“Think of it like you’d get free bitcoin seven years ago,” writes Initiative Q.
Over the past few weeks, more and more people have received a splendid offer presented to them, often from a friend. Through social media invitations, the recipient knows that they can get free money. This because a new future currency, built by “ex-PayPal guys,” is currently given away. All you have to do is sign up by name and email – and invite five of your friends.
The project is called Initiative Q, and the currency goes by the abbreviation Q.
The bait is wealth.
So what is it about?
Here is everything we know about the mysterious currency that has become viral all over the world because of our general fear of losing an opportunity to become rich without having to work for it.
What is Initiative Q?
It is promoted as an attempt to create a brand new digital and global payment system for the mobile, with its own currency. Initiative Q means that today’s systems, credit cards, cash and transfers, are outdated and expensive. Bitcoin is an environmental disaster that isn’t optimal for trading.
Therefore, you try to build your own option from scratch. In order to submerge users, you now give away this future currency, Q, to the one who signs up and picks more backers among his friends. It’s not a cryptocurrency as a bitcoin, but a private variant of digital money.
Why give away “free money”?
In order for Q to have a chance to succeed with his vision, you must get in with a lot of users. A currency is known to only host something if many people agree with its value. At the moment, the goal seems to be building a massive database of people who sign up. According to Forbes, 3 million users have done it.
There is obviously an economic calculation behind Q. The one who checks a payment network can charge a small fee for each transaction. Historically, payments have been very profitable.
Unlike bitcoin, Q should build on a centralized network controlled by Initiative Q. The people behind can therefore become very rich if they succeed in reaching their goal.
Why are your friends inviting you?
Simply, they need to pick more people into the platform to “unlock” their reward in the form of thousands of Q.
Those who register first get a number of thousands of Q’s directly, but only get access to the full amount if they perform certain tasks. The first is to invite five friends. For each person who registers, the invitee receives more Q’s.
Will your Q’s become valuable?
Most likely, the answer is no. But just the same, most people said when a mysterious pseudonym called Satoshi Nakamoto 2009 launched a completely unknown cryptocurrency. He called that bitcoin, and those who thought the currency was a joke are regretting it deeply today.
That’s exactly what the Initiative is playing: FOMO (fear of missing out).
But unlike when bitcoin was created, there is hard competition today. According to Coinmarketcap, there are currently more than 2,100 cryptocurrencies. In addition to this, there are thousands of coins that are not listed on Coinmarketcap. Most are completely useless.
The team behind Q writes that each Q is expected to be worth a dollar, but only if one “succeeds in creating a world-leading payment network.”
The chance that it happens is of course very, very small.
What’s the catch?
Some mean that the whole layout is a big scam, with great similarities to a pyramid game. But Q does not want your “real” money. However, critics point to a couple of risks that deserve to be taken seriously in line with the classic truth that it is you who is the product when something is completely free.
• In its database, Q brings together millions of people who prove to swallow a bit of wealth without effort in the paths of a new currency. In addition, Q lists what friends you invite. Such a database may potentially be worth money, for example for marketing purposes, for those who have dubious purposes.
• Q collects email addresses and passwords. Often people use the same data for different sites. Therefore, some people mean that the entire setup is about breaking your accounts on other platforms.
Who is behind Initiative Q?
At present, there is not a lot of information to be found about who really will build the future global payment system. Is this a warning flag? Perhaps.
Or, Initiative Q is not a particularly large team than, but most of a site, an idea and a kind of print test of interest in the market – which is currently becoming a virus.
The only name presented is Saar Wilf. He is a poker-playing contractor from Israel whose biggest achievement is to sell the Fraud Sciences company to PayPal in 2008. The company’s specialty was to detect fraud in payment transactions on the internet.
Note: To be able to opt in for the airdrop, you have to register through an referral link. These links are easy to be found, simply search “Initiative q” on Facebook and you will find hundreds of them!