It’s Invest Diva's Kiana Danial with News BTC and 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. They call it a social financial experiment. There’s only a limited amount of invites, so things can get hyped up pretty easily especially if the link is shared within an online group. After all, who wouldn’t want some free money that can be used in the economy of the future? Doing a quick search online, you’d 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.” Personally, I liked the way they described how any currency has come to value in our financial systems, and that is because people demand it and stores accept it for payment. Their website reads: “No buyer will join a new payment network with no sellers, and no seller will offer a new payment option that no buyer uses.” They call it a “self-fulfilling prophecy.” 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.” Critics say this is not really free, because they can at least use your name and email address for marketing in the future. Supporters say, what website do you know who doesn’t ask you for this minimal amount of information? At the end of the day, all we know for sure is that Initiative Q has no value today. And whether or not it becomes valuable in the future, depends on how wildly popular it becomes, and how sincere the founders, who are former PayPal people, by the way, are. 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 for more updates!
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