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  • FIRST POST
    • MSE Rosie
    • By MSE Rosie 2nd Nov 18, 8:08 AM
    • 88Posts
    • 40Thanks
    MSE Rosie
    New payment network Initiative Q offers 'free money' – should you sign up? - MSE News
    • #1
    • 2nd Nov 18, 8:08 AM
    New payment network Initiative Q offers 'free money' – should you sign up? - MSE News 2nd Nov 18 at 8:08 AM
    There has been a lot of buzz on social media recently about payment network Initiative Q, and its offer of 'free money' in the form of new currency Q, but don't count on it making you rich – see Martin Lewis' assessment...
    Read the full story:
    'New payment network Initiative Q offers 'free money' – should you sign up?'

    Click reply below to discuss. If you haven’t already, join the forum to reply.

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Page 1
    • 25 Years On
    • By 25 Years On 2nd Nov 18, 9:39 AM
    • 1,907 Posts
    • 4,871 Thanks
    25 Years On
    • #2
    • 2nd Nov 18, 9:39 AM
    • #2
    • 2nd Nov 18, 9:39 AM
    From the article:
    • For joining, at time of writing this is Q4,815, but the more people who join, the fewer initial Q you'll get.
    • 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.
    So essentially a pyramid scheme.
    • dealer wins
    • By dealer wins 2nd Nov 18, 10:47 AM
    • 6,449 Posts
    • 12,981 Thanks
    dealer wins
    • #3
    • 2nd Nov 18, 10:47 AM
    • #3
    • 2nd Nov 18, 10:47 AM
    What a load of complete tosh that thing is lol
    • scaredofdebt
    • By scaredofdebt 2nd Nov 18, 10:57 AM
    • 1,387 Posts
    • 687 Thanks
    scaredofdebt
    • #4
    • 2nd Nov 18, 10:57 AM
    • #4
    • 2nd Nov 18, 10:57 AM
    It's probably not going to amount to anything but no harm in signing up, worst case scenario is you get soome spam emails or your password gets hacked, so use a different password, usual rules apply.


    But you could equally say the same about Bitcoin.



    If you'd seen this email in 2010 and was offered 1000 free Bitcoins, would you have signed up? They were worth about $0.008 when they launched, today that would make you a millionaire.


    As I say, probably not going to amount to anything, but people buy lottery tickets.
    Make £2018 in 2018 Challenge - Total to date £2,108
    • 25 Years On
    • By 25 Years On 3rd Nov 18, 5:07 PM
    • 1,907 Posts
    • 4,871 Thanks
    25 Years On
    • #5
    • 3rd Nov 18, 5:07 PM
    • #5
    • 3rd Nov 18, 5:07 PM
    I WILL try and verify anyone who signs up using this link however:
    Originally posted by fallen121

    That's essentially spam. Referral links are for the referral board.
    • theblagger
    • By theblagger 6th Nov 18, 9:35 PM
    • 1,940 Posts
    • 2,502 Thanks
    theblagger
    • #6
    • 6th Nov 18, 9:35 PM
    • #6
    • 6th Nov 18, 9:35 PM
    Seems to be all over the internet ....like a rash...
    I refer to my byline below ...

    Ad hominem
    An attack upon an opponent in order to discredit their arguement or opinion. Ad hominems are used by immature and/or unintelligent people because they are unable to counter their opponent using logic and intelligence.
    • Malthusian
    • By Malthusian 7th Nov 18, 8:31 AM
    • 6,796 Posts
    • 10,997 Thanks
    Malthusian
    • #7
    • 7th Nov 18, 8:31 AM
    • #7
    • 7th Nov 18, 8:31 AM
    Pyramid scheme.

    The fact that they are not currently asking for real money is a sham. At some point, once Initiative Q has collected enough suckers' email addresses, they will start asking for real money. We know they will, because they are banging on about Qs eventually being worth real money, and the only way this will happen is for people to start paying real money in exchange for Qs.

    After which the scheme proceeds in the usual way. See OneCoin, Bitconnect et al. Multi-level-marketing pyramid + cryptocurrency pretend money = scam, without a single exception.

