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Author Topic: Need help debunking currency speculation  (Read 2087 times)

Balog

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Need help debunking currency speculation
« on: January 03, 2013, 02:44:17 PM »
ONe of our vendors at work is going on about buying (physical) Iraqi dinar on the theory that they'll go up astronomically and he can convert them to USD. While I'm certain this is a scam I don't know how to frame it as a reasoned rebuttal. Any help?
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Jocassee

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Re: Need help debunking currency speculation
« Reply #1 on: January 03, 2013, 02:48:13 PM »
Quote from: Balog on January 03, 2013, 02:44:17 PM
ONe of our vendors at work is going on about buying (physical) Iraqi dinar on the theory that they'll go up astronomically and he can convert them to USD. While I'm certain this is a scam I don't know how to frame it as a reasoned rebuttal. Any help?

Not only a scam but an OOOOLD scam.
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Balog

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Re: Need help debunking currency speculation
« Reply #2 on: January 03, 2013, 02:54:41 PM »
Quote from: Jocassee on January 03, 2013, 02:48:13 PM
Not only a scam but an OOOOLD scam.

Right, but "That's obviously a scam" doesn't seem to be working and I don't know how to break it down any better than that. :)
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Boomhauer

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Re: Need help debunking currency speculation
« Reply #3 on: January 03, 2013, 02:57:47 PM »
Theres a certain point at which you just have to stop trying to save people from themselves
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cordex

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Re: Need help debunking currency speculation
« Reply #4 on: January 03, 2013, 03:55:59 PM »
For what it is worth, a friend of mine is Iraqi (though soon to be a US citizen).  He has family back in Iraq and they exchange money both directions in US currency regularly.  He does not have more than a trivial amount of Iraqi currency.

On another note, he made a some money speculating in Iraqi land.

Why does your friend feel that Iraqi currency specifically is likely to increase in value relative to other currencies?
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HankB

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Re: Need help debunking currency speculation
« Reply #5 on: January 03, 2013, 04:08:14 PM »
Quote from: cordex on January 03, 2013, 03:55:59 PM
Why does your friend feel that Iraqi currency specifically is likely to increase in value relative to other currencies?
Maybe because the information came from his Nigerian currency trader contact?
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drewtam

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Re: Need help debunking currency speculation
« Reply #6 on: January 03, 2013, 04:51:40 PM »
Iraqi Dinar is IQD.
US dollar is USD.

http://www.oanda.com/currency/historical-rates/
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Boomhauer

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Re: Need help debunking currency speculation
« Reply #7 on: January 03, 2013, 05:07:47 PM »
Quote from: HankB on January 03, 2013, 04:08:14 PM
Maybe because the information came from his Nigerian currency trader contact?

A most trustworthy fellow, Im sure.
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OTOH, there wouldn't be a tweeker left in Georgia...

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Jocassee

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Re: Need help debunking currency speculation
« Reply #8 on: January 03, 2013, 05:32:23 PM »
Quote from: HankB on January 03, 2013, 04:08:14 PM
Maybe because the information came from his Nigerian currency trader contact?

I get all my currency trading advice from Zimbabwe.
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Scout26

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Re: Need help debunking currency speculation
« Reply #9 on: January 03, 2013, 05:42:16 PM »
Write "I told you so." on a piece of paper and hand it to him.  Tell him to fold it up and put it in his wallet.  If he asks why, explain that you don't want to waste your breath later.    =D =D :lol: :lol:

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Perd Hapley

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Re: Need help debunking currency speculation
« Reply #10 on: January 03, 2013, 06:23:08 PM »
Quote from: Jocassee on January 03, 2013, 02:48:13 PM
Not only a scam but an OOOOLD scam.


It worked for George Soros.
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