BLC Admins Chat 50 Dinar Note Replacement 02/26/2015 Part 2
[Shredd] if the CBI keeps with a managed float, removes notes one at a time, gives 60 days and then after manually increases the rate, it would suck
[dogznova] if they start doing this to all notes... look out
[Shredd] but the good news is we should be able to strike that scenario off after the 50 is "replaced"
[Shredd] yeah, but I don't think we are since the note is the 50
[dogznova] I hope the banks start trading IQD before the end of April
[Shredd] if this announcement was regarding a 000 note, I'd be concerned
[dogznova] me too, why the 50 though
[Shredd] so my prior thoughts is where my vote sits...........replacing a denom that will have use
[dogznova] it's the used note
[Shredd] right it has a future and they know it like timmy was saying..........
[dogznova] right.. I like that thought for sure
[Shredd] they have the fils minted the small denoms, done
[tlm724] 50's are NOT 3 zero notes
[Shredd] they need usable medium notes like we have the 100 dollar bill, we use it
[Shredd] tlm724 right
[dogznova] just wondering if the 250 note is next
[Shredd] so, again, the word "replace" is the saving hope here
[JohnnyZ] right fils and electronic funds ...... hold up longer and safer
[Shredd] right, I have another thought as this sinks in, remember when the large notes were re-released with the new security features ?
[therealbubbie] Shredd spill it son !
[Shredd] the scope of this was for just that, security
[JohnnyZ] agree Shredders
[therealbubbie] Shredd yes !
[Shredd] and if you remember, I said we had nothing to worry about unless they decided to circulate those which would have meant a long wait for us but that is not the case now
[tlm724] Shredd as I said earlier the CBI said that when they delete the zero's the notes we hold will run concurrently for 2 years, the 50, 250and 500 notes are "not" 3 zero notes !
[Shredd] right timmy, these "medium" sized notes have a purpose
[JohnnyZ] yes in the market
[therealbubbie] Shredd in a nut shell can i order that 911 porsche son !!
[Shredd] and the 50 IMO is the logical place for the cbi to get ready for a strong rate
[Shredd] and I remember us saying that process only takes a few months and here we see it........... REPLACE the 50 so, if they replace it with a new note with added security features, which is a big DUH to me then we KNOW it has a purpose
[tlm724] exactly !
[Shredd] not at the current rate though, we have fils for that, this is telling us that the 50 has a future and quite possible a very near future of being circulated
[tlm724] less than a penny isn't gonna go far Shredd you would around 750 notes to buy a loaf of bread... just sayin
[therealbubbie] REPLACE the 50 because it has no vaule .. correct !
[Shredd] amen sista timmy and what's cool is the CBI is not making this a secret
[tlm724] thats right 1 day notices
[Shredd] anyone can put 2 and 2 together and see that the CBI is telling all people, their people that the dinar WILL return to Iraq
[therealbubbie] 2 plus 2 = a porsche 911 cab turbo !! lol
[Shredd] and especially at a time like this when the people are screaming that they can't get USD
[JohnnyZ] seeing how the dollar is going going gone
[Shredd] this is the CBI basically saying the dinar will be strong and soon
[dogznova] I agree
[Shredd] and by the way, turn them in everyone and we'll give you the balance in your account at your bank
[JohnnyZ] electronic baby !
[Shredd] so, again, they are not REMOVING the 50 because that would be bad, they are REPLACING it
[Shredd] right JZ
[Shredd] lol therealbubbie
[dogznova] but discontinuing the old.. That's bad.. No?
[JohnnyZ] dogznova *slap* Replacing lol
[dogznova] sure.. but old will be no good
[tlm724] its good for 2 months !
[dogznova] after April 30th
[Shredd] dogznova right, that is the part we need to watch
[dogznova] like a hawk
[Shredd] but remember, this process with the 50 is not part of the PROJECT TO REMOVE THE ZEROS
[Shredd] so long as the CBI allows the new and old 000 notes to coexist, we are golden and by the way the CBI just upgraded them last year so that's proof that we are ok
[dogznova] right.. but I haven't seen any of them.. but we know the exist
[Shredd] if the 000 notes were still not updated with new security features like the 50, I'd be worried but they were updated
[Shredd] right, they exist in the currency book of legal tender which is huge
[dogznova] right.. thats a good thing for sure
[Shredd] and was huge to me last year when the announcement came out, it sealed the deal for me that the notes would really coexist
[dogznova] man I hope your right
[Shredd] look at it this way... the purpose of the 000 notes and the purpose of the 50 are massively different as Iraq moves from the USD to the IQD
[dogznova] explain that a bit for me if you don't mind
[Shredd] the 50 is a bridge denomination no matter how the dinar grows in strength, it will be usable on the streets indefinitely, it has a purpose and apparently a "soon" purpose
[Shredd] for the 000 notes, they have been the usable notes since saddam was overthrown circulated and held in reserve by many countries
[tlm724] Shredd therealbubbie and I were just discussing that on the phone ! the dinar is held in reserve by many countries, prominent powerful countries !
[Shredd] furthermore, they updated the notes to counter terrorist funding and had new security features added
[Mikey] by the ton
[tlm724] Mikey right
[dogznova] it's funny how the 50 note was/is not used much currently.. But the announcement showes it will be used soon.. I mean at .04 cents.. who uses them
[therealbubbie] Shredd will they say turn in the 000's in 2 months without changing the rate !? not can they but will they?
[Shredd] dogznova you got that right
[Shredd] therealbubbie I can't promise anything. The best we have is a few old articles that tell us the notes will coexist.
[therealbubbie] Shredd and timmy ty !
[tlm724] This could be very interesting in a very short amount of time ! I'm excited to see what the next few days may show us ! Thank you all , we have a great leader, great team and great chat !
Shredd: Thanks timmy. As an added note....what is happening now to the 50 dinar note already happened to the large 000 notes last year and the CBI didn't discontinue the older versions which are the ones we hold.
So, unless their plan has drastically changed since then, I think we can safely hope the cbi won't discontinue them before we decide to exchange them. That said, like it's always been, we just need to wait this out.
Additionally, if the cbi's plan had changed, why wouldn't they do it now along with the 50 dinar note (announcing the "old" versions of the newly upgraded dinar shall be discontinued after 60 days)?
I look at this move as something the CBI was going to eventually do anyways but I was thinking they would have done it much further down the road once a strong dinar value demanded usage of the 50 dinar note.
Seeing they are making this move now, before any exchange rate change has occurred, makes me think the 50 dinar note will have a purpose much sooner than we thought.
Geofitness: Shredd, when discussing the new notes vs old 000, I've had the 25K's and 10K's for seven years. Am I out of luck? Or do I have the new notes? I see all of this discussion about new security features but my notes are about seven yrs old.
Shredd: Last year, the CBI released new, upgraded 000 notes with added security features. They DID NOT announce that the "old" versions were worthless after a specified period of time.
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