3 min read
Initiative Q invitations for the new currency have been circling since October last year. According to its own data, this cryptocurrency (?) wants to turn around international payments entirely. Makers of Initiative Q are not revealing how this is supposed to work.
So, why we need a currency like Q?
Does anyone know the answer?
There is no direct registration.
Moreover, there is no product!
Did anyone see a demo of Q?
Everything thus far is based on a vision, and even this is extremely problematic.
What we have for now?
An email database and list of friendship groups! C’mon!
Initiative Q will sell 50,000,000 emails for $1,000,000 or more.
Easy money for them, indeed! But for them, not for you!
Initiative Q’s only announced great plan is to replace the central banking system with their own.
So, why we would be interested in that? What’s the difference?
Initiative Q offers a centralized, mysterious, barely known firm to be your prime banker. Innovative. Bravo, artists!
Compare it with the independent, incorruptible and trust-based products such as Bitcoin.
The Initiative Q homepage promotes in bold letters that signing up today is worth an estimated future value of over $17,500. Remember this bold statement.
The first invites for Initiative Q went out to a select group of people six months ago. But in recent months, the invites have reached the masses. Their goal is that as many people join the network that the currency, known as Qs, will someday have financial value.
So, how do they do that? How do they, geather people?
Over social networks! You don’t believe? Take a look!
According to their plan, real progress is not set to start before the middle of 2019. The start of the payment network is planned for late 2021 or later. Yes, that’s right, guys! It’s ridiculous.
What makes it laughable is that everyone apparently knows that this is a scam.
All you have to do is give them your email. And it isn’t a game.
Do you remember what happened with the customers of Facebook and sale of their personal data to Cambridge Analytica?
Or what happened when Google’s loophole, that made G-plus customers data public, was revealed?
It asks for your personal information
The legit airdrops don’t ask for your information, because they don’t care. They aren’t requiring security because it doesn’t matter who’s receiving the tokens. Therefore presenting personal information is unnecessary.
Initiative Q, on the other hand, asks for your name and verified email address. We must ask WHY?
That data is important. Advertising companies will cheerfully pay lots of money for access to good lists.
The data required is something incredible.
When you sign up you give your name and your verified email address.
These emails could easily be used to get-rich-quick schemes. Or, as we can safely presume, for other scams.
Absolutely, so does Facebook. That didn’t stop Cambridge Analytica from using data to advertise during the 2016 US election.
You have no guarantee that your data is private.
So that raises the first red flag for us.
Is this an MLM?
One common accusation leveled at the Initiative Q is of being an MLM scheme. But while they do appear to have some multi-level characteristics, their denial of this accusation has merits. They currently do not appear as being and MLM as they lack the requirement for that second letter M. They are not “marketing”. At the moment they are still not marketing any product.
They are not selling it, nor collecting investments. They do not offer any type of product on the market, because they still do not have one. This in its own right is an issue.
They are trying to participate in the market without doing what that participation actually is, offering a product.
Obviously, none of this is going to work. Initiative Q will simply disappear if it attacks national currencies in any way.
But, Initiative Q must be praised for its marketing department.
As viral operations, it has been effective. You can see people you would expect to have zero interest in obstructing national money sharing the links.
We can’t conclude yet whether this is a marketing joke or even a fraud. But it certainly already constitutes a prime example of a mass hack.
Initiative Q is offering a Free Money
If a stranger asks you to give him your name, email address, and a password and he will give you free money, would you do it? You would be rather suspicious. Right?
So why are people doing contrary on the internet?
The main rule in the crypto world is: If it sounds too good to be true, it usually is.
But, Initiative Q doesn’t even have a white paper about its technology will work. We think it is better to stay on the side of caution.
Collecting personal data is the perfect way to build a mailing list for marketing projects. The list of a user interested in crypto means the database is full of users that can all be verified through social media.
Who will stop Initiative Q to sell this database for a very nice sum of money?
Moreover, so many people use the same email and password combination on many sites, so that could be a dangerous game.
To be more specific, Initiative Q is offering free money to you today, but tomorrow they could gain a lot of coins using your personal data without your permission.
Initiative Q and Cryptocurrency
Initiative Q claims that it’s Qs is better than cryptocurrency.
They claim that cryptocurrency is just “digital money that is hard to counterfeit.”
Other lies that Initiative Q presents include that Bitcoin supports just two transactions per second. Truth is that Bitcoin averages seven transactions per second.
They claim that cryptocurrencies have either no monetary policy.
Truth is that many cryptocurrencies have complex monetary systems. Their fiscal policies are set through programming.
Without human mistakes.
One lie more comes from the side of Initiative Q: Cryptocurrency users are expected to undertake complicated security procedures such as:
– generating cryptographic keys using dice,
– entering them into an unused laptop that is later destroyed,
– storing the keys using special hardware from multiple manufacturers,
– and keeping paper backups in bank safes.
We just have to say this is an unnecessary stupidity and generalization.
In one thing they have right.
That one leads them to the status of keeper the environment.
For mining cryptocurrency, it is the energy needed.
The Initiative Q tries to distance their currency far from cryptocurrency. So we cannot find where the value-add is over conventional currencies.
This brings us to our final point.
Initiative Q isn’t different from the traditional monetary systems.
They have this on their site:
The bottom line
Based on our research, we don’t believe Initiative Q is a scheme or serious project at all.
Yes, you do get Qs when you sign up or invite friends.
But Qs are currently worthless, it’s not really worth any money yet. Hence, there’s a lot of possibilities that Qs will be worth nothing in the future.
Yes, it’s possible that Initiative Q is not a scam.
Our problem with Initiative Q is that it shows how stupid they are.
They are wasting time and energy.
Instead of promoting this possible scam, they could be focused to do something really profitable for themselves.
This isn’t the way to get rich.
True money is produced by building businesses.
And in the end, one day they will be caught.
Don’t waste your money!