- @hodlonaut on Gwyneth Paltrow featuring an article about bitcoin on her website, Goop.
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IN CASE YOU MISSED IT
👥 Initiative Q We originally weren't going to comment on this, but enough people have asked about it. If you've heard of Initiative Q, you likely came across it on Facebook when a friend who either a) holds no cryptocurrencies or b) bought bitcoin at $20k posted a status about it.
Initiative Q, founded by former PayPal guys, plans to issue a centralized privacy currency, Q. Observant readers will notice there's no "crypto" before "currency" in their marketing material. The team lists out reasons behind this choice in their FAQ, several of which make cryptocurrencies meaningfully differentiated from fiat. Ultimately, it's a thinly veiled effort to neutralize regulatory risks tethered to their digital currency.
The Initiative Q referral system takes a page from PayPal's old playbook: you get an invitation to reserve some Q, and, once you're registered, you invite 5 other people to earn more. Q has a price ticker that indicates much they think the next spot is worth, presumably to manufacture a sense of urgency. And, with over 2m subscribers in a matter of months, it's been working.
As Initiative Q reaches more people, the value of the "next spot" consequently diminishes, so the team's bet is that the network itself eventually becomes more valuable than any proverbial carrot they can offer.
The obvious concern around Initiative Q is whether or not it's a ponzi scheme or game. The team's first-order defense is to point out you're not paying money to participate, only providing a few pieces of digital information about yourself. And here we see another classic case of the grotesquely overstated tech truism: if you aren't paying for the product, you are the product.
What Initiative Q's effectively done is build out a database of users who easily fall for get-rich-quick schemes and their like-minded peers. And, as the Financial Times original report has shared: "any number of disreputable people and companies would throw their hats in the air at getting hold of a database like this."
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"Apart from the nauseating and unimaginative use of the prefix “Bit” in yet another context, this idea is of course, completely absurd and unethical. It’s also guaranteed that this bad idea will face a robust and successful legal challenge that will remove the possibility of any sort of “Bitlicense” from being required anywhere in the United States, potentially causing that country to become the center of all Bitcoin business for the entire world.
Let me explain why. Some say that Bitcoin is money. Others say that it is not money. It doesn’t matter. What does matter are two things:"
📖Intro to Public Blockchain Scalability Vy Capital's Casey Caruso with a primer on different scalability solutions.
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THING TO KNOW
The Road Ahead
A book by Bill Gates that was published in 1995. It includes this excerpt which appears to allude to cryptocurrencies...