Is Initiative Q the Next Bitcoin or Just Another Ponzi Scheme??
For those of you who might have seen Initiative Q flooding social networks and wondering whether it’s a scam or another MLM initiative to suck life out of deceived fellas, I had the same concerns too. Therefore, I decided to do some quick research. First, I rushed to Wikipedia and I found this:
“Initiative Q is an attempt to create a new payment network and digital currency. It was created by Israeli entrepreneur Saar Wilf, who previously founded Fraud Sciences, a payment security company acquired by PayPal. Q is backed by Cato Institute economist Lawrence H. White. Unlike Bitcoin the scheme would not take measures to evade state regulation.”
Those are just a few of those sites I searched.
So, the concept behind this is that, many people will join the revolution, making the proposed currency, which is known as Qs, to have monetary value. By mid Nov 2018, 2+ million people from 180 countries had already joined the network. According to Forbes, over 100,000 people are joining the network every day.
However, there some claims that it might be another Ponzi luring people in need of their email address (to create a mailing list). Their business model and future value of the currency has also been questioned by some experts. However, Saar Wilf, who is the founder of Initiative Q has provided counter critics to most of the concerns raised.
Replying to some of the claims, Saar implied: “There is no value in anything until people adopt it, so our strategy was incredibly clear. Building trust was and will always be our biggest challenge, but we will never abuse it. Our plan is to comply with regulations but make everything far more efficient than it is now.”
He added, “We want to make all financial processes both easier and faster. We want people to be able to pay for a meal like they would an Uber. To use artificial intelligence to allow families and businesses to share accounts. To have an international currency that can be traded and shared without the ill-equipped processes that are currently in place and cost so much time and money. We want to use technology to trade smarter and more secure.”
Well, Bitcoin has failed to address some of these issues, but the real question is, will Saar and his team succeed on their mission? Only time will tell…
My thought on it?
Facebook, Gmail, LinkedIn, twitter, Snapchat, among others, all started with a free account, the database alone is worth a fortune, very clever marketing on Q’s behalf I must say, however, it cost nothing and you give these details away everyday online anyway, what’s to lose? Just give them your other email. If it’s a scam, you have nothing to lose. If it’s real, you have everything to gain.
It may seem to be too good to be true, but if you don’t give it a try, you will never know. Besides, your name and email are already public information somewhere else on the internet. Assuming you have more than one email; if you have one email for everything at this digital age, well, there might be something wrong with you.
However, if they will ever ask any more info in future like credit card number or bank details, or even ask for money, it’s not worth the risk and you should run for your finance’s sake.
I signed up just out of curiosity to see where it will lead. I have nothing to lose anyway.