    Why is MSE promoting this?
    • minislim
    • By minislim 7th Nov 18, 8:45 AM
    • 341 Posts
    • 207 Thanks
    minislim
    • #8
    • 7th Nov 18, 8:45 AM
    • #8
    • 7th Nov 18, 8:45 AM
    Malthusian is spot on! its just pyramid selling. but this time with currency itself and nothing else.
    money for nothing. its never that easy.
    • Reaper
    • By Reaper 7th Nov 18, 8:50 AM
    • 6,690 Posts
    • 5,045 Thanks
    Reaper
    • #9
    • 7th Nov 18, 8:50 AM
    • #9
    • 7th Nov 18, 8:50 AM
    How exactly do they propose adding value to a currency they are giving away for free? I certainly won't be accepting Qs in payment for anything, and for the same reason nothing would induce me to buy any for real cash. I think the Hitchhikers Guide to the Galaxy sums their plan up nicely:
    “How can you have money,” demanded Ford, “if none of you actually produces anything? It doesn't grow on trees you know.”
    “If you would allow me to continue.. .”
    Ford nodded dejectedly.
    “Thank you. Since we decided a few weeks ago to adopt the leaf as legal tender, we have, of course, all become immensely rich.”
    Ford stared in disbelief at the crowd who were murmuring appreciatively at this and greedily fingering the wads of leaves with which their track suits were stuffed.
    “But we have also,” continued the management consultant, “run into a small inflation problem on account of the high level of leaf availability, which means that, I gather, the current going rate has something like three deciduous forests buying one ship’s peanut."
    Murmurs of alarm came from the crowd. The management consultant waved them down.
    “So in order to obviate this problem,” he continued, “and effectively revalue the leaf, we are about to embark on a massive defoliation campaign, and. . .er, burn down all the forests. I think you'll all agree that's a sensible move under the circumstances."
    • Tom99
    • By Tom99 7th Nov 18, 9:27 AM
    • 4,956 Posts
    • 3,488 Thanks
    Tom99
    Pyramid scheme.
    Why is MSE promoting this?
    Originally posted by Malthusian

    That's what I don't understand. This is not a money saving opportunity,
    There are 80 101 odd anonymous bods on the referrers forum pleading with each other to 'vote for me'
    Last edited by Tom99; 07-11-2018 at 10:46 PM.
    • AnotherJoe
    • By AnotherJoe 7th Nov 18, 9:30 AM
    • 16,020 Posts
    • 19,218 Thanks
    AnotherJoe
    I've voted this as spam. I would have if anyone else posted it, dont see the difference just because its been posted by MSE.
    Please dont criticise my spelling. It's excellent. Its my typing that's bad.
    • Former MSE Andrea
    • By Former MSE Andrea 7th Nov 18, 12:53 PM
    • 9,418 Posts
    • 22,339 Thanks
    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
    Could you do with a Money Makeover?


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    • Thrugelmir
    • By Thrugelmir 7th Nov 18, 1:21 PM
    • 65,011 Posts
    • 57,315 Thanks
    Thrugelmir

    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.
    Originally posted by MSE Andrea
    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.
    “If the financial system has a defect, it is that it reflects and magnifies what we human beings are like. Money amplifies our tendency to overreact, to swing from exuberance when things are going well to deep depression when they go wrong. Booms and busts are products, at root, of our emotional volatility.”
    ― Niall Ferguson
    • Malthusian
    • By Malthusian 7th Nov 18, 1:22 PM
    • 6,796 Posts
    • 10,997 Thanks
    Malthusian
    Please never use the spam button on a post by MSE staff. Posts are made for a reason.
    Originally posted by MSE Andrea
    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
    • By Malthusian 7th Nov 18, 1:24 PM
    • 6,796 Posts
    • 10,997 Thanks
    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.
    Last edited by Malthusian; 07-11-2018 at 1:31 PM.
    • verybigchris
    • By verybigchris 7th Nov 18, 1:37 PM
    • 528 Posts
    • 811 Thanks
    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.
    Last edited by verybigchris; 07-11-2018 at 1:59 PM.
    • Ogordo
    • By Ogordo 7th Nov 18, 8:25 PM
    • 9 Posts
    • 5 Thanks
    Ogordo
    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.
    Originally posted by Malthusian
    I've already seen people justifying signing up on Facebook for their referrals because this site says it's okay to do so.
    • londoninvestor
    • By londoninvestor 7th Nov 18, 8:45 PM
    • 1,335 Posts
    • 1,175 Thanks
    londoninvestor
    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
    • By Lorian 7th Nov 18, 8:54 PM
    • 4,851 Posts
    • 2,827 Thanks
    Lorian
    stock they've found.

    I'm worried though. Is it legit or could it be a pyramint scheme?
    Originally posted by londoninvestor
    Pyramint - used to love them

    I can imagine a new scheme now, collect enough spangles and trade them in for a pyramint.
    • londoninvestor
    • By londoninvestor 7th Nov 18, 8:57 PM
    • 1,335 Posts
    • 1,175 Thanks
    londoninvestor
    Pyramint - used to love them

    I can imagine a new scheme now, collect enough spangles and trade them in for a pyramint.
    Originally posted by Lorian
    I really liked Fuse - though apparently they've established a new life for themselves in India!
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