Currency Initiative Q is it a new bitcoin – or a bluff?

In recent weeks, Swedish Facebook and Twitter have been swept by links to a new currency. Lock bet: If you sign up now, you will receive free money in a few years.

Initiative Q sounds like another pyramid game, but the founder argues that it is actually the next major payment instrument. A digital currency to succeed where Bitcoin and other cryptovalists were wrong.

Since the launch this summer, the project has attracted more than three million users who have started filling their digital wallets with Q-money, according to Forbes. But is it really about the future – or is it simply an advanced bluff?

What does the initiative really Q?

Today, Initiative Q is first and foremost an idea. If you receive an invitation, you can register on the initiative 's website and receive a free Q money potion. You can then earn more members to increase your prize with fictitious money.

But until now, it is impossible to earn money. You can not pay with them and not transfer them to someone else. All of this comes later, so far, they are only a number in a database.

If the founders get what they want, Q will replace both physical money, credit cards and digital payment services like Apple Pay and Google Pay. In addition, the currency should be global from the beginning. Exactly, the way to make payments is a little blurry, but an application-based solution on your mobile phone is mentioned several times on the website.

The first step of the plan is to build a critical mass of users, and then use the pulse to convince the stores, e-commerce and wages to start accepting the currency. The goal is that the currency is practically useless before 2020 and maybe not before 2021. That's only when the Q number on the account is worth anything. In the long run, the initiators hope that a Q will host at least one US dollar.

How does Initiative Q work?

Initiative Q compares diligently with Bitcoin, and at some level, this may be correct. It's a digital currency that is not tied to a country, but there are still some similarities.

Bitcoin is an encryption box based on an advanced and open system. The transaction log is distributed to users and no party controls the currency. Ny Teknik has already written on the network, which has disadvantages, including the fact that it consumes a lot of energy.

Initiative Q, on the other hand, is a currency controlled by a single company. It will not have the same transparency or transparency as most cryptovalers. And the technology that the founders will use to build and protect the system, we do not know.

The question is whether even the initiators of Q are aware. In the calendar of the currency, it is said that they will start developing the paid network in 2019. Up to now, everything is on the recruitment of members and the creation of titles.

Who is behind Initiative Q?

The face of this initiative is an Israeli entrepreneur named Saar Wilf. He founded and founded several startups, including Fraud Science Corporation, and developed a fraud detection system for online shopping. In 2008, the company was bought by Paypal for $ 169 million, after which two of its other companies were bought for the millions of millions of IT giants Oracle and Yahoo. So we know that it is at least good to create and manage successful businesses.

The economic model of the currency was developed by economics professor Lawrence White at George Mason University, writes the Financial Times. A man who became famous for wanting to liquidate the US Federal Reserve. Its involvement in a private currency may not be completely spared.

Are there any risks with Initiative Q?

Free money thanks good no no but free is usually a problem free word. He was speculated savage in malicious plans as the founders of Q.

One theory is that they simply want to collect user data – e-mail addresses, name lists and relationships. Such as Facebook, Google and other computer giants love hamster.

This can easily be negated by the fact that Q receives extremely limited information about users (just name and send an e-mail to register), but the register of members can be so interesting . One thing Initiative Q brings together is a list of people who believe in pyramid schemes and other methods to become rich quickly. In addition, in the database, you can see who invites most friends.

This is the pure gold mine for shaved-haired companies who want to get people to sell diet products or other heat-related products, writes journalist and author David Gerard in a blog where he saw Q initiative with footers.

The most widespread accusation against Q is also that the currency itself is a form of pyramid selling or network (or MLM). The initiative goes away and says that this can not be done because it is not possible to put real money in the system.

In itself, Initiative Q thinks you do not lose anything to become a member. In the worst case, your money Q remains useless and you only lost the time needed to register your account. At best, you get free catch.

In its sales text, the company explicitly writes: "If you missed bitcoin seven years ago, you probably will not want to miss that." Certainly, it's a lure for many. Who would not have wanted to be an early investor of Bitcoin?

It must be said that we do not know exactly how Q wants to make money or what it wants to do with your data. Even less, we know if a Q-crown will always have value. The only thing that can be said for sure is that Initiative Q will stop your data in its database if you register. Is it worth the risk?