law of Congress can repeal. I think Trump’s social-engineering language in his new NAFTA is eerily similar to that of Obama and Clinton and the DNC in general and – once made public – will go over like a lead balloon.

    Anyway, that’s my take on Trump’s new NAFTA – a treaty that should not be confirmed by the Senate, but probably will anyway due to the large number of Trump sycophants that are loyal to Trump over the country, their state or their constituent voters.

  • John Baldwin

    There are ‘scams’ surrounding the dinar but the dinar itself is not a scam… Iraq is oil rich including the gold discovery… how long will the program rate is to last as the US/UN/IMF/BIS/WTO/WB restrictions and sanctions are being lifted?!?
    But hey! The doubters and naysayers keep on what you do best is to say it is just scam – you are doing us a big favor to exclude others! Thank you very much for that!!!
    Some of us do have tier one bank listing with financial advisors that does know about for ‘when’ not ‘if’ when the dinar will revalue in the near future?
    The Iraqi dinar became international on August 2nd, 2018 but still at the ‘program rate’ and also to tie into this investment goes back to George Bush’s Executive Order 13303 and he did say that “The Iraq War will pay for itself”; Ok? What did he mean by that quote and promise that give countries and private investors legal authority to participate of E.O. 13303 and other mandates in addition to the original 13303? It has been renewed by POTUS ever since of every year! Why is that?!? Can you naysayers explain intelligently with facts as to why?
    You naysayers probably don’t know about the event regarding Kuwait after the Gulf War??!!?? The insiders sure did because they were directly involved when the Kuwaiti dinar was devalued and then reinstated and revalued much higher to the pre-war Iraq dinar rate that was $3.22? There were lucky servicemen and contractors in Kuwait having dinars and exchanged them at the new revalued rate and took home some nice win-fall change in their pockets.

    Iraq’s CBI and GOI is in fact seeking to return to their pre-war dinar rate plus interest that was mentioned in past US meetings in D.C. and also that Hillary Clinton; herself brought together a special meeting to invest into Iraq!
    Even looking back when the Euro currency craze happened and again the insiders knew while letting the world believe it was some kind of ‘one world order conspiracy’ that took like hot fire and the notion that this could be the ‘One World Currency’… as the European Union membership was growing so was the impact of crazed conspiracies and scams?!?
    I remember watching the news posting current events on the Euro and it started high then it was plummeting as low as 17 cents to the USD at the 10 pm news and it looked like it was a dead issue that the Euro would fail but the next day it was over 1 USD and growing… the Euro survived and thrived while the USD fell against the Euro for a long time!
    So, look at when the purchase of Euros at its lowest forex and then climbing over 1 USD; don’t you think those investors made some nice chump change?!?
    Please keep posting and debating to demonize those that have been investing into the Iraqi dinar scam or you see them as dumber than dumb kind of folks! You are doing us a great service and I don’t want to see others catching on or get lucky with a banker that is ‘willing’ to tell you that it is true?

  • chemical

    Hello, I am interested if you have any bridges for sale.

  • Hobgoblin238

    https://dinarvets.com/forums/index.php?/topic/229970-an-invitation-to-support-the-dinar-and-the-strengthening-of-its-purchasing-power/ Article straight from Iraq telling us it Will be worth over 3 bucks. How does that grab ya, numbnuts?

  • Hobgoblin238

    https://dinarvets.com/forums/index.php?/topic/229970-an-invitation-to-support-the-dinar-and-the-strengthening-of-its-purchasing-power/ Article straight from Iraq telling us it Will be worth over 3 bucks. How does that grab ya numbnuts?

  • chemical

    I don’t really care, as I was looking to buy bridges. And that was 4 months ago.