The truth about Initiative Q
Initiative Q has all the hallmarks of greed taking advantage of greed. It may not be poorly conceived, in fact it may be brilliant. However, it seems like a brilliant idea with most (if not all) of the upsides tilted towards the Initiative Q creators.
All the bad parts of cryptocurrency
1. Initiative Q’s airdrop is not real
Being a non-cryptocurrency, Initiative Q have copied an idea from the cryptocurrency world — airdrop. They may not have noticed that airdrop has evolved in the crypto world. It is no longer promise of future tokens because MemberPass has made the conventional airdrop obsolete with fairdrop.
Recently, we partnered CITEX, a Korean exchange which already have tokens minted and ready to distribute to the MemberPass community. In the last few days MemberPass have distributed 1000 CTT tokens to over 500 users (each received over $120 worth of tokens) in exchange for their marketing efforts for CITEX. With fairdrop, users get rewarded within 48 hours instead of future money which may be up to a 1 year wait if the promise is realised.
2. Appeals to greed and not traders
Giving an email in exchange for future money seems far too effortless. With little information revealed but appealing to your Fear of Missing Out (FOMO), Initiative Q does not seek to educate you about cryptocurrency (because it is not one) nor how to become a trader.
Contrast with MemberPass, we just launched a new round of fairdrop and this time CITEX is looking for traders. The 1000 CTT tokens is distributed freely as soon as the user has proven to be a trader — in a few simple steps. In addition, MemberPass is creating a product which will ensure the traders who are the right fit for our partners (exchanges or crypto projects) will be able to discover them.
If there is no such thing as a free lunch, it is safe to assume that there is a price to pay by giving your email to Initiative Q. Do proceed with caution by giving a them an email address that is meant to receive spam emails.
3. Another centralised currency is not improving the status quo
Centralisation is the concentration of control of an activity or organisation under a single authority. Initiative Q mimics the centralised cryptocurrencies such as Ripple (XRP) and EOS which are viewed negatively by the cryptocurrency community since it goes against the notion of decentralisation that cryptocurrencies afforded.
Simply put, Initiative Q have the ability to lock your account and block your money transfer. In hyperinflation-crippled Venezuela where the inflation is predicted to reach as high as 1000000% this year, the debt-ridden government decides how much cash you can withdraw a day. Now replace the Venezuelan government with Initiative Q. It is fair to say Venezuelans would rather trust their centralised government over a new centralised company which will take over your money control.
If Initiative Q is real, it is unclear where the money comes from. If the money comes from the later adopters, it could turn out to be a pyramid scheme. Proceed with caution, my friends!
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