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Initiative Q: New Bitcoin or another ponzi scheme?

12 Nov, 2018
by David Borman
News
Initiative Q: New Bitcoin or another ponzi scheme?

Forbes recently reported on the new and upcoming currency titled simply "Initiative Q." Its supporters say it could be the "next Bitcoin," but its detractors say it is little more than a ponzi scheme. To be clear, whatever it is, it is not based on blockchain and is not crypto. The website isn't entirely clear exactly how the payment network will work, as it doesn't seem to be built yet.

Initiative Q has only been around for a few months, but is already attracting 100,000 new users a day. The draw is that simply by registering your email and name, you can get some of the currency (called Q's) for free. However you have to be invited by someone who is already a member. The sooner you sign up the more you can get. You are then encouraged to get others to sign up. The entire scheme is based on the idea that Q's will be worth something someday if there is enough adoption.

As noted in the Forbes article, since it doesn't ask for money in exchange for Q's, it isn't technically a pyramid scheme. That being said, there are many things concerning about it. Users are, again, encouraged to get others to join. Each user only gets a certain amount of invites, and once used up, they can upgrade to “Initiative Q Evangelists." According to the website, "Evangelists get additional time and invites to invite others and reserve new Qs."

The website has a lot of information on it, though parts can be rather jargony, and it never misses a chance to take a shot at crypto. On that note, I could not find much information on how the payment system is actually built. In fact, according to the website's own timeline, development of the payment network isn't set to begin until next year. Right now is the "Member recruitment campaign."

Timeline

While it doesn't ask for money, there are many red flags in this new payment initiative. Questions abound and the project seems to be putting the cart before the horse by getting members before building a network. That being said, the proof will be whether this, Bitcoin, or something else gets adopted for the payment system of tomorrow.

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Poll

Would you sign up for Initiative Q?

(133 votes)

Add a comment

Putting the cart before the horse has happened a lot and has been quite successful. Many startups have done the same. Those companies first list projects and initial investments for future production of a product. Then offer discounts for the product investors once the product is launched.
What is the trade off for Initiative Q and its members? It's method of advertising in trade of credits. Offer future credits for members signing up new people.
We often dream that our fiat paper currency will always be worth something. Yet in reality it is only a promise of value. Currently most transactions are an algorithm on a computer that says we spent "money" for goods and services. There was a time in the past where beads and spices were used as currency.

By the way I am signed up on Initiative Q.
18 Nov, 2018 - 13:24
Please refer to https://medium.com/initiativeq/5-common-misconceptions-about-q-d3a42bd1b668
27 Nov, 2018 - 13:15
Initiative Q is an attempt by ex-PayPal guys to create a new payment system instead of credit cards that were designed in the 1950s. The system uses its own currency, the Q, and to get people to start using the system once it's ready they are allocating Qs for free to people that sign up now (the amount drops as more people join - so better to join early). Signing up is free and they only ask for your name and an email address. There's nothing to lose but if this payment system becomes a world leading payment method your Qs can be worth a lot. If you missed getting bitcoin seven years ago, you wouldn't want to miss this.

Get your free invite here:

https://initiativeq.com/invite/BreA0Rn3m
06 Dec, 2018 - 17:39

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