SYLVIA MCKEOWN: New cryptocurrency promises stability and ease of use
Giving away money to make money does make 'Initiative Q' seem like a pyramid scheme
There is a new cryptocurrency in town, and in something akin to a Western, this small-time wannabe hero is determined to “fix the problem with currency” and has pitted itself against (possibly) the biggest bubble of them all, bitcoin. The only problem with these high noon stakes is that the currency in question is worthless. As it stands,there are 2-trillion Qs in the world — the currency of the would-be Q payment network. Initiative Q has dreams of a $1 to 1Q valuation in its quest to “integrate the best technological improvements that have been made in the payment industry over the last few decades to create a flexible, easy-to-use and inexpensive payment network.” These tools are nothing new, says the website, the problem is instead a classic chicken or egg barrier: “No buyer wants to join a network with no sellers, and no seller will offer a payment option that no buyer uses, they claim.” So they adopted the “if you build it, they will come” mantra and are manufacturing demand o...
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