betoniraq.com

[joka]

I just stumbled across this site http://betoniraq.com/

It seems that they sell Iraqi dinars for much less US dollars, with the premise that one day dinars will be worth much more.

Now, I firmly believe that within say 60 years Iraq will be one of the wealthiest countries in the world, and thus dinars will likely be worth some more as well.

The site seems all legite and stuff, and I'm seriously thinking about investing some. Just thought I'd consult the trusty MP.net board of directors first :D
So what you guys think? Good or bad idea?

[ed316]

My friend in Iraq has already sent home 4 million dinars and waiting for it like these guys

[zonk]

seems to be legit, and if i had the money id do it. im a broke soldier with a family to feed and bills to pay, aint happening ill i get a little more loot

[Pai Mei]

It possible that the old dinars will be replaced by a new currency, and the old dinars would be bought back, like it happened in Germany after WW2. Another alternative is devaluation, like in Poland (that I know of) during the 90's. In the first case, the exchange rate (old:new) was about 1.5 to 1, in the second it was 10000 to 1, and both were official rates, not black market ones. Thus hoarding currency wouldn't do you much good...

[Flagg]

The only person to make any money on the deal is the owner of the slick website.

Here's why:

Check out oanda.com(a well known and respected forex business):

Official interbank exchange rate is 1470 Iraqi Dinar for each US Dollar.

Now have a look at betoniraq.com

25000 dinar for $45 should only cost $17, 164% overpriced

50000 dinar for $80 should only cost $34, 135% overpriced

100000 dinar for $155 should only cost $68, 127% overpriced

250000 dinar for $325 should only cost $170, 91% overpriced

500000 dinar for $595 should only cost $340, 75% overpriced

750000 dinar for $825 should only cost $510, 62% overpriced

1000000 dinar for $1060 should only cost $680, 56% overpriced


The reason why shipping is free is because the site owner has killer margins Microsoft would envy.

If you're interested in betting on the Iraqi dinar, check with a reputable forex bank, they MAY be able to help.

BUt even though the LONG-TERM potential of the Iraqi dinar MAY be strong, it will likely be DECADES before Iraq's economy is properly back on it's feet.

It's infrastructure is practically non-existent outside of the Kurdish controlled region due to 25 years of war, war, sanctions, war, and insurgency.

PLUS Iraqi still owes a couple hundred billion in loans and reparations without a viable economy to tax and pay for it.

That's all before, as already mentioned, the dinar is potentially manipulated.

If you like the dinar...I would suggest buying a dollar's worth on Ebay.......it is a highly speculative bet at best......and unlikely to result in a positive return...especially at the black market rates charged by that website.

I suggest doing your homework before buying the world's most expensive coloured toilet paper

[Hellfish]

But it's an investment!

[Apathy]

But it's an investment!

That's what they said about High School!

[zonk]

But it's an investment!


thats what i told my wife

[Bugalugs]

All you short-sighted sceptics will be laughing on the other side of your face when the great toilet paper shortage of 2008 hits.

[MEGR]

All you short-sighted sceptics will be laughing on the other side of your face when the great toilet paper shortage of 2008 hits.

http://www.rachelleb.com/images/deli_toilet_paper.jpg

Oh, not so sure about that... I also have it in the lining of my house... I am ready as Spongebob would say.

[joka]

I suggest doing your homework before buying the world's most expensive coloured toilet paper
Why do your homework when you can just ask on MP.net? ;)

Anyway, with "investing" I ment like 50-100 smackers tops, maybe I'll be filthy rich after 50 years, maybe I won't, it's not like I'll go bankrupt over it. Plus they could serve well as poker tokens, or monopoly money.
But thanks for the info!
I'll try and find a better dealer.

[Scottie]

worthless.

[Herrmannek]

It possible that the old dinars will be replaced by a new currency, and the old dinars would be bought back, like it happened in Germany after WW2. Another alternative is devaluation, like in Poland (that I know of) during the 90's. In the first case, the exchange rate (old:new) was about 1.5 to 1, in the second it was 10000 to 1, and both were official rates, not black market ones. Thus hoarding currency wouldn't do you much good...
In Poland devaluation was one-to-one, only nominals changed so money wouldn't have to have so big numbers :), but yeas after some time after end of the swap with took 2 years ratio wasn't 1:1....

[Pai Mei]

@Herrmannek
Exchanging a 1M old zloty note for 100 new zloty note is a de facto rate of 10000:1. It is only 1:1 in the sense that I exchange one piece of paper for another. IIRC, the rate of 10000:1 was from the beginning of the devaluation, and did not change.

If something like this happened in Iraq, after you bought "old" dinars from betoniraq.com, you would be screwed.

[Flagg]

Why do your homework when you can just ask on MP.net? ;)

Anyway, with "investing" I ment like 50-100 smackers tops, maybe I'll be filthy rich after 50 years, maybe I won't, it's not like I'll go bankrupt over it. Plus they could serve well as poker tokens, or monopoly money.
But thanks for the info!
I'll try and find a better dealer.

Actually THAT"s not a half bad idea.

"I'll see your 2 trillion dinar, and raise you another 5 trillion!"

Or you could use it to pick up gold digging slappers:

"Yeah baby, I'm a billionaire.......I'm worth 42 billion....Iraqi dinar" ;)