Today I’m taking a look at Initiative Q, the promise of a new “future” currency that created a frenzy on Invest Diva’s investment group this week. As a crypto enthusiast, you may have already been approached by friends and family with an invitation that only asks for your name, email address and a password to reserve you an amount of the next potential Bitcoin. Except, it is not a cryptocurrency and doesn’t even work on the blockchain—yet. So, should you click on the invitation? And even more, should you start inviting your friends and family to join? Here’s an overview of what this is all about.
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What is Initiative Q?
Initiative Q was founded in June 2018 by a serial entrepreneur named Saar Wilf, who sold one of his start-ups Fraud Sciences to PayPal in 2008. The project claims to be “tomorrow’s payment network.” More specifically, they’re doing a social financial experiment with a “future” currency called Q. Right now you can get your hands on it only through invitations. There’s only a limited amount of invites for each new member, so things can get hyped up pretty easily especially if you share your link within an online group. After all, who wouldn’t want some free money that can be used in the economy of the future?
According to their website, if Initiative Q succeeds in creating a leading payment network, it is expected that “all Qs reserved today for members will eventually be granted at a value of roughly one US dollar per Q.”
What do critics say?
Doing a quick search online, you’ll find a ton of articles that have compared Initiative Q to a Pyramid Scheme. To which, Initiative Q’s Twitter handle has responded with a big ole “no”, claiming that “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.”
Other critics say this is not really free, because they can at least use your name and email address for marketing in the future, selling it to third parties and taking advantage of the members. Supporters say, what website do you know who doesn’t ask you for this minimal amount of information anyway?
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Additionally, On October 31 Initiative Q took to Twitter once again to clarify that the collected data “will not be shared or sold,” and if the program fails, the company will destroy the Q database.
What do supporters say?
Personally, I liked the way Initiative Q describes how any currency has come to value in our financial systems. As someone who’s been in the foreign exchange industry (forex) for years, this resonates with me. Currencies have value because people have them and stores accept them for payment. As the Q puts it, “no buyer will join a new payment network with no sellers, and no seller will offer a new payment option that no buyer uses.” That’s why they call the project a “self-fulfilling prophecy.” I don’t see any immediate risk of signing up, nothing more than potentially getting a spam email in the future. From which you can unsubscribe.
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As millions join, advanced payment technologies are deployed, the payment system becomes even more popular, the Q currency becomes valuable. And of course, if you get invited now, you can secure some Qs for “free.” At the end of the day, however, the only thing that we know for sure is that Initiative Q has no monetary value today. And whether or not it becomes valuable in the future, depends on how wildly popular it becomes, and how sincere the founders are.
How to get involved?
You need to get invited by someone. Once you sign up, they need to verify you. And once you’re verified, you can start inviting other people and stacking up on your Qs. The more people you invite, the more Qs you earn. Of course, at the beginning you get only 5 invites. If your invites start inviting other people, your account will unlock more invites. Here’s an example of an Initiative Q invitation link: https://initiativeq.com/invite/Bledz9uI2X
Now I’d like to hear from you. What do you think about Initiative Q? Have you got an invite yet? Do you think this is just a scam or has the potential to turn into an actual currency in the future? Let me know in the comments and subscribe to get more updates! Remember that as the 4th point of the IDDA technique, you must calculate your risk tolerance before deciding on the investment strategy that is suitable for your portfolio.
Don’t forget to complete your risk management due-diligence before developing your investment strategy.
Invest responsibly,
Kiana
#1 Best Selling Author. Helping you accelerate your retirement with Triple Compounding™ Former engineer on a mission to help 1 million households take control of their finances. Founder & CEO of Invest Diva.
