Initiative Q A Quick Journey To Get Rich

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5 Common Misconceptions About Initiative Q

Since we launched Initiative Q several months ago, the most common response is “This has some chance of working, and I’m risking nothing. Sure, why not?”, resulting in millions joining and bringing their friends.

However, others just can’t wrap their heads around how this is possible, and go to great lengths to find “the catch”. This is very natural, given that “there are no free lunches”, and that “if you don’t pay, you are the product”. And, indeed, free products usually cost in loss of privacy or waste of time. Initiative Q is different. We are trying to create a new payment network that uses a new global currency. The payment network will succeed only if it can gather a critical mass of users, and the currency, like all money, will only have value if people trust it. Any person who receives the future currency for free is another person who wants this to succeed, and implies a higher probability that Initiative Q will become a world leading payment network.

Now let’s dive into the most common attempts to discredit Initiative Q

Claim: It is a front for collecting emails of people gullible enough to believe get-rich-quick schemes

According to this claim, we are building a giant database of people who believe get-rich-quick schemes, and we will sell it to scammers.

So, to be very very clear: Q user data will never be used in that way, and if Initiative Q fails we will destroy the database. Our privacy policy clearly prohibits that, and we will likely suffer huge financial losses from lawsuits if we violate it. Besides going against everything the team believes in, it’s just not worth the risk and the damage to our reputation.

Incidentally, if anything, our database is a list of people who understand that the current monetary system and payment networks could be greatly improved if we all work together to fix them. Hardly an exciting group to target for scams…

Claim: It is a pyramid / MLM / Ponzi scheme

This is easily debunked by simply reading what a pyramid scheme is (here’s the Wikipedia definition). Pyramid schemes charge users for joining, and share that income with earlier users. The last users to join eventually lose their money, as the pyramid collapses.

In contrast, Initiative Q charges nothing, and rewards users for referring friends, as many companies do (e.g Dropbox, Uber, AirBNB). We don’t ask anyone for money, and consequently we do not move this non-existent money from late joiners to early joiners.

The key differentiator here is that the potential future gains to users come as a result of the currency becoming widely adopted, not from newcomers paying to join. It is a creation of new value, not a transfer of funds between users.

Claim: The future estimated value of the signup reward is “a made up number”

Yes, the value estimate shown on the website is quite large (currently around $20,000) and looks suspicious if you don’t study the economics behind it, but it is far from “made up”. It is based on the “equation of exchange” in monetary economics, and verified by a leading monetary economist.

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In a nutshell, since most exchanges of value in a modern economy are accompanied by an opposite exchange of money, the value of all money is equal to the value of the whole economy (over a period of time determined by the ‘velocity of money’). This means money has enormous perceived value, and if you manage to create a new and better kind of money that becomes popular, its value will be in the trillions of dollars (we use $2 trillion in our model). When distributing those trillions to tens of millions of people, you get a fairly large number. This ability to provide high incentives for adoption is why Initiative Q has a chance to succeed where so many have failed.

You can read the full analysis here

Claim: This is not “decentralized” like Bitcoin or cryptocurrencies, so the Initiative Q company can just create as many Qs as they want for themselves, at the expense of everyone else.

Definitely not the case. We chose not to use blockchain because it is not mature enough to handle a global leading currency. There were two challenges we had to consider here:

1. Maintaining stability of purchasing power — When you accept and hold Qs you want to know they won’t change their value substantially.

2. Preventing abuse of the money supply — You want to know no entity can create new currency out of thin air for their own use.

Blockchain is a neat solution to #2, but it comes at a very high price (see our FAQ), and it completely obliterates #1. Cryptocurrencies must have a rigid monetary policy which makes them highly unstable and therefore unusable as a mainstream currency. Maintaining stability requires experienced monetary economists constantly monitoring economic pressures and adjusting the money supply accordingly.

