wildseed
08-24-2004, 12:03 PM
Greetings everyone I'm new here and just invested in a couple of million Dinar. I am excited as everyone else and I have deep feeling that we are committed to the long term health of Iraq and that the Dinar (if it is kept) will increase in value (over a long time possibly) I invested only what I could lose and have been reading the forums for a few weeks now.
Please don't let my questions detract from any enthusiasm as I am just curious. I have a few questions on how will this process will work. For example the Dinar goes to .33 and if you purchased 10 million Dinar at the current prices (not outside the realm of possibility given the current exchange rates). Then say for example banks in the US will start becoming available to exchange Iraqi Dinar. What will happen next?
1. You will have a million people rushing to these few banks to become millionaires. Can the US economy or the banking system handle that? How can a bank take millions of people who had no money and then deposit what will equal millions upon millions of dollars when the 'gold rush' happens?
1a. Can't us banks 'limit' the amount you can convert per year to say 100K per person?
2. Won't the process of mass exchanging of Dinar for US dollars devalue the Dinar?
3. What if IRAQ decides to change thier currency? With only a specific timeframe to exhange your Dinars, wouldn't that create a mass panic for people in the US to dump Dinars? Where would they dump them?
4. If you have 10 million Dinars (and the exchange rate goes up to .33 per us dollar) in your matress and there is not a bank in your state, you will have to drive or otherwise take what would equate to 3 million dollars in a plastic bag to the bank. Is that a little dangerous?
5. This is a silly question but what happens to all the e-bay and website sales in progress? I bet they dry up pretty quick if the Dinar goes to .33 US.
I read the forums pretty well and apologize if these questions are already answered. I did not see specific informaiton regarding this issues. Heres hoping.
-wildseed
Please don't let my questions detract from any enthusiasm as I am just curious. I have a few questions on how will this process will work. For example the Dinar goes to .33 and if you purchased 10 million Dinar at the current prices (not outside the realm of possibility given the current exchange rates). Then say for example banks in the US will start becoming available to exchange Iraqi Dinar. What will happen next?
1. You will have a million people rushing to these few banks to become millionaires. Can the US economy or the banking system handle that? How can a bank take millions of people who had no money and then deposit what will equal millions upon millions of dollars when the 'gold rush' happens?
1a. Can't us banks 'limit' the amount you can convert per year to say 100K per person?
2. Won't the process of mass exchanging of Dinar for US dollars devalue the Dinar?
3. What if IRAQ decides to change thier currency? With only a specific timeframe to exhange your Dinars, wouldn't that create a mass panic for people in the US to dump Dinars? Where would they dump them?
4. If you have 10 million Dinars (and the exchange rate goes up to .33 per us dollar) in your matress and there is not a bank in your state, you will have to drive or otherwise take what would equate to 3 million dollars in a plastic bag to the bank. Is that a little dangerous?
5. This is a silly question but what happens to all the e-bay and website sales in progress? I bet they dry up pretty quick if the Dinar goes to .33 US.
I read the forums pretty well and apologize if these questions are already answered. I did not see specific informaiton regarding this issues. Heres hoping.
-wildseed