Peter of England and WeaRe not a Bank

[TheNewSaint]

He's suspicious of the currency market being in flux in the aftermath of Brexit (because he doesn't understand that socio-political uncertainty effects markets.)

Peter's ignorance is central to the entire WeRe Bank scheme. He frequently rants that "fiat currency" only has value because the government says it does, and why shouldn't he be able to print his own? He can, of course, but the problem is that no one is obligated to accept it. Currency, whether government-issued or not, rises and falls in value based on people's confidence in it. WeRe Bank failed not because the government has a monopoly on issuing currency, but because any fool can see Re units are worthless.

[notorial dissent]

So it's the Devil's fault now that WeReNotaBank is a failure, imagine that.

[Hyrion]

[Peter] can [print his own money] but the problem is that no one is obligated to accept it. Currency ... rises and falls in value based on people's confidence in it. WeRe Bank failed ... because any fool can see Re units are worthless.

To take that concept 1 step further, if PoE truly wants his Re units to have value - then he must accept them as payment for goods and services himself. He does not and never has!

This isn't the only reason he's failed but it's certainly a key component (along with a few others) that is necessary if he truly wanted to succeed.

[Bones]

What medication is this guy on ?

[TheNewSaint]

Yup. But Peter was never really interested in establishing an alternative currency. The real workings of the scam are the promissory note, and the notion that you can write cheques against that amount. The Re was just a fig leaf that became unnecessary.

I think the Re was initially Peter's way of getting around any potential counterfeiting/fraud charges, since he could claim he was only dealing in his own alternative currency. I think it was initially supposed to work like this:

1. WeRe Bank customer gives Peter promissory note
2. Peter issues Re
3. Customer writes cheque in Re
4. Peter makes bookkeeping entry crediting recipient with Re (with the added and self-serving effect of forcing cheque recipients to start using the currency)

The fatal flaw being that no one has to accept accept Re as payment.

But eventually Peter realized he could just have people write checks in their local currency, bypassing the Re. He went so far as to make videos instructing people how to write the desired currency unit on the cheque. (IIRC, he also re-designed the cheques with a box to indicate the currency, when they were explicitly in Re before.) It became increasingly unclear what role the Re played. Or even what its exchange value was supposed to be, as Peter issued various contradictory edicts on that over time. By the end, the Re was just an artifact.

Edited: spelling, clarity

[Zeke_the_Meek]

Campervan HQ is a bustling hive of activity today, because he's just posted another little rant.

An excerpt from FB. Fun game: which failed currency scheme does it sound like he's describing? Answers on a postcard.

SDR is just another level of fictional non-money created by the IMF as an excuse to pull more rabbits out of non-existent hats! It has no reference other than a Xerox copying machine in the BIS basement in Basel. It is even less plausible than Tit-Coin, and that's going some.

You lie and deceive, you spin and twist the truth - you pander and parade your smiles in order to do what exactly? To achieve a sycophantic back-slapping from your "mates" who are as loyal as pastry in the rain. Why oh why you and yours continue to draw breath mystifies me.

It's also the second time this week he's pretended that the entity he's rambling about (in this case the IMF) to is actively attacking WeRe Bank. In reality, nobody with any real power knows you exist, Pete, let alone gives two shiny shits. But carry on peddling the "Them vs. Us" line to keep those suckers on the hook, eh?

How the f*** dare you and your bandit-brothers even attempt to point a finger towards WeRe Bank, when the biggest fraud - EVER on this planet continues to be perpetrated at your hand?

[rumpelstilzchen]

What medication is this guy on ?

None. That is the problem. He is desperately in need of some.

[Chaos]

him being exposed as the fraud he is with the keyfob really crushed him and his scam.

[mufc1959]

him being exposed as the fraud he is with the keyfob really crushed him and his scam.

He was all set to flog off those worthless cards at £12 a time, and now he's just left with a box of windscreen scrapers.

[notorial dissent]

I still can't make up my mind or at least haven't really decided it the key fob stunt was just more of his ongoing ineptitude, of was his general contempt for his suckers clients. I think I am leaning more towards contempt though since I'm fairly sure he didn't think, and rightly so, that they would ever twig to it, and in this instance it was us noticing it that blew the gaff as it were.

