The Big Q: Is Initiative Q For Real?Nov 17, 2018 at 2:31
Any offer that promises a free product or service just by providing a verified email address is automatically considered dubious. Moreover, something which is expected to have a monetary value as long as enough users are pooled (no pun intended) makes it more questionable.
Introducing Initiative Q – a self-proclaimed God’s gift on the blockchain technology but sometimes branded as just another Ponzi scheme that is set to tarnish an already challenged industry.
Notably, the effort was founded by Saar Wilf, also the founder of Fraud Sciences, a payment security company with an integrated systems for online transaction verification and fraud prevention that was recently acquired by PayPal.
THE CRYPTO WORM FEAST FOR EARLY BIRDS
According to the official website https://initiativeq.com/, the project is aiming to put up an entirely new payments system that will utilize a global currency called Q, with a base of 2 trillion pieces which will be worth $1 each.
They cited the fact that since no buyer will join a new network with no sellers–as no seller would offer a payment option that no buyer uses–it is distributing the Q currency to early adopters for free.
The team behind the project noted that since their ambition will only be realized if enough users will be committed to use the system, the main strategy in enticing individuals to join the ‘cult’ is by promising early participants of the campaign with more monetary benefits than those who will join much later.
Initiative Q clearly knows that its business model is somewhat too good to be true as it defended that its scheme is not a way to trick people as it still does not involve collection of any amount of money yet.
“Pyramid schemes collect money from new members and distribute it to earlier members. In contrast, joining initiative Q is completely free. So, clearly, there is no money to hand up the “pyramid” to earlier members,” the company boldly proclaimed in its FAQ page.
However, one thing that greatly worries investors–that this initiative may only be another form of pyramiding scam–is the idea that upon enlisting to the site for free Qs, participants are encouraged to invite their friends to also join the effort in order to be rewarded with more cryptocurrency.
“Initiative Q’s marketing approach is not different than that used by many companies such as Dropbox, Uber, AirBNB, Zoho and others, that compensate users who invite their friends. In Initiative Q’s case new registrants may sometimes see more value in the reward, resulting in more invitations being sent,” the company defended.
A SHADE OF BLACK OR WHITE?
A lot of people are still not at ease with this effort including renowned crypto expert, David Gerard, a technology journalist and crypto-expert.
“There’s no such thing as a get-rich-quick scheme that works, particularly one that badgers you to get in early and the marketing is entirely pyramid-shaped… But as far as I can tell, they’re completely sincere! It’s just their ideas that are bad or don’t actually exist yet.”
On the other hand, Global Blockchain president and chief executive officer Shidan Gouran clearly warned about Initiative Q’s intentional drive to be mysterious.
“Initiative Q is not the new Bitcoin… Initiative Q is actually highly questionable in its very concept, because it seems as if it was purposely meant to be mysterious.”
“The comparisons of Initiative Q to a pyramid scheme are spot-on, because that is exactly the way Initiative Q looks. They promise some kind of irresistibly lucrative payout, in exchange for what seems to be nominal consideration, with the first step being to recruit people who you know,” he further cautioned.
Meanwhile, PCG Advisory Group founder and chief executive officer Jeff Ramson said Initiative Q wants to be associated as the Bitcoin killer but will have a function that will be most likely very different to the premiere cryptocurrency.
“Initiative Q is growing based on a brilliant social marketing scheme. They are growing the network rapidly and I can see this as a self-fulfilling prophecy of a new payment system as they will have an enormous number of global users,” he explained.
QUEUEING FOR Qs
Despite the not so good comments that Initiative Q continues to absorb, Wilf claims that their by-invitation-only registration process gathers over 100,000 new users each day as he remains firm that the project is not a quick way to hit it big with cryptocurrencies.
“It is not a get rich quick scheme and I think that’s where people get confused… You have to reach critical mass if you want to create a currency and that is what we’re trying to do,” he expressed.
Wilf says that their intention is clean as they provide free Qs to those willing to promote it just to make it mainstream.
“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 proclaimed.
Pyramid scheme or not, the verdict still remains hanging and Initiative Q continues to make rounds in the cryptoverse.