Quatloos!

mufc1959 wrote:This is all you need to know from PoE's blather on the Weary Bank website.

ReSDR is NOT currently recognised as a monetary unit by any of the Central Banks

No shit, Sherlock.

Or by anyone or anything. In other words, more WeRe fantasy grifting.

Upping the ante a bit though, looking for €100/$100/£100 now, when before the cost of entry was only 35. Either he knows there will be less mugs this time round, or he is really taking the pi$$ out of his existing clients suckers.

Hasn't Peter been predicting the collapse of the Eurozone for 3 years now? Yet he now wants Euros?

And people still buy into it?

I actually take my hat off to Peter for the ability to peddle this scam for so long and still reel in the "clients"

I'd like to get in on the exchange where a dollar, a Euro and a pound sterling are traded as equal, you could make some real money there.

What is interesting, it all converts to Re an 1.2:1, so you get 20% more Re on top of that. A Re is supposed to by the equivalent of $£€1 although merchants are supposed to also give you a 20% discount, saving you 40% according to PoE. So you can charge up €100 and spend £120 on product worth £150 (150-20%=~120) which even without conversion is great, but at today's rates would mean you can get about ~€177 of value for your €100. Which looks like a bit more than 40%. PoE should also learn about doing math in order. 20% extra on conversion plus 20% off at sale isn't a 40% saving, it is closer to ~50%, as you are now getting 20% off of a larger number. If he can't comprehend simple math, what chance he understands accounting, economics, or banking.

Peter the Moron wrote:would suggest that you place a minimum onto your card of ReSDR120.00. This will currently cost you €/£/$100.00. With 20% shop discount then this will mean at least 40% increase in spending power

A compiled list of WeRe Bank's implied exchange rates over the years would be amusing. Off the top of my head:

• 1 Re = 0.9866 GBP (the original promissory note said "148,000 Re/£150,000")
• 1 Re = 0.8333 GBP ("We would suggest that you place a minimum onto your card of ReSDR120.00. This will currently cost you €/£/$100.00", earlier this thread)
• 1 Re = 0.8 GBP (100 Re offered for 80 GBP, early WeRe Bank offering)
• 1 Re = 0.6667 GBP (150 Re offered for 100 GBP, same link)
• 1 Re = 5 minutes labor (PoE's oft-stated claim that Re can be "earned" at a rate of 12 Re/hour)

Ignoring things like the value of labor varying depending upon the type of labor performed, the differences between 1 unit of different currencies, day-to-day fluctuations of currency markets, and offered discount rates for usage of Re. Lets not get hung up on details here.

Currencies are often quoted as both buying and selling rates, the difference being the profit (or risk associated with holding the currency, etc).

As regulars here know, Peter has offered to sell Res at various rates but he has never ever offered to buy them. His rate of exchange in that direction is 1 Re = £0 = $0 etc.

That is a substantial profit margin. Put it another way, Peter considers his own Res are worth zero pounds. They are worthless.

notorial dissent wrote:You'd think that since this is a total fantasy made up not real currency/means of exchange that PoE could at least come up with a better exchange/buyin rate, it isn't like it is costing him anything. He could afford (snork) to be generous it isn't like it would be cutting in to his profit or bottom line or anything to give the punters a really favorable rate.

If he offered an exchange rate that was any better his punters would get suspicious, thinking if it looks too good to be true, it probably is.
Oh, the irony of it all!

Pox wrote:

notorial dissent wrote:You'd think that since this is a total fantasy made up not real currency/means of exchange that PoE could at least come up with a better exchange/buyin rate, it isn't like it is costing him anything. He could afford (snork) to be generous it isn't like it would be cutting in to his profit or bottom line or anything to give the punters a really favorable rate.

If he offered an exchange rate that was any better his punters would get suspicious, thinking if it looks too good to be true, it probably is.
Oh, the irony of it all!

They haven't figured it out that he gave them roughly £150,000 for their useless promissory notes and £35, and they'd balk at a better exchange rate, I think you're way overestimating his clientssuckers. They want something for nothing, lots of something, so I can't see it being an issue. These are after all people who can't manage pocket money, and are clueless about using a checking account. Easy peasy.

exiledscouser wrote:The man demonstrates, yet again, the endless capacity for some people to see the scam before their very eyes and still get taken in.

I think I've flipped now, and I'm actively pro-WereBank. The sting of losing a few hundred pounds to Thieving Pete might make some of these stupid, greedy people think more carefully before they leap into a scam. It's like an inoculation made from a weakened strain of the target virus.

And yes, I know some people will never stop being stupid and greedy. I can sleep happily at night knowing that they are going to be repeatedly ripped-off by scams like this. In fact I would like to see them being ripped-off more often, the just desserts for what they try to do to everyone else.

My only regret is those people who suffer an adverse reaction to the Were vaccine, and lose their home through stubborn attempts to pay the mortgage with silly promissory notes and werecheques. But I suspect that if WereBank didn't exist, those people would have found some other mad nonsense instead.

So, Hurrah for the Werebank and Hooray for the exciting new ReSDR. Innovative British fraud, leading the world!

Yes, it makes you proud to be British

One obvious point the suckers never consider is if Peter really does have the ability to create his own currency out of thin air, he doesn't need them at all. He could credit himself with a squillion Re and then merrily buy up the world.

So, suckers.....why do you think he wants you in on the fun? Hmmm?

Or, if Peter can create currency out of thin air, why can't I? What do I need WeRe Bank for? I can just write you a promissory note and you can write me one, and we can happily draw against each other's accounts.

One of Peter's followers did indeed ask the very question why he needed We're not a bank, and what was stopping him setting up his own bank.

Being the slimy conman he is, Peter played to his audience. His answer was "Nothing's stopping you, however are we not stronger as one?"

It was on his Facebook posts somewhere I will try and find it later on.

The responses he got made me want to vomit, all along the lines of "We love Peter" etc....

Peter's position has always been illogical. He always has a slimy explanation of why his system should work (but doesn't).

TheNewSaint wrote:Or, if Peter can create currency out of thin air, why can't I? What do I need WeRe Bank for? I can just write you a promissory note and you can write me one, and we can happily draw against each other's accounts.

We can all invent our own currencies, such as my very own Fred Unit (FU). I'll sell you as many FUs as you want, but they are totally worthless, just like Res.

Nothing is stopping you, or anyone, from trading with promissory notes or potatoes or paperclips, if both parties agree. Peter used to make the false claim that suppliers were obliged to accept PNs as payment. It was a simple claim, and a simple lie.

I think his early claims breached the Fraud Act, but he then became cautious and stopped making those claims.

Peter says:

Peter wrote:We provide a list of people and businesses prepared to accept the PlanetReServe currency – The Re and ReSDR.

I've never seen that list. But I suppose it is empty.

littleFred wrote:
Peter says:

Peter wrote:We provide a list of people and businesses prepared to accept the PlanetReServe currency – The Re and ReSDR.

I've never seen that list. But I suppose it is empty.

We can be certain of one fact.....the WeRe bank does not appear on that list. Cash only thank you very much.

littleFred wrote:I'll sell you as many FUs as you want, but they are totally worthless

don't sell yourself short. A good FU is worth it's weight in gold sometimes.