Some of you already know about this potential new Bitcoin or so-called pyramid scheme that others warn about, called Initiative Q, started by ex-Paypal people.
For those who don’t here’s the rundown:
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.
Here is my invite link: Initiative Q InvitesThis is what they give you when you sign up and can share invites. It’s the only way to get in the network and earn so Qs. Btw, if the link still works, I still have invites.
The essence of what the suspicious ones don’t understand is that the value will come from Q being gradually accepted as a better currency, not via people putting their own money into the network, like in an actual Ponzi, like Bitconnect.
The data you share is not that useful either, for any nefarious purposes, as an email is only good for spammers and today worth close to nothing. At scale, they could make a few hundred dollars from millions of users, but what would be the point? Oh, they may ask us to do KYC at some point? Sure, but by then they would have something to show for, otherwise this whole thing will crumble.
The monetary policy is also interesting: Qs will be released gradually, so only 1% can be spent at first, so users don’t dump the Qs and walk away. They’re protecting against dumpers.
I’m also curious to learn more about the independent monetary committee, appointed via voting by all stakeholders in the Q payment network, that will control Q. Sounds like how Visa was founded, as a member-owned, non-stock for profit corporation.
People who call this the next Bitcoin clearly don’t understand either one or the other. Initiative Q, if successful, will be like a stable coin, where medium of exchange is promoted exclusively at the expense of any store of value.
What concerns me is its anchoring to the US economy exclusively, whereas there would be an opportunity to create a global stablecoin connected to several proportionally relevant economies where the Qs would be used. That would make more sense and would remove Qs dependency on the FED, for example, and its monetary policies.
Another concern is about who will put the first external money in. My hope is that they will raise venture capital and use that to provide early liquidity in the system, not take money from the average Joe or Jane.
I’m sure a lot of these questions can be answered while they make their way to critical mass. $1 is probably the most valuable peg today, so it was a good choice to start with.
There’s a great response to a lot of the questions everyone is asking, and it’s coming from one of the team members, after this guy wrote a long and popular article questioning the model. Check out the first comment. Also one Q’s founders responded here.