Are any of you familiar with this and/or invested? I have a gf who introduced me to the concept - I bought a VERY SMALL amount because I am just a firm believer in "if it's too good to be true - it probably is" but this same friends is OBSESSED. They live on a very tight budget and she has put all sorts of money into buying Dinar and TRULY BELIEVES it is going to revalue and she will be a millionaire. Believes it so strongly that she has foundations set up and is making plans to buy a multi-million dollar ranch.
I''m all for freedom to live your life as you please - but I worry about her. I do NOT think this is going to end well - and since she has SUCH STRONG FAITH - I do not feel it's my place to tell her how I feel. However, I don't want to see her get hurt OR put her life on hold (which seems to be the case) while she waits for the motherload.
it's a pyramid scam. If she is getting her money back - great! it won't last long. Tell her to STOP. If she won't - then she is an adult and all you can do it stand back and not let her take YOU down with her.
Basically just like what Bernie Madoff did - promised people 100% returns - only to take from others...and then return it to the first investor, etc....yeah - total scam but we have a society of "want something for nothing" or worse - entitlements and this is what happens....see it, want it, buy it - no ramifications for poor judgment - make the rest of the country pay for your mistakes or lack of ability to provide or take care of yourself.
Read these links....if you show them to her and she STILL invests...do NOT encourage her. DO NOT give ANY of your money.
My husband got sucked into
E-trade last year. Which some people make a lot of money on. He lost $22,000 before telling me about it. I was devastated. we had managed to get $52,000 together to put down on a house and have enough to do the remodeling it needed (it is a foreclosure) and buy a few new things (couch, tv) He tried to make the money more and did some trading which I knew about. we had agreed he could take $5000 and try to make it grow. it did and he made $3000 thought he was an expert and dumped the whole $52,000 in. In a matter of days he lost close to $30,000 he jumped it around a little bit and was able to regroup a small amount of it. But he was nuts and I knew something was going on. he had to admit he had put all of it in. I freaked. He got us out with a loss of $22,000. I am so angry. now we are scrambling just to make the closing money and a few of the rehab things. tv, couch etc will probably be waiting. Tell your friend to get her money out now. before its too late. those kinds of things are like gamblers who sit in front of slot machines and say just one more pull i know its going to hit. and it is going to hit. in the casino's favor cause after all there you sit putting in another dollar......
That's sad. I would show her the facts and then tell her that a true, savvy business man does NOT go "all in" EVER. It's just not the way it works. (Two old cliches come to mind: don't put all your eggs in one basket, and don't count your chickens before they hatch....sometimes, a cliche is a cliche BECAUSE there is truth in it!) Honestly, I don't know if there is anything you can do but perhaps talk to her and her husband together about what you see in the danger of it. They may listen, they may be aggravated....but at least your conscience is clean and you don't have to bring it up ever again.
The Babylonia empire was the last time there was anything of monetary value in that area...they are also selling reproductions of Kate and William's engagement ring on late nite...that will be of value one day too. Hardly anyone these days does anything reputable. Everybody has to think of an angle. Her faith should make her understand that everything worth having is worth working for....
Print off Elanna B's article and mail it to your friend, w/or w/out a note depending on how involved you want to get. and then just leave it alone.
Greed is greed .... all you have to do is look at the 'victims' of Berni Maddoff . Most of them were intelligent enough to know that such returns, in a down market, were impossible to get - yet they turned a blind eye b/c their accounts were 'growing'. Yeah right....
She can buy silver and gold on the exchange and make actual profit. You can show her the progression of what it cost 5 yrs ago vs what it costs now and she can see the profitabliity. Then show her the same for Dinar and the stas on how much money people have lost on it. But if she doesn't want to see logic, there's not much you can do.
Yeah, my opinion is not to sink another dime into the scheme. Research them and see if you can put in an inquiry with the Better Business Bureau. From what I've heard about them, they're nothing but a huge investment scam and your friend is being scammed. You can find proof just by Googling them.
My Aunt and my cousin have both bought Dinar and now are just waiting to see what happens with it. I have not been able to part with my limited funds - may wind up kicking myself later. LOL
I don't know what Dinar is, but I don't need to know. Your presuppositions are correct. But there is absolutely nothing you can do. People hardly ever take advice anyway (probably not even on this site), and your friend does not want to be disillusioned.
When the inevitable crash happens (housing market, anyone?), all you can do is be there and listen, and think silently to yourself, "I could have told you so."