Initiative Q

Haha someone I know just invited me to sign up to this as well... instantly thought it sounded like an ICO/pyramid scheme type of thing...

Still signed up with a throwaway email, just in case :p but immediately the usual tactics of this sort of thing rose up - the title page proudly proclaiming that "the next person to sign up will reserve $65k worth!!!!" and then as soon as you've signed up your dashboard thing shows "Current balance: $0 (out of your possible $65k).... invite up to 5 people to secure an additional $26k"... lol

I said the above to my friend... that it feels a bit Pyramid-scheme-y... his response? "Viral Growth Plan" :p
 
All the best startups have pictures of the (obviously real) people running the company, complete with googled/stock photos and made-up/engrish names.

I'm not investing unless these guys have one too. I need to know that I can trust CEO Marzipan Nerfherder who has a suspicious resemblance to that guy in the Halifax adverts.
 
Ordinarily I'd assume this was a scam but a friend of mine who has setup a few moderately successful tech companies has put out an invite. He was literally the first person I knew who used Twitter (back when nobody 'normal' had heard of it and were just starting to poke people in Facebook) and tends to get in early on stuff, I would have thought he would have looked into it to some level before signing up.
 
It doesn't seem like much more of a scam than plenty of crypto ICOs, they intend to be building something useful but in reality there isn't much point to it. It does have the MLM/pyramid-like structure when it comes to marketing the idea but doesn't appear to be a pyramid scheme, the amounts allocated seem to scale down over time.

It just seems pointless, they're seemingly solving a problem that already has solutions... why do I need a special currency to make payments? What is the benefit here?

I guess at least they're not reliant on the proof of work/mining nonsense that various pointless crypto currencies require - those things need to die soon tbh...
 
TheOracle said:
1. Buy new currency
2. Wait to see if it takes off
3. Cash out back to regular currency to make profits

Step 3 is why these things never take off lol

Cashing out back to regular currency defeats it's entire purpose
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depends what your purpose is - if it is to speculate for profit then cashing out is essential... aside from some illegal activity there isn't much point to these things other than speculation for the sake of it for so long as others are attributing some value to the relevant coin
 
HangTime said:
Ordinarily I'd assume this was a scam but a friend of mine who has setup a few moderately successful tech companies has put out an invite. He was literally the first person I knew who used Twitter (back when nobody 'normal' had heard of it and were just starting to poke people in Facebook) and tends to get in early on stuff, I would have thought he would have looked into it to some level before signing up.
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Does he plan to invest his own cash into it?

I can't see how a scheme like this would work without putting cash in at some stage. They might entice people in with free intro currency to start with, and then require you to actually make an investment of some kind to make use of the intro currency you've been given.

I think people's interpretation of this is almost like being given a stash of free bitcoins before bitcoin took off, and then they're now worth a significant amount.

In these types of schemes, money can't be created, it has to be moved from somewhere, and that will generally occur when people are asked to actually make a financial investment in this currency.
 
Yup, it will require people putting cash into it albeit seemingly with the organisers skimming 20% of the funds for themselves.

It seems utterly pointless, it is presumably aimed at people who feel like they missed out on bitcoin etc..
 
dowie said:
Yup, it will require people putting cash into it albeit seemingly with the organisers skimming 20% of the funds for themselves.

It seems utterly pointless, it is presumably aimed at people who feel like they missed out on bitcoin etc..
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Nail / head. It's amazing how quick peoples' brains fall out their skulls when there's money involved.
 
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I've seen this about a million times all over the place, by morons who know nothing about anything. They've been clear that they haven't built or done anything yet at all. It's nothing more than marketing.
 
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