Initiative Q – A scam or competition for Bitcoin & amp; Co.?
Initiative Q – Really? Fraud? pyramid scam? Or a competitor for Bitcoin, Fiat & Co.? The promise is tempting: everyone should participate, everyone should benefit. But is that possible?
Initiative Q wants to revolutionize the monetary system and be better than Bitcoin. But is Q Initiative serious? We ask: Scam, Ponzi or the new world currency?
What is the Q Initiative?
The seven steps towards a global currency.
Initiative Q wants nothing less than to create the global global currency in seven simple steps. Curiosity? Here are the seven steps (translated from the home page of Initiative Q):
- Today’s payment systems (credit cards, cash, bank transfers) are old and outdated, so we all have unnecessary costs.
- There are many advanced payment technologies and innovations waiting to be used.
- So, why do not we already have new better systems? Because there is a “chicken egg block”: no buyer will join a new payment network without a seller and no seller will offer a new payment option that no buyer uses.
- If someone built a modern payment system that implements these technologies and somehow makes buyers and sellers accept it, that system would quickly become popular. Eventually it could result in $ 20 billion in transactions per year.
- Now imagine that this system has created its own global currency. Call it Q. According to economic models, the value of all the Qs would amount to several trillion US dollars.
- Initiative Q reserves this Q Currency for people joining today: the sooner you sign up, the more Q you can reserve!
- It is like a self-fulfilling prophecy. As millions are added, advanced payment technologies are used, the payment system is becoming more popular, the Q currency is becoming valuable and the rewards for the first users are reaching their potential value.
Well, where are you now the seven steps? Let attentive readers ask now. Modern payment system nice and good, but how should it work? Where is the white paper, the technological execution? Well, let’s leave it. After all, the Q Initiative does not want to be a cryptographic currency like Bitcoin.
Initiative Q wants to implement “these technologies” and “somehow make buyers and sellers” accept it. Then, you must fulfill the “self-fulfilling prophecy” and solve the “chicken egg problem”. It will be exciting
The self-fulfilling prophecy.
Is Initiative Q a pyramid scheme?
To participate, you just have to search on Facebook and Twitter, who is already part of your friends’ project and can be invited. Moment. Is not that a pyramid scheme?
A look at the world’s largest online encyclopedia reveals:
“When snowball or pyramid scheme These are business models that require an increasing number of participants to function, analogous to a snowball that rolls down the slope and grows constantly.The profits are generated almost exclusively due to the fact that new entrants participate in the system, bring or generate their own capital, sometimes there is not or only an expensive product, so there is a fraud.
Wikipedia entry “snowball”
Recall the last of the seven points: “When millions of people come to him […], the system is becoming increasingly popular.” You can be skeptical.
But the Q Initiative responds to these concerns in its frequently asked questions:
“The pyramid schemes are collecting money from the new members and distributing them to the previous members, on the contrary, joining the Q Initiative is completely free, so it is obvious that there is no money to deliver the ‘pyramid’ to the previous members.” .
Well, you might think that Q is not money yet, but let’s look at one of the first sentences on the page:
“To earn millions to join, we are giving away our future currency.”
That there is no money to deliver the pyramid to the previous members is not entirely correct in this way.
Register for free?
Fortunately, however, registration is free. OR? You just have to enter your name and address.
Well, although few people pay attention, the data (according to Bitcoin) is the digital gold of the future. Without going too deep: there are reasons why Facebook, Twitter and Co. are free. (Here in more detail more).
Leaving aside – all sarcasm aside – Initiative Q fulfills (at least in a broader sense) the criteria for a Ponzi scheme. This is the project of former PayPal member Saar Wilf in a visually complex system to take advantage of the data.
The guarantee? none
But as “only” gives your data and can participate in the apparent monetary revolution, you could possibly give them even if there was a guarantee that you would get something for your data later. However, a look at the disclaimer in the promotional video reveals:
There is no guarantee that Q will be distributed successfully.
If you know something about the kingdom of Bitcoin & Co., these red flags should be enough to invest your time (and your data) in a different way.
If that is not enough, here are two key points:
- The basic assumption of the economic model: each monetary unit Q will once have as much value as the US dollar. Simply because the Q Initiative becomes the next global currency. A rogue who thinks to circulate at the same time.
- Central control of cash spending: Initiative Q is waiting with its own capacity to disburse cash based on “economic factors”. However, apart from some details, the project is still guilty of explaining these factors.
Mass psychology as an instrument of control.
Yes, that is correct. To avoid misunderstandings, here the translated text of the home page:
“To achieve monetary stability, careful analysis and prediction of economic activity and the consideration of massive psychological factors are needed.” Unfortunately, this is still beyond the reach of computers and requires the participation of human resources. State currencies are managed, and today’s major currencies have much better long-term stability than Bitcoin and other cryptocurrencies, however, the Q initiative could do better with more focused and motivated management.
To meet this need, Initiative Q will have an independent Currency Committee, which will be appointed by all parties involved in the Q Payment Network and will be independent of the Initiative Q Group Company. This committee is responsible for defining and implementing monetary policy: it determines how many Q must be added or withdrawn and by what monetary instruments. “The members of the Monetary Committee receive financial incentives to achieve their objectives by linking remuneration with performance.”
Extract from the monetary policy of the Q Initiative.
Just to remind you: The entry costs your data. The combination of name and email address says a lot about us. (Keyword: Cambridge Analytica, which influences US elections by filtering Facebook data).
Extract from the legal notice
Still not enough? Let’s look at the disclaimer:
“BY USING THIS SITE, YOU EXPRESSLY ACCEPT THE RISK OF ANY INFORMATION AND MATERIALS FROM THIS SITE COMPLETED IN THE GAME, INACCURATE, OBSOLETE, OR NOT TO MEET YOUR REQUIREMENTS OR REQUIREMENTS. “
Ok, let’s go.
Conclusion: Q Initiative – the new global currency? Better than Bitcoin?
TL, DR? Here are all the red flags that are accumulating:
- Initiative Q has the characteristics of a snowball system and never tires of emphasizing that it is not. That is exactly what is suspect.
- The project also claims to be free, while apparently based on the collection and exploitation of data.
- Initiative Q can not provide any guarantee or substantial explanation that it will work later.
To make matters worse, it is a highly centralized monetary system, which reserves the right to control the money supply and evaluate user data.
Is Initiative Q serious?
These are all red flags that should warn you to be careful. If you still want to participate in the project, you should consult your consent to use the data again.
So, if you want a money system without data protection and external control with questionable interests through instances, the Q Initiative is really better than Bitcoin. For all others, there are decentralized monetary systems that are managed without the control of the institutions. Bitcoin is one of them.
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