The following is an article “Initiative Q: Legit Or Scam?” by Marc Primo.
Whatever your stand might be on cryptocurrency, one thing is certain: money, as we know it, is evolving. Just when Bitcoin has become a household name, a new kid on the block is starting to make waves as well… even though, in theory, it doesn’t even exist yet.
What is Initiative Q?
Initiative Q is the brainchild of Saar Wilf, a former PayPal employee who went on to start his own payment security firm, curiously named Fraud Sciences, which PayPal eventually decided to acquire.
As of this writing, Initiative Q is exactly what its name implies—an attempt or an effort by Wilf to create a new payment network and digital currency similar to Bitcoin.
To date, Initiative Q has gained global media mileage primarily through a clever social marketing scheme, which has resulted in widespread word of mouth, both online and off, and enough to be deemed newsworthy by most of the world’s reputable news outlets.
Creating awareness for the Initiative
Noting lessons to be learned from Bitcoin with opportunities for improvement, Wilf decided to work backwards instead of forwards. In other words, he believes that one of Bitcoin’s main problems is the absence of a wide enough network of users prepared to adapt to the world’s most famous cryptocurrency.
To address this, Wilf and his team decided to begin by creating a network for Q before launching the actual currency. To entice people to sign-up, recipients of a digital invitation simply need to submit their e-mail address and invite five other people to sign-up as well, at no financial cost to them whatsoever. In return, they will be rewarded with free Q currency—if or when Initiative Q does get off the ground. This promise alone has proven to be enough for the invitations to go viral.
By leveraging on the potential Bitcoin has shown, Wilf believes that Q could be the next big thing for as long as there is a big enough network of people willing to use it. Because like a catch-22, there must be a mutual interest for digital currency to succeed; no consumer will want to join a new payment network with no merchants, and no merchant will want to offer a new payment option which no consumer uses.
Legit or scam?
If one must judge whether Initiative Q is legitimate or a scam based on its current embryonic stage, then the only answer could be, “neither of the above”.
Its detractors don’t mince their words, saying Initiative Q is nothing but a high-tech pyramid scheme disguised as social media marketing, with the enticing promise of ‘free’ digital currency—something that is not even guaranteed, unless an undisclosed number of “recruits” is reached. Some have even gone so far as to label it yet another Ponzi scheme, targeting a new generation.
On the other hand, Forbes magazine, no less, has offered some encouraging words, suggesting that it would be unwise to write off Q so soon. After all, the invitations that have been circulating online in recent weeks do not ask for any financial investment. All it requires is for you to provide your e-mail address and invite up to five people to join.
Then, in so many words, Wilf implies that all you have to do is keep your fingers crossed that it succeeds in capitalizing on its capacity to achieve Bitcoin status—except in a new and improved way.