- Over the past few weeks, people have been getting social media invitations from friends offering them something truly enticing—the promise of free money in exchange for their sign ups.
- So far, the ploy of the mysterious currency known as Q has been generating quite a buzz by exploiting a weakness many people share: the fear of losing the opportunity to become instantly rich without working for it.
- Many maintain the whole layout seems fraudulent with clear similarities to a pyramid scheme.
A new project known as Initiative Q is creating quite a stir online, thanks to the promise of free money. The system will use their own currency known as Q and will drop them once more people will join. The mechanics are simple, sign up for free and invite 5 your friends.
Initiative Q in a Nutshell
Initiative Q is the brainchild of Saar Wilf, an alleged serial entrepreneur who created his first payment startup in 1997. Apparently, he is also the founder of Fraud Sciences which they claimed redefined the payment security space. Fraud Sciences was said to have been acquired by PayPal in 2008.
In essence, Initiative Q is being introduced as a modern payment system that will make use of advanced payment innovations and technologies. The system also comes with a dedicated global currency known as Q.
If the system’s popularity will become as massive as the team envisions it to be, they are apparently looking to seeing at least 20 trillion dollars worth of transactions annually. In addition, the value of Q can also translate to several trillion dollars based on economic levels.
To achieve their vision, Initiative Q has to get past one critical hurdle: get as many people as possible to back them up. Undoubtedly, one of their primary goals at the moment is to build a massive database.
To entice people to sign up, Initiative Q promised to give away thousands of Qs to those who would sign up and invite 5 of their friends. Those who register first will apparently get thousands of Qs once the drop starts.
The team behind Initiative Q claimed that eventually, each Q is expected to be worth a dollar. But there’s a catch—only if they succeed in creating a world-class payment network. However, whether that’s something they can pull off or not is still anybody’s guess.
Collecting your data
While the promise of free tokens is unbelievably enticing, many people are understandably still sceptical. For starters, the layout resembles the infamous pyramid scheme.
Critics also pointed out a few red flags that need to be taken into account. For instance:
- Initiative Q endeavours to bring together millions of people with the promise of wealth without any effort. However, in the process, they will ask for your name and email address, alongside that of 5 of your friends. Not everyone may be aware of it but a similar database can be worth a significant amount of money especially for marketers who will use it to target you with other scams and products. And the money made by selling this data will very likely be pocketed by the creators of Q – so in a sense there will indeed be free money. Just don’t expect it to trickle down to the users.
- Aside from your email address, the system will also collect passwords. That means your information can be used on other platforms even without your consent.
After taking into account some of the red flags, would it be wise to just pass on an offer as generous and enticing? That’s a decision you alone can make. However, it has been proven time and again that if anything seems to good to be true, it most often is.