[Zeke_the_Meek]

I still can't make up my mind or at least haven't really decided it the key fob stunt was just more of his ongoing ineptitude, of was his general contempt for his suckers clients. I think I am leaning more towards contempt though since I'm fairly sure he didn't think, and rightly so, that they would ever twig to it, and in this instance it was us noticing it that blew the gaff as it were.

A little from column A, a little from column B. It was sheer ineptitude on his part, but it was also the first undeniable instance of him intentionally trying to pull a fast one. Previously, it was up for debate as to whether he genuinely believed his own woo.

In the end, his ineptitude in pulling off what should have been a very simple trick has properly screwed him over. He's still spinning his wheels, months later. And nothing makes me happier.

[TheNewSaint]

him being exposed as the fraud he is with the keyfob really crushed him and his scam.

IMHO, it was more the last nail in the coffin than a crushing blow. WeRe Bank was largely dead in the water by then anyway. There was plenty of evidence in FMOTL circles that the cheques/LLTs/whatever didn't work, and that Peter would be of no assistance. Its "success story" posters came back to tell further stories of being prosecuted, sued, evicted, and so forth. GOODF was promoting it less actively. Some people pointed out that other WeRe schemes, like insurance, had already been promoted and abandoned by Peter. And there was never much public demand or interest in the cards. The scam had run its course, and the cards were an obvious last-ditch attempt at scraping some last bit of revenue out of it. Even Peter's world-class list of suckers wasn't fooled.

[NYGman]

Do we know whatever happened to the Parrot who stole the original WeRe bank from right under PoE. Wasn't he continuing the initial bank scam? After a bit explosion of blame and posts, nothing... Did we misss the Parrot implosion?

EDIT: Looks like www.WeRebank.com domain may be available. Could be fun to own, for someone that can easily host a website, as an anti-REsource

[Hercule Parrot]

EDIT: Looks like http://www.WeRebank.com domain may be available. Could be fun to own, for someone that can easily host a website, as an anti-REsource

Registered by Tomasz Kurlenko of Poland, until May 2017, and operating as an advertising feed for Parking Crew.
https://who.is/whois/werebank.com

[NYGman]

EDIT: Looks like http://www.WeRebank.com domain may be available. Could be fun to own, for someone that can easily host a website, as an anti-REsource

Registered by Tomasz Kurlenko of Poland, until May 2017, and operating as an advertising feed for Parking Crew.
https://who.is/whois/werebank.com

Oh well, I saw it parked, and teh site looked liek it was availabe for registration. Interesting Peter missed it himself. Guess we will need to wait until May.

[TheNewSaint]

When a domain name expires, there is a 30-day grace period during which the original owner can reclaim it, before it is made available to the public. During that time, the domain host is required to replace any related website with a "pending deletion" type message. This quickly gets the attention of anyone who is actually using the domain. Thus, most accidental expirations are quickly rectified.

That someone unrelated now owns the domain tells me that "Djon Parrotte" wasn't using it for anything, had no plans to, and ignored renewal notices. Based on that series of events, I suspect he simply lost interest in it, and let it go. There's also a prior post viewtopic.php?t=11140&start=340#p230331 that supports this theory:

Ah, well, Paul Henderson = David Parrotte = Paul House = Mark Smith = Djon was Peter's techie side-kick, until they parted company on less than amicable terms. The sidekick walked off with Peter's data, and ownershp of the http://werebank.com/ domain. For a while it seemed he would set up a WeRe Bank ReBooted or something, but the only activity I've seen is occasional pot-shots at Peter from the old WeRe FB page, where the sidekick posts as "WeRe Bank".

[NYGman]

Thanks, must have missed that update.

[SteveUK]

So, what's the consensus ? Assuming were bank is dead, will it rise like a Phoenix into Bullshit Bank mk2, or will Peter cal it quits and head off into the sunset with his suckers money?

[AndyPandy]

So, what's the consensus ? Assuming were bank is dead, will it rise like a Phoenix into Bullshit Bank mk2, or will Peter cal it quits and head off into the sunset with his suckers money?

He appears to target territories, First the UK, then USA and Canada, followed by Europe, I suspect his next target will be Australia & New Zealand?

[notorial dissent]

I thought I remembered that they had already tried in Australia and gotten slapped down pretty hard, nailed the user hard for check fraud.