We, therefore, chose the model of an independent, democratically-elected monetary committee. It is a proven model for maintaining purchasing power stability and is used by all modern countries. This is exactly what we will do, so we will not be able to create Qs for ourselves. Only the independent monetary committee, elected by all Q stakeholders, will do so.

Of course, if someone does manage to come up with a decentralized monetary policy that works, we will use that — we don’t have any agenda for or against blockchain. We simply choose the best technologies available at any given time.

Claim: OK, so it’s not a scam, the plan is genuine, and the value estimate is reliable, but it all doesn’t matter, because Initiative Q will definitely fail and this will all be in vain.

We are the first to admit that there is a long road ahead, and there are quite a few potential hurdles along the way. However, it’s important to realize that of the hundreds of failed attempts to modernize payments and money, no one has ever tried what Initiative Q is doing, which is to create a modern payment network with its own currency, and encourage adoption by distributing that currency for free. Of course, that does not guarantee success, but it’s worth noting that within months of Q’s launch, it managed to gather millions of supporters — so it’s probably not so wise to readily dismiss it either.

At the end of the day, money is trust, and if enough people trust Q can succeed, it will.

Initiative Q: A Quick Journey To Get Rich?

At present, ‘Q’ is worthless and can’t be spent. The developers admit that even if all goes to plan, it will take years before the currency is worth something.

The company has instilled a sense of urgency to get people to sign-up. The earlier you get in, the higher your allocation of ‘Q coins’.

There is even a live ticker on the company’s home page which shows the decreasing value of coin allocations as more people sign up.

You should always think carefully about links sent to you – especially those claiming to make to you money for nothing.

But is Initiative Q a golden nugget opportunity or simply too good to be true? We take a look.

A sample Initiative Q invitation message

Here is a sample message being sent out:

‘Initiative Q is an attempt by ex-PayPal guys to create a new payment system instead of credit cards that were designed in the 1950s.

‘The system uses its own currency, the Q, and to get people to start using the system once it’s ready they are allocating Qs for free to people that sign up now (the amount drops as more people join – so better to join early).

‘Signing up is free and they only ask for your name and an email address.

‘There’s nothing to lose but if this payment system becomes a world leading payment method your Qs can be worth a lot.

‘If you missed getting bitcoin seven years ago, you wouldn’t want to miss this.

‘The link will stop working once I’m out of invites.

‘Let me know after you registered, because I need to verify you on my end.’

What is Initiative Q?

‘Q’ is not actually a cryptocurrency.

It’s a private currency which the developers hope will become the standard in payments and the go-to global currency.

So, instead of using pounds, dollars or euros, there’s ‘Q’.

Initiative Q says it will use a professional monetary policy (like governments do) rather than a predetermined one (like bitcoin does).

According to Initiative Q’s website hype, it is the payment system of the future.

It says: ‘The Q payment network will integrate the best technological improvements that have been made in the payment industry over the last few decades to create a flexible, easy-to-use and inexpensive payment network.’

It’s not clear what the ‘technological improvements’ the post refers to are.

It adds: ‘These technologies have been available for years, but have not been adopted due to a classic chicken and egg barrier: No buyer wants to join a new network with no sellers, and no seller will offer a payment option that no buyer uses.

‘Initiative Q solves the adoption problem by associating the payment network with a new global currency, and distributing this currency to early adopters for free.’

The currency is the brainchild of Saar Wilf, who ran a first payments start-up in 1997, and later founded Fraud Sciences which was eventually acquired by PayPal.

The Q economic and monetary models have been developed with the help of economist Lawrence White, a professor of monetary theory and policy at George Mason University.

It is worth mentioning that White has produced articles and books supporting the notion of ‘free banking’ – where banks aren’t subject to special regulations beyond those applicable to most businesses – and the abolition of the Federal Reserve System (the central banking system of the US).

Initiative Q requires hundreds of millions of members to meet its objective. The firm says this won’t be achievable if members are required to pay so ‘Qs’ are distributed for free – for now.

Initiative Q claims two trillion coins will be issued, which will ultimately be worth a US dollar each. So ‘Q’ could be worth a staggering $2trillion in the future.

