Initiative Q

Tom99

[FONT=Verdana, sans-serif]At the moment its nothing but a blatant pyramid scheme to harvest personal details and being facilitated by MSE.[/FONT]
[FONT=Verdana, sans-serif]A bit like the 5 postcards you used to send off as a kid hoping for thousands back in return when your name reached the top of the list.
[/FONT][FONT=Verdana, sans-serif]It's a list of those people who think they will get free money, so maybe potential mugs who will cough up something more later.[/FONT]
[FONT=Verdana, sans-serif]Not quite the same as someone expecting a free email address.[/FONT]

tonycottee

swindiff wrote: »

I was trying to point out that just because it is invite only does not automatically make it a scam.

No, but telling people they could make £1000’s from nothing and saying it’s invite only (when almost anyone can get invited) does make it sound like a scam.

Kayalana99

tonycottee wrote: »

No, but telling people they could make £1000’s from nothing and saying it’s invite only (when almost anyone can get invited) does make it sound like a scam.

But lets face it, if someone told you in 2010 that if you bought 1000 bitcoins for £3 you'd have around £5million currently you would have said that was a scam too.

I'd rather risk my email address a few junk mail on the potential that it may be worth £1,000's one day with a business plan that actually does have a plan that could pay off.

This whole if it was easy everyone would be doing it is aload of crap cause most people know 'how' but they refuse to see/do anything other then what they've seen with their own eyes.

Tom99

[FONT=Verdana, sans-serif]No scam just yet as no money has been asked for but some of the statements are so ludicrous it does make you wonder what's to come, for example:[/FONT]
[FONT=Verdana, sans-serif]
[/FONT][FONT=Verdana, sans-serif]Why does an existing member need to verify me?[/FONT]
“[FONT=Verdana, sans-serif]A secure payment network requires that accounts be associated with real people. This is especially important when potentially highly valuable rewards are at stake. Therefore, we require that all new members be verified by existing users who actually know them. There are incentives for verifying new members, as well as disincentives that discourage verification of contacts you don’t know well or trust.[/FONT]

[FONT=Verdana, sans-serif]In addition to preventing false registrations, this process builds a “trust network”, which can later be used to improve security. For example, if a buyer is purchasing a high-value item, it is important to verify that their account was not taken over. In that case, another member who has a trust relationship with the buyer can be asked to check that the buyer is aware of the transaction.”[/FONT]

[FONT=Verdana, sans-serif]You only have to look at the thread on the MSE referral forum to see how ridiculous those statements are, 70 anonymous bods pleading with any other anonymous bod to “choose me, choose me, I will verify you quickly!”[/FONT]

[FONT=Verdana, sans-serif]What about Credit allocation?[/FONT]
“[FONT=Verdana, sans-serif]Combining the most advanced technology and analytical methods with information provided by users, can lead to a far more accurate and equitable assignment of credit. More data and more nuanced application of that data lead to better informed decisions. For example, new users can be evaluated on the basis of the reputations of those who have verified them or are connected to them. This would provide significant improvements over the current credit scoring system, which relies only on payment history, retains inaccuracies for log period of time and promotes debt.”[/FONT]

[FONT=Verdana, sans-serif]So Tom99's credit is going to rely on Jim46's reputation. Maybe it wasn't such a good idea to click his link after all, but he was pleading so nicely. He could be a bank robber for all I know. So the fact I have defaulted on the past six loans won't matter because Jim is a nice guy and pays his bills.[/FONT]

[FONT=Verdana, sans-serif]How much will a Q be worth?[/FONT]
“[FONT=Verdana, sans-serif]To establish that you use the Equation of Exchange plus some velocity of money, the currency in circulation, the money supply, the world's total economic activity, the total amount of money, how frequently money changes hands and last but not least one Q boffin. And the answer the boffin came up with is 1 US$.”[/FONT]

[FONT=Verdana, sans-serif]That's amazing isn't it, all that detailed calculation and the result is exactly and precisely 1 US$.[/FONT]

