Initiative Q sounds too good to be true, right?

October 30, 2018 10:42 AM

An acquaintance has invited me to join Initiative Q (https://initiativeq.com/). I’m sceptical about “free money” and the promise of riches in exchange for personal data. I did some googling on Initiative Q and its founder Saar Wilf. However, I can’t seem to find any articles online that tell me why it is a bad idea to join - or even how it is supposed to work. MeFi community, please tell me if my worries are legitimate and where to find an explanation on a reputable site I could send to my acquaintance. Thanks!
posted by amf to Computers & Internet (7 answers total)

Best answer: Maybe you've already seen this link in your search: David Gerard is tangentially an expert in online currency scams and here's what he had to say about Initiative Q in June.
posted by muddgirl at 10:49 AM on October 30, 2018 [3 favorites]

To me it looked mostly like they're trying to generate some buzz and get people on their mailing list by making insane promises of the wealth that you will have once their startup payment system displaces all others and becomes the default global currency.
posted by contraption at 10:50 AM on October 30, 2018 [1 favorite]

Here's a thread from the other site that seems to cover some of the pro/con stances (David Gerard makes an appearance).
posted by rhizome at 10:56 AM on October 30, 2018

Rather than putting thought into how a global currency should work, who should control it, how fraud should be handled/prevented, how wealth should be distributed -- all important problems that should be dealt with very soon -- this company seems to be trying to build an army of early adopters who will urge, then obligate, their personal and professional connections -- you and me -- into using their currency.

This might make some people rich, possibly waaaay too rich, but not the ones you want; just the ones who only care about acting fast on new ideas. Not the ones who take time, care, and input to create things that are truly beneficial.
posted by amtho at 12:23 PM on October 30, 2018

Best answer: Not merely will this list be used to justify VCs investing, it's also a hugely valuable list of grade-A gullible marks and rubes. You don't want to be on it.
posted by scruss at 1:09 PM on October 30, 2018 [7 favorites]

Best answer: This company has invested zero effort into their idea besides viral marketing and a website. It's not "supposed to work" -- it doesn't exist at all. Wasting your time is their way of getting startup capital in order to build whatever they decide to build once they have startup capital.

The main reason not to do it is if you don't want the world to be full of people spamming strangers all day with their zero-effort business ideas and promising you a tiny iota of equity in their future hypothetical business if you sign up for their mailing list and shove ads in the face of your friends.
posted by value of information at 5:13 PM on October 30, 2018 [1 favorite]

Response by poster: Thanks everyone, just what I was looking for!
posted by amf at 6:20 AM on October 31, 2018