Sounds like they're trying to institute a global credit card structure with an alternative currency. At least that's how the FAQ reads. And they make it sound like their structure is going to blow away any of the existing credit card structures. And might be masking an MLM scheme, but it doesn't look like you're giving them money right away. However, they do talk about "tasks" in the future, which might be where the scam comes into play. More on that below.
Assuming that it's not a scam / pyramid / MLM, one definite problem with their argument is that they assume VISA, etc., are going to be standing still while Q gets up and going. And they're not standing still at all. They're already widely-accepted global networks, they already have really good data security, they're already widely accepted, and they don't limit themselves to being digital-only.
On the digital-only thing, Q speaks of not needing cards or cash, which means you're using a smart phone (or PC) or some other device that may as well be a card. But later they say:
Helping the unbanked: Connecting to the world economy the billions who don’t have access to financial services.
Which seems counter to having a smart phone to access Q in the first place, and relies on internet access for those people.
And then there's this:
How many Qs are there? Who holds them?
Two trillion Qs will be issued, to be distributed as follows:
80% are expected to be distributed as incentives — to encourage user activity and promote network growth. Around half of the incentives are reserved for buyers, and the rest for sellers, agents, contributors, and to incentivize growth-supporting activities within the Q network.
10% are assigned to the Initiative Q payment company, for the purpose of funding development of the world’s most advanced payment network.
10% are assigned to the Q monetary committee monetary reserves. These will be gradually converted to other currencies and financial assets, allowing any Q member to easily convert to other currencies if needed. Monetary committee members will be compensated according to industry standards.
Once the initial 2 trillion Q are fully distributed, the monetary committee may create and distribute new Qs in order to keep the money supply in line with economic activity and to maintain stability, as outlined in the economic model.
They say that the target value is Q1 = $1. So they're generating from thin air $2 trillion?
And why do this? Simple. They talk about a $2 trillion valuation for distributed Q, and the description sounds like credit card transactions. If a CC, er, Q transaction nets them 0.5% in fees (likely more than that since digital-only purchases can net a higher transaction fee from the vendor) then they're looking at $10 billion annually if each Q turns over only once per year. Not bad for creating a currency out of nothing.
About the 'tasks':
Requiring members to undertake simple tasks to qualify for the rewards. These are tasks that promote wide scale adoption of Q, for the benefit of all members (read more about the reasoning behind these tasks above).
Why am I required to complete tasks to reserve my full Q reward?
Initiative Q’s unique rewards model is what allows it to overcome the adoption barrier that has impeded previous payment technologies. It encourages fast adoption of advanced payment technologies, while others struggle to attract new users.
Initiative Q will be giving free currency to incentivize actions that help the system grow. That includes tasks such as: registration and verification of friends, installing the Q application, adding information, making purchases, etc. These tasks are in everyone’s interests, as they will help Initiative Q grow, and reach the target of releasing all Qs to members at a value of around one USD per Q.
Go ahead and join since it's free at this point, but I'd pay really close attention to those 'tasks' that you'll be assigned in the future. Wouldn't surprise me if they end up directing you to spend real money at some preferred vendors, or asking you to provide start-up funding. Healthy skepticism should be the order of the day.
