[Shredd] kaperoni hey kap
[kaperoni] hi i brought you something
[Shredd] how about that news of new council?
[kaperoni] You are aware of this from the CBI I am sure
[Shredd] ok,bring it
[kaperoni] http://www.cbi.iq/documents/press%20for%207-10-2012.pdf I got it translated
[Shredd] geez ok, translate plz
[kaperoni] Here is the translation of this press release.... The CBI is aware of rumors circulating re the delay of eliminating the 3 zeros, we hereby reassert the importance of this project to the public interest, the economy and the country in general.
There has been a temporary postponement in order to further coordinate between the CBI, the executive and legislative branches even though the CBI has done its task in preparing for the transition..
Furthermore upon completing the printing of the new currency we remind the public that putting the new currency in circulation has to be at the beginning of the year (any year) and not during the year.. Please do not spread any rumors; always refer to the CBI announcements for this matter..
Read More Link On Right
[Shredd] oh yes, i read your translation this am great to see
[kaperoni] thought i would bring it here so your people can have it too
[Shredd] yes! thank you sir
[kaperoni] now on your news interesting for sure but i have questions
[Shredd] i do too what are yours
[kaperoni] same as yours settled that
[Shredd] so i gotta say, i'm interested to see what happens to the trading platform you been talking about
[kaperoni] me too i think this part is interesting...
[Shredd] so folks may be able to sell their dinar to this entity
[kaperoni] the CBI has done its task in preparing for the transition.
[Shredd] so that they can sell to other central banks in order for them to inflate their reserves of the dinar? do i have that right?
[kaperoni] shredd, yes that will be the mechanisum we sell our dinar through so shredd, that part about the CBI... IMO, includes this agreement to free float the CBI has done its task in preparing for the transition. meaning they have the deal done and ready to go to raise the value of the dinar
[Shredd] i read that in the translation....very interesting for a free float, i don't see it slowly creeping do you?
[Shredd] i mean, demand will take off
[kaperoni] free float that was what i was told and so far the information has been accurate he said, you will see the announcement of the 3 zeros put off and sure enough
[Shredd] so, has any other central bank gone from a dirty float, to a free float and then back to a managed float?
[kaperoni] it happened he said, it will free float well that is not fact yet i dont know hoping soon now
[Shredd] see, that's the deal with me i just dont know if they can go back and if they can't
[kaperoni] they can do whatever they want
[Shredd] a free float could escalate pretty quick
[kaperoni] well it depends the CBI controls the liquidity so they can control the rate of rise by turning off/on the dinar sales to fast, put more dinar out ] to slow, shut off supply wish i knew more about it
[Shredd] auctions stop when it is internationally tradeable
[kaperoni] but they are tight lipped
[Shredd] well, and rightly so
[kaperoni] i will say this...i saw with my own eyes the trading room
[kaperoni] so its real
[Shredd] this intermediary has to have a bank behind it
[kaperoni] no reason to build it for nothing
[Shredd] to cash out, etc.
[kaperoni] yes banks are behind it
[Shredd] ok, US bank?
[kaperoni] on an instutional level
[Shredd] i mean a domestic bank
[kaperoni] not on a consumer level yes domestic banks several are funding the ECN
[Shredd] ok, so if they are existing domestic banks, we don't have to worry about kyc delays
[kaperoni] or market maker
[Shredd] our banks verifying sources of funds, etc
[Shredd] ok, so this ECN is structured more like a fund? kyc = know your customer
[kaperoni] oh no no problems
[kaperoni] bank transfers
[Shredd] eft ok so, another question.... you mentioned last night that some of us may choose to hold some dinar throught the ECN and cash out later? ride it out
[kaperoni] thought you were talking kfc for a minute...and i got hungry
[Shredd] why couldn't we just do that on our own?
[kaperoni] maybe you can the concern we have is banks
[Shredd] ok, so in no case will anyone be able to deposit their dinar and not get it exchanged right away
[kaperoni] i dont know of a bank that will be accepting the dinar from street consumers
[Shredd] its immediate?
[kaperoni] and if there was, the spread would be 8% or higher i dont get that question
[Shredd] right, unless they competitively try to get it from us
[kaperoni] i dont think they will but we see lots unknown at this point
[Shredd] if they go to a free float, they will be on the level with other exotic currencies though
[kaperoni] i dont know
[Shredd] hmm, we wait
[kaperoni] sorry have to go take care
[Shredd] you too, good talk
[tlm724] kaperoni ty
[kaperoni] see ya all thanks for letting me come in and play
[sisterbreen] Shredd 8 % will go to them?
[Shredd] no imo banks will want to be a part of taking dinar in and will compete for it
[sisterbreen] Shredd mmm i not letting some 1 send my dinar away ?
[Shredd] imo imo
[d6j8] we can find a bank woth an in house de la rue can we not
[Shredd] d6j8 well, maybe i checked thoroughly in PA and didn't find any
[Shredd] some banks send it in to corp office, others actually use a vendor which i was surprised to hear but on the other hand banks may not care to cash us in since they will make "bank" on our deposits anyways and will still benefit on the fractional banking side
[sisterbreen] Shredd cash in with the dealers/
[Shredd] so, those are the two sides of the coin imo
[grashopa] oh....it will float...........we just don't know if it will be free or managed....
[Shredd] also, let's chew on this idea of Kaps the trading platform and the ecn theoretically, it makes sense, has logic a broker
[grashopa] IMO........if it is managed, it will come out higher than if it is a free float............
[Shredd] well connected tons of money, connections and bank support could offer an attractive rate to all of us in hopes to buy it from us then sell it to central banks around the world for a higher price
[Shredd] and then those central banks wait it out for the price to gain over the next few years they can trade the reserves for oil but for that to happen a special "platform" to transactionally do this would be necessary since this would all be ahead of a rv and us cashing out at banks, etc
[Shredd] see, that has always perplexed me from the beginning.... if a broker cashes us out at the cbi rate on a rv, how do they make money when they sell it you know? so, this plan that kap has been telling us makes more sense financially speaking
[grashopa] so on that premise...........it looks like a Currency exchange??
[Shredd] right legal we all can buy dinar treasury licensed entities can buy it from us so that is already fact but this ecn sees the business opportunity and knows there is a market for OUR dinar so, for most of us most of us to let go of our cherished dinar, what do we need? a decent rate so, lets see what happens
[Shredd] i wonder how much unsold dinar is out there....in brokers hands cuz that will go first i suspect unsold? billions unsold? i have no opinion just curious
[d6j8] the brokers .... do they own the dinar they sell ... or do the have a business agreement to sell it ?
[Shredd] not sure d6j8
[Shredd] a broker can't legally keep it though they probably hold it
[sisterbreen] Shredd well maybe they winding down its almost done
[Shredd] we shall see Shredd-out