Should I join Initiative Q?
Initiative Q - the future of payment or a marketing gimmick?
While cryptocurrencies are now viewed rather skeptically after the boom and fall of Bitcoins, Initiative Q is trying a new approach. The initiative is promoting the following seven guiding principles as the core idea of the new payment service:
• Today's payment systems (credit cards, cash, wire transfers) are old and outdated, so we all bear unnecessary costs.
• There are many advanced payment technologies and innovations waiting to be used.
• So why don't we already have newer, better systems? Because there is a “chicken and egg lock” - no buyer will join a new payment network without a seller, and no seller will offer a new payment option that no buyer uses.
• If someone built a modern payment system that implemented these technologies and somehow got buyers and sellers to adopt it, that system would quickly become popular. It could eventually result in $ 20 trillion in transactions per year.
• Now imagine if this system had created its own global currency. Let's call it Q. According to economic models, all Qs would be worth several trillion US dollars.
• Initiative Q reserves this Q currency for people who join today - the earlier you join, the more Q you can reserve!
• It's like a self-fulfilling prophecy. As millions are added, advanced payment technologies will be deployed, the payment system will become more popular, Q-Currency will become valuable, and early adopters rewards will reach their potential value.
Those who apply to the system get their first Qs free of charge. Anyone who recruits more members will receive even more such Qs. They are to be used for payments in the future. The system plans a final value of one US dollar for a Q. The service is currently operated in a purely pre-order phase. The point of dissemination is taken up, so one would like to counteract the "chicken and egg lock". Once the service has enough customers, it will want to start.
As you can see, there is no clear indication in this article so far - and that is precisely the problem with Initiative Q. There is no specific information, no white paper on the service, no significant explanations. What we know: The initiative is currently completely bypassing the name cryptocurrency. There are no miners, the currency is not "generated", it is simply spent and exists by the power of the definition of the makers. At least there is a - thin - explanation of how to get the value of one dollar per Q. The service plans to achieve the same amount of Q as US dollars are traded each year. A circular system - so unscientific.
What does Initiative Q want to be?
The new system aims to replace existing world currencies - a global currency for trading across national borders. The advantage: there are no currency fluctuations, exchange rates are history and payment fees can be kept low.
The new system does not meet a central requirement of crypto currencies: It is centrally regulated despite everything. These are not cryptocurrencies, so there is no body that can regulate the value of the currency on its own. This is very much the case with traditional currencies. If a central bank issues more currency, the value falls. So the state has an important lever. This is also the case with Initiative Q, only here it's the group behind it and not a state.
How can I be there?
You can register on the publisher's website. Either you wait a long time until you get access, or you use an invitation link. Each user can then in turn invite other users. If you want to participate, we have some links for you here (while stocks last):
These are the invitations from mobile geeks editors. But it is better to finish reading this article first.
What is currently happening for me as a user?
Actually nothing. To register, you enter a few details, primarily your name and email address. Overly personal data is not requested. You will then receive your Qs for registration and an invite link that you can share with up to four people. After that, you have to wait - until new tasks come in order to secure further Qs or the service actually starts.
Where are the dangers?
In the end, Initiative Q looks like a pyramid scheme. The real difference to a pyramid game: It's free to join. Apart from your data, you don't have to provide anything. Of course, these also have their value, but no money is due. Will it work out in the end? We do not know it. In the terms and conditions it is also clearly stated that the service could sometimes never start:
"There is no guarantee that Q will be sucessfully distributed"
Despite everything, there is ultimately little to lose for interested customers. What the initiative is definitely: a successful marketing gag. It remains to be proven whether this will ever become more. We stay excited.
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