This dialogue is in response to post "Kuwait RV Stories - Post From Peoples Dinar "
Dinarvictory said: Completely false. I've posted about this several times. In fact, I'll just copy paste one of my old posts.
"Well, it reinstated, but not a "magical gain value RI". The Kuwait RV/Reinstated rumors were made up (based on a very uncommon occurrence; though there was a kind of reinstation) to pump dinar sales. As an old pumper, I can say we used this false info numerous times to "comfort" investors. Nothing technically happened to the Kuwaiti Dinar.
The Kuwaiti Dinar was in an unstable environment, due to the invasion by Iraq. The Kuwaiti dinar was essentially tossed aside, as they were to use Iraq's currency. This caused panic and several individuals lost faith in the revival of their old dinar. Some individuals actually sold their dinar at a U.S. rate of as low as $0.10, fearing that they would soon have nothing anyways.
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Dinarvictory Continues: However, their Dinar did not lose it's value and upon liberation was once again the national currency. It was at the same exact value, but new bills were to be issued. During this, they could exchange their old bills for new, equal valued, bills.
This was never an actual rate change. The Dinar never lost its value as many feared; remaining in the $3 range with only minor fluctuations. If you want proof, just pull up historical currency charts.
That's the actual Kuwaiti Dinar story. There was no massive RV/RI like many "preach". Just a distortion of the facts/ rumor used to get some to invest. Ask anyone who was actually around at that time; they'll tell you the same thing..."
Hame55 said: Yes, but you are wrong in an important way - it did devalue, even tho the nominal rate was the same. So people did make money on an RI. The street value plummeted due to war. Well, the IQD plummeted due to war (and sanctions, Saddam, yes I know) And an RI could happen to Iraq too. Can't rule it out.
Dinarvictory said: Actually; I stated that it did "reinstate, but not a magical gain in value". The street value was a complete varied figure; plummeting only for the select few who sold off their KWD at the low price they determined was the most they would probably get. This is not a devaluation.
Very few people made money on the KWD; because very few people in-country actually purchased the KWD from others. IQD is not even comparable. IQD is at an official, determined rate - has been for years. They are not currently under a different country's rule, using their currency. (In which case the IQD can't be re-instated in the literal sense, because it is still the official currency with an officially determined value.) There are several things that caused the IQD to ACTUALLY devalue.
Iraq was piling on debt and driving inflation (post-sanctions) from the mid 90's to early 00's. When re-assessed in comparison to other currencies, the IQD fell sharply. This is what naturally happens when you're pushing inflation rates over 50% year after year.
Drastically different from a currency in which people lost faith, and some sold it off for cheap thinking it would be worthless (though the value never actually changed). The KWD's value was never re-instated; the KWD was re-instated as the nation's currency, post-invasion.
DINAR THUG SAID: It's Good To See U Posting Again DinarVictory ! ;)
For Those Who Don't Know - He Used To Work As A Pumper And Took The Time To Expose Some Of Their Tactics On His Profile.
Here Is An Excerpt And A Link To His Profile .......
Trust me, at least where I sold dinar for 2 years, we did it for U.S. bills and Euros especially. It was literally part of our job to participate...
...in online dinar communities. Even though we weren't "told" to create rumors, we were told that the harder we worked, the more we'd get paid. Thus, voila. Some of the stupidest things you've ever heard. While I want to say I quit, I was fired. I say I would've quit anyway because it was wrong, but who's going to believe that? lol...
but I definitely stopped posting rumors. It was a routine; create three or four accounts per site, throw rumors into chat, forums, then disappear. Not once did we ever talk amongst ourselves as this being even a possibility. So there's some behind the scenes, and the reasons why I researched everything myself. I hope this peaked your interest!
DONTLOP SAID: i dont know how this ever came into existance . the notion of a kuwaiti revaluation ..<<<< this is what the nay sayer should be posting in response,, because its obvious they do not know
those of us who have followed the iraq story for the last 23 years personally know what happened , and we saw on the news about the value of the kuwaiti dinar falling to 10 cents and watched it return to over 3 dollars ..
the nay sayers argue back and fourth about the market value of the dinar .. but their entire arguement goes out the door when talking about the market value of the kuwaiti dinar ..
shows their agenda here .. sell off your dinar they are worthless and will always be .. they are mere lop pumpers .. the dealers make the same if not more money buying back your dinars as they do selling them to you .. these are paid lop pumpers telling you the kuwaiti dinar didnt revalue ..
i remember the kuwaiti dinar hitting 10 cents market value .. and revaluing to over 3 dollars after iraqi troops were removed from kuwait . about a 3000% rate increase
i guess they can argue that the market value doesnt count and all that counts is the central bank of kuwaits set rates never changed
but if you use that arguement for the revaluation of the swiss dinar which was demonetized by the central bank of iraq .. they refer back to the market rates .. but at the same time say market rates dont matter in the kuwaiti dinar revaluation.,, so the nay sayers have no clue what they are talking about they have proved that themselves
so market rates apply to the swiss dinars revaluation but market rates do not apply for the kuwaiti dinar revaluation .. as per the lopstars
fact is ..if the kuwaiti dinar did not rv ... then the iraqi swiss dinar did revalue .. ya cant have it both ways
the swiss dinar in iraq was demonetized by the cbi in 1990 .. yet the cbi re- monetized and revaled the swiss dinar during the exchange in 2003 ,,, giving the swiss dinar an exchange rate of 150 new dinars for one swiss dinar that was demonetized for 13 years ..while at the same time only gave 1 to 1 exchange on the saddam dinar that was legal tender of iraq
the swiss dinar had a exchange rate while demonetized for 13 years of less than .000000000000000000000000000000000001
while the saddam dinar had an exchange rate of .0004
yet they gave 15,000 % more exchange to the swiss dinar.. that was valued by the cbi at more than 150 times less than the saddam dinar ..up until the revaluation of the swiss dinar
so tell me about the market rates of the swiss dinar is all that counts ... then tell me the market rates of the kuwaiti dinar dont count
huge rv overnight rv of the swiss dinar .. or huge overnight rv of the kuwaiti dinar .. which is it ?
i guess its possible to make up stories .. who to say if this story by him wasnt made up along the same lines
i guess if i was a lopster .. i could make up a screen name and write a story saying i was a paid pumper and this is how we did it .. then return under a new screen name as a lopster and say see i knew these guys were paid pumpers.. so what do we believe .
right i believe the central bank sets the exchange rates .. and determins what legal tender is .. the central bank of kuwait never officially changed its rates .. the market values did change and the market value did revalue over night ..
the iraqi swiss dinar rates were zero set by the demonetization of the central bank of iraq in 1990 .. then it was tthe central bank of iraq who re-monetized it as legal tender in 2003 and revaled it to 150 times more than the saddam dinar from its demonbetized value of zero
the central banks are the ones who officially revalue a currencys exchange rates .. not the market value
if that is not the case than the iraqi swiss dinar did not revalue .. and the kuwait dinar did revalue
it cant be both ways