New payment network Initiative Q offers 'free money' – should you sign up? - MSE News

Former_MSE_Andrea

Hi folks

Please never use the spam button on a post by MSE staff. Posts are made for a reason. In this case it's the dedicated discussion thread for Martin's comment on whether or not it's worth it trying.

With some subjects, such as Initiative Q, we put out stories that we can share on other social media to help people who've been inundated with these make a decision.

Thanks for your help

Thrugelmir

MSE_Andrea wrote: »

With some subjects, such as Initiative Q, we put out stories that we can share on other social media to help people who've been inundated with these make a decision.

Ponzi schemes are as old as the pyramids themselves. In one guise or another they resurface after a suitable time has lapsed. An explanation as to why these schemes cannot work would be far more educational to the next generation of suckers.

Malthusian

MSE_Andrea wrote: »

Please never use the spam button on a post by MSE staff. Posts are made for a reason.

Please disclose all commissions and other payments received by MSE for promoting this scheme.

And it is a promotion because despite Lewis covering it in caveats, he then goes on to say "Yet that isn't necessarily a reason for not bothering. After all, the 'should I give someone my name and email address' bar is one set very low. So if you want to take a punt, do it." He is actively encouraging MSE readers to hand over their email addresses so that in due course they can be solicited to hand over real money in exchange for Qs, or to recruit them into other get-rich-quick schemes.

Malthusian

How about using the Report button instead of the Spam button to report this solicitation to join a pyramid scheme? Is that allowed?

*edit* I'm quoting MSE's description of the structure of the scheme for posterity, in case the article gets deleted:

• Then, refer up to five people and get a set number of Q (currently Q3,852) for each person who signs up.
• Unlock more invites once you've referred five people.
• After all your invites are used up, you'll then get extra Q for people who sign up via your referees' invite codes – you get Q for the 41st to 120th secondary referrals.

[red = my emphasis, bold = original emphasis]

The bit in red (you get commission not just from people you recruit, but commission from the people they recruited) makes this a multi-level marketing scheme, aka a pyramid scheme.

verybigchris

Exclusive footage from the Initiative Q launch event


edit to add: on a more serious note, why are MSE posting this in "Savings and Investments"? "Freebies" I could understand (that's full of people willing to get spammed for a free plate of cat food), but anyone who thinks this is an investment needs a check up from the neck up.

Ogordo

Malthusian wrote: »

Please disclose all commissions and other payments received by MSE for promoting this scheme.

And it is a promotion because despite Lewis covering it in caveats, he then goes on to say "Yet that isn't necessarily a reason for not bothering. After all, the 'should I give someone my name and email address' bar is one set very low. So if you want to take a punt, do it." He is actively encouraging MSE readers to hand over their email addresses so that in due course they can be solicited to hand over real money in exchange for Qs, or to recruit them into other get-rich-quick schemes.

I've already seen people justifying signing up on Facebook for their referrals because this site says it's okay to do so.

londoninvestor

verybigchris wrote: »

Exclusive footage from the Initiative Q launch event

I've had a tempting offer from a company who say they have a market for retro British chocolate bars. 54321, Fuse, Trio, Marathon in the old pre-Snickers packaging and so on.

They need initial cash from investors to buy a warehouseful of the rare stock they've found.

I'm worried though. Is it legit or could it be a pyramint scheme?

Lorian

londoninvestor wrote: »

stock they've found.

I'm worried though. Is it legit or could it be a pyramint scheme?

Pyramint - used to love them

I can imagine a new scheme now, collect enough spangles and trade them in for a pyramint.

londoninvestor

Lorian wrote: »

Pyramint - used to love them

I can imagine a new scheme now, collect enough spangles and trade them in for a pyramint.

I really liked Fuse - though apparently they've established a new life for themselves in India!

Lorian

Not sure I even had a fuse.

I bought a sherbet fountain the other day but its been sanitized. No hole in the liquorish and it doesn't poke out the packaging. Spilt some on my desk. Cleaner gave me funny looks.

just to keep on topic here, I see Martins main article has people spamming their referral links on it. That's going to be embarrassing at some point.