[FONT=Verdana, sans-serif]Will my money be safe?[/FONT]
“[FONT=Verdana, sans-serif]To reach this goal quickly, Initiative Q will focus only on technology, standards and regulation, while delegating the financial operation to hundreds of local agents. These local agents will be responsible for customer service, safeguarding members’ funds, connecting local stores, legal compliance, and settling with other agents”[/FONT]
[FONT=Verdana, sans-serif]
[/FONT][FONT=Verdana, sans-serif]N[/FONT][FONT=Verdana, sans-serif]ote the bit about your funds. So hundreds of local banks are going to be set up. No doubt these local agents, who will be safeguarding your money, will be as vigorously checked out as I will be for my loan because Jim46 will verify them.[/FONT]
[FONT=Verdana, sans-serif]
[/FONT]H[FONT=Verdana, sans-serif]ow will it be easier to pay with Q?[/FONT]
“[FONT=Verdana, sans-serif]If in a physical store, the buyer’s Q smartphone app connects to the seller’s Point of Sale system, which sends the transaction details to the Q payment network”[/FONT]

[FONT=Verdana, sans-serif]You can do that now but I don't take my phone shopping I take a card at least a 20th of the size of my phone. I don't have to open an App on my card either. It does not cost me a bean and I get 2% cashback on food and fuel. My card is also waterproof and I can carry it in my swimming trunks.
[/FONT]

tonycottee

Kayalana99 wrote: »

But lets face it, if someone told you in 2010 that if you bought 1000 bitcoins for £3 you'd have around £5million currently you would have said that was a scam too.

I'd rather risk my email address a few junk mail on the potential that it may be worth £1,000's one day with a business plan that actually does have a plan that could pay off.

This whole if it was easy everyone would be doing it is aload of crap cause most people know 'how' but they refuse to see/do anything other then what they've seen with their own eyes.

That’s another thing that bothers me about it. There are constant comparisons to Bitcoin even though that’s something different. It’s only mentioned because a load of people made money from it.
Like Tom99, I don’t think it’s a scam (or not yet at least). It does seem like a complete waste of time though. I bet 99% of people that joined have no idea what the proposed system is.

scaredofdebt

The comparison with Bitcoin is understandable as Initiative Q and Bitcoin are both "virtual" currencies.

I'm not sure what else they could compare it to, but maybe another cryptocurrency that hasn't been as successful as Bitcoin? Etherium?

Tom99

scaredofdebt wrote: »

The comparison with Bitcoin is understandable as Initiative Q and Bitcoin are both "virtual" currencies.

I'm not sure what else they could compare it to, but maybe another cryptocurrency that hasn't been as successful as Bitcoin? Etherium?

[FONT=Verdana, sans-serif]Its those who are hoping its a get rich quick scheme who are likening it to Bitcoin.[/FONT]
[FONT=Verdana, sans-serif]The organisers only refer to Bitcoin to point out how different it is and not alike at all.[/FONT]
[FONT=Verdana, sans-serif]They intend to regulate the supply of money such that the exchange rate stays at a constant $1. That being so, there will be no point buying in the hope it will be worth $1,000 of $10,000 in the future.[/FONT]
[FONT=Verdana, sans-serif]Also they intend to develop a payment network which will replace the cash in your pocket and the credit/debit cards for your local shop, supermarket or online store.[/FONT]
[FONT=Verdana, sans-serif]You can't actually buy much at all with Bitcoin apart from maybe a line of cocaine, an AK47, a lap dance or a hitman.[/FONT]

Browntoa

But I can pay in all the above already by using google pay or Apple Pay or using a PayPal app.

What is so different about this that gives it an edge and uniqueness that will ensure a huge take up and make it a success .

That's the part I don't get

Tom99

Browntoa wrote: »

But I can pay in all the above already by using google pay or Apple Pay or using a PayPal app.

What is so different about this that gives it an edge and uniqueness that will ensure a huge take up and make it a success .

That's the part I don't get

[FONT=Verdana, sans-serif]Nothing as far as I can see. They are going to stitch together existing technology in a way nobody else, for some unknown reason, has done yet.[/FONT]

scaredofdebt

Browntoa wrote: »

But I can pay in all the above already by using google pay or Apple Pay or using a PayPal app.

What is so different about this that gives it an edge and uniqueness that will ensure a huge take up and make it a success .

That's the part I don't get

What's unique about Apple Pay, Google Pay, Paypal etc?

The "uniqueness" for Q is the fact that they are giving them away to early adopters and will try to keep the value stable, that is a pro and a con.

Other than that, everything that applies to Bitcoin.

It may well amount to nothing, but then again it may amount to something.