Initiative Q – seriously? Scam? Snow ball system? Or is it a competitor for Bitcoin, Fiat & co.? The promise is tempting: All should participate, all should benefit. But is that possible?
Initiative Q wants to revolutionize the money system, and better than Bitcoin. However, the Initiative Q is reputable? We ask: Scam, Ponzi scheme or is it the new world currency?
What the Initiative Q?
The seven steps to a global currency
Initiative Q wants nothing less than to be in seven simple steps the creation of the global world currency. Curious? Here are the seven steps (translated from the Homepage of the Initiative, Q):
- The current payment systems (credit cards, cash, credit Transfers) are old and outdated, so we all unnecessary expenses.
- There are a lot of advanced payment technologies and innovations, waiting to be used.
- Why have we not already newer, better systems? Because there is a “chicken-and-Egg barrier” – no buyer will join a new payment network without a seller and no seller will offer a new payment option, which a buyer uses.
- If someone would build a modern payment system that implements these technologies, and somehow buyers and sellers, to accept it, would be this System quickly became popular. It could eventually lead to a 20 trillion US dollars of transactions per year are incurred.
- Now imagine that this System would have created a global currency. We call it Q. According to economic models of the value of the Qs would amount to several trillion dollars.
- The Initiative Q reserved Q Q currency for people who join in today – the sooner you join, the more Q you can make a reservation!
- It’s like a self-fulfilling prophecy. When millions are added, are used in advanced payment technologies the payment system is becoming more and more popular, the Q-currency is valuable and the rewards for early users to reach their potential value.
Now, where are you now the seven steps? Like attentive reader now questions. Modern payment system is well and good, but how would that work? Where is the White Paper, the technological design? Now Yes, we leave the. Finally, the Initiative Q will not be a crypto-currency such as Bitcoin.
Initiative Q wants to “implement this technology” and “somehow, the buyer and the seller” to accept it. So to fulfill the “self-fulfilling prophecy” and the “chicken-and-Egg Problem” to solve. It will be exciting.
The self-fulfilling prophecy
Initiative Q is about a snow ball system?
To participate, you have to look on Facebook and Twitter, who is of his friends are already part of the project, and invite. Moment. This is not a snow ball system?
A look at the largest Online encyclopedia in the world, reveals:
“As a snow ball system or pyramid system are the business models referred to, the Work of a growing number of people in need, similar to a down the slope a rolling and growing snowball. Gains arise almost entirely from the fact that new participants be involved in the System, and its own capital to bring or generate. Sometimes there is no or only an overpriced product, so that a Fraud is present.
Wikipedia Entry “Snow Ball System”
We remember the last of the seven points: “When millions come to this […], the System is becoming more and more popular.” You can smooth skeptical.
However, the Initiative Q these concerns in their FAQ before:
“Pyramid schemes collect money from new members and distribute it to former members. In contrast, the accession to the Initiative of Q is completely free of charge. It is so obvious that there is no money to hand over to the ‘pyramid’ to former members.”
Well, not like you mean, so far, the Initiative Q and money, but we take a look at one of the first sentences of the page:
“To win a million for joining, we’re giving away our future currency.”
That there is no money to hand over to the pyramid to former members, and in this Form is not quite correct.
Registration for free?
Fortunately, however, the registration is free of charge. Or? You have to specify “only” his name and address.
Well, Even if it is the least note, are the data (after Bitcoin) digital Gold of the future. Without going to far into depth: There are reasons for this that Facebook, Twitter and co. are free of charge. (Here in detail).
Firmly set aside, we – all sarcasm – a: Initiative Q met (at least in the broader sense), the criteria for a snow ball system. To do this, it is the project of Ex-PayPal member Saar Wilf to an optically complex System, data.
Warranty? Incorrect display
But since you can “only” deliver its data to the alleged money revolution, could you make this Yes, possibly, if there is a guarantee that you get after something for his data. A glance at the disclaimers in the promotional video, however, betrays:
There is no guarantee that Q will be successfully distributed.
Who knows, in the realm of Bitcoin & co. some of these red flags is likely to be sufficient to invest his time (and data) elsewhere.
If that’s not enough, here are two key points:
- The basic assumption of the economic model: Every unit of currency Q will be the value of the US Dollar. Simply because the Initiative Q will be the next world currency. A rogue, who thinks Circular.
- Central control of money issue: Initiative Q of the money payout on a own opportunity, based on “economic factors”. Up to a few Details in the explanation of these factors is the project, however, guilty.
Mass psychology as an instrument of control
Wait. What? Yes, you read that right. To avoid misunderstandings, here is the translated Text from the Homepage:
“In order to reach monetary stability, it requires a careful analysis and forecasting of the economic activity, as well as the consideration of mass psychological factors say. This is, unfortunately, still out of the reach of computers, and requires the involvement of human experts. In this way, national currencies are managed, the major currencies have today a far better long-term stability than Bitcoin and other crypto-currencies. The Initiative Q could exceed, however, a more targeted and better-motivated Management.
To meet this need, will have the Initiative to Q over one of the group company of the Initiative Q independent monetary Committee, appointed by all the parties Involved in the Q-payment network by means of a vote. This Committee is responsible for the definition and implementation of monetary policy: It determines how many Qs need to be added to or withdrawn from circulation and monetary instruments. The members of the monetary Committee will receive financial incentives to reach your goals by tying compensation to performance.“
Excerpt from the monetary policy of the Initiative Q
Just a reminder: The entrance fee your data. The combination of name and E-Mail address says a lot about us. (Keyword: Cambridge Analytica, influence the US elections by using Facebook data Leak).
Excerpt from the Disclaimer
Still not enough? We take a look at the Disclaimer:
“BY USING THIS WEBSITE, YOU EXPRESSLY ASSUME THE RISK THAT THE INFORMATION AND MATERIALS ARE OUT OF DATE ON THIS WEBSITE MAY BE INCOMPLETE, INACCURATE OR MAY NOT MEET YOUR NEEDS OR REQUIREMENTS.”
Well, we go.
Conclusion: Initiative, Q – the new global currency? Better than Bitcoin?
TL,DR? Here, once again, all the red flags that accumulate:
- Initiative Q has the characteristics of a snow ball system, and is not tired to emphasize, that there is none. But this is exactly suspicious.
- The project also has to be free, while it builds up, apparently, to collect data and to exploit these.
- Initiative Q is unable to provide any warranty, or substantial explanation for this is that it works later.
Added to this is aggravating that it is a highly centralized money system reserves the right to control the money supply and the data of the users to evaluate.
Initiative Q is reputable?
All of these are red flags that should sound a note of caution. If you still want to participate in the project, which was advised to the consent about the use of the data to read.
If you have a money system without a data protection and external control, with questionable interests by instances of appreciate wants, is the Initiative of Q is actually better than Bitcoin. For all other there is a decentralized money systems, without the control of institutions. Bitcoin is one of them.