Wilf told This is Money: ‘It’s maybe a get-a-bit-richer-slowly scheme. As we explain in our timeline [on the company’s website], there is a long way to go until Q is a leading payment network, and there are many risks along the way.

‘However, if we do reach the goal, the reward to the early adopters should be fairly significant.’

Commenting on the currency’s high future valuation, he added: ‘It is a very reasonable valuation for a currency that is used in a leading global payment network.

‘This is according to the “equation of exchange” in monetary economics, and current transaction volumes of leading payment networks.

‘Of course, we are not yet a leading network, and there are many risks and challenges ahead.

‘You can definitely argue about the probability of success, but the valuation model in case of success is quite reliable.’

Invitations to join Initiative Q are littered across social media platforms such as Facebook

How does it work?

To join, you have to be referred by an existing member – that is why you are seeing invitations to the scheme littered across social media.

Once you’ve signed up, both you and the person who receive the invite will be given Q tokens.

What’s more, you’re given the chance to earn more of the so-far non-existent currency by inviting up to five other people.

Initiative Q says there is further opportunity to earn more ‘Qs’ by completing a number of tasks including installing the Q application, adding information and making unspecified purchases.

At this stage Q’s can only be reserved and not used.

Is it a pyramid scheme?

A pyramid scheme is a business model that requires you to recruit other members to recover your joining fee and make profit using money contributed by later joiners.

Here, the combination of the need for recruitment as well as the promises of future riches is a classic sign of a pyramidal structure, but Initiative Q can’t technically be described as a pyramid scheme as no money has changed hands (yet).

‘What we do is no different than referral programs of companies like DropBox, AirBNB, Uber and many others,’ Wilf said.

Clearly enough people have wondered for the company to tweet.

Will Initiative Q sell on my personal details?

The initiative is clearly gathering pace and has attracted more than two million users thus far.

Some critics say the biggest risk to people getting involved is their personal data could be at risk.

However, initiative Q says collected data will not be shared or sold, adding the database will be destroyed if ‘Q’ fails.

This is all well and good but, as Facebook users know, privacy policies can change.

Should I sign up?

It’s the classic: ‘if your friend jumped off a bridge would you?’ type question.

Just because your friends and family on social media are signing up to ‘the next big thing’ it doesn’t mean that you should blindly follow.

It pays to take a step back and scrutinise the proposition.

This email is sent once you’ve successfully registered to the scheme

Here, the developers themselves have admitted that ‘Q’ will remain worthless for years to come – even if all goes to plan.

The $2trillion target seems to be one plucked out of thin air to drum up interest.

You may think that you have nothing to lose by signing up to the initiative because it’s free and the company has given its word that personal data won’t be shared or sold on, but privacy policies often evolve.

The adage, ‘there’s no such thing as a free lunch’ is also worth remembering here.

On the flipside, the founder Wilf, has past experience in the payments industry and sold a business to PayPal which reflects well.

Whether the initiative will succeed remains to be seen.

But if you’re serious about investing, you should do so for the long term in quality companies, funds, investment trusts and markets according to Ben Yearsley, director of Shore Financial Planning.

He added: ‘The quickest way to lose money is to invest in get rich quick schemes that look too good to be true and often are.

‘If it feels wrong, it probably is! For most investors, sticking to mainstream investments is the best strategy.’

How to Get Rich Quick

Updated: February 15, 2020 | References

This article was co-authored by our trained team of editors and researchers who validated it for accuracy and comprehensiveness. Together, they cited information from 15 references.

wikiHow’s Content Management Team carefully monitors the work from our editorial staff to ensure that each article meets our high quality standards. Learn more.

Getting rich quickly usually requires taking substantial financial risk. Use your best judgment and do thorough research before embarking on high-risk endeavors like investments designed to provide a quick return. You can also focus on making money gradually through low-risk endeavors, or even acquire a bit of cash immediately using fool-proof, low-risk methods.

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