Initiative Q is a new currency and payment project that wants to lower the cost of financial payments around the globe. This will happen through the use of existing payment technologies that have yet to be implemented. Basically, “Q” will become a global currency.The person behind Initiative Q is Saar Wilf, a serial entrepreneur. He founded Fraud Sciences, which was acquired by PayPal 2008.You might have seen Initiative Q floating around social media over the last few weeks with people promoting their links to invite you. The theory is that early adopters will get “Q” currency, which will eventually become worth a lot of fiat currency (i.e. dollars).Let’s dive into what Initiative Q is (as best as we can understand it) and whether you should participate.
The problem Initiative Q is trying to solve is payment inefficiency. Payment efficiency can be greatly improved through the use of existing payment technologies. As Initiative Q sees it, these technologies have not been implemented because of the so-called “chicken and egg” problem. Buyers don’t want to use a payment technology that sellers have not yet adopted. Conversely, sellers don’t want to use a payment technology that buyers have not adopted. Thus an infinite standoff ensues because neither side has any incentive to relinquish.To get around this standoff, Initiative Q is asking people to sign up to their network. By signing up, users provide their name and email address. To be clear, there is currentlyto speak of. By having people sign up now, Initiative Q hopes to reach a critical mass of potential users of its network. This will allow Initiative Q to then say, hey sellers, look at this huge network of potential buyers. Supposedly, this will get around the chicken an egg problem.You might be wondering why this hasn’t already happened. One big reason is that buyers have never had an incentive to signup with technologies that were not adopted by sellers. Initiative Q is providing these potential buyers with an incentive. The earlier someone signs up, the more Q currency they will receive. It doesn’t cost anything to sign up, but there is an indirect promise that there might be some big future value of that Q currency.
If you do a search on Initiative Q, you’ll find lots of articles about scams and pyramid schemes related to Initiative Q. This brings into question the legitimacy of Initiative Q. It probably doesn’t help that Initiative Q is constantly asking you to sign up friends and post about the project on social media to attract new members. While there are many claims about Initiative Q being a scam, Saar Wilf has rebutted many of them. To give you an idea of what you might find out on the web, along with some of the rebuttals:
There is more as you dig into the various articles that say Initiative Q is a fraud. Since no one has lost any money (since no one is actually buying anything at this time) and there is no Q coin or even network to support it, it’s difficult to call it a fraud. It’s simply unproven or unknown. But that’s far from saying the whole project isn’t legitimate. It’s really a wait-and-see situation.I view it similar to a kickstarter campaign but with no real money being exchanged. You’re signing up with the hope that the backers of the project (i.e. Saar Wilf and his team) come through with the goods.
Like any new project, there are risks. But realize, Initiative Q isn’t even soliciting investors – just people who are interested in the project. There is no money to invest here.You don’t really know how it will turn out until a few months later. However, Q isn’t even a currency or payment platform yet. There isn’t anything tangible, which means it will be a while before the project is operational. In fact, according to Initiative Q’s timeline, the payment network isn’t scheduled to start development until mid-2019. If it all fell apart before then, no one has lost anything.Once any payments are required, that changes the game. Now money is on the line. Like most cryptocurrencies, you’ll probably only have white papers and credibility of the founders to go off of in determining to invest or not. As mentioned above, Saar Wilf is a serial entrepreneur. Fraud Services was a success with its acquisition by PayPal. That certainly lends some credibility.Hitting milestones will be positive developments for the company. Mid-2019 starts network development followed by the “accumulation of initial monetary reserves” and “distribution of payment app” starting in late 2020.Another important milestone occurs in 2020 to 2021 with “Seller integration.” 25% of registered sellers is the target. In late 2021, the network launches.Should any of these milestones get pushed out or seller targets fall far short, it will be concerning and increase overall risk. How the company responds to any of those potential events will be telling.
The bottom line here is “who knows”. Who knows if Initiative Q will be successful. Who knows if “Q” currency will end up being worth a lot of money.Remember Bitcoin? Last December Bitcoin was at $19,000+ in value, and today it’s around $3,000 – that’s an 80% loss. But Q isn’t Bitcoin. And Q isn’t even really in existence yet.If you want to check it out, you’re only giving your name and email. Maybe it pays off, maybe it doesn’t?