Just as Bitcoin is on another bullish run, Forsage, an Ethereum smart contract Ponzi scam is getting much popular to cashing on the moment.
Like every other multi-level marketing scams that have come and gone, there is nothing special about Forsage except a fanciful name and the fact that it chose to use Ethereum as its cryptocurrency of operation. Asides these two differentiators, Forsage is nothing but a scam that will burn all its unsuspecting affiliates.
So what exactly is Forsage?
According to its top affiliates Here is how Forsage was explained.
Forsage is a Smart Contract Crypto earnings program that you work from home at your own leisure.
There is no time limit or targets or pressure with this program. You may have heard or read about it recently. It is based on the particular features of the Ethereum cryptocurrency and it enables you to earn a long term residual income just by reffering this to 3 other people and asking them to do the same as you.
We really need to think differently with this new type of program. In fact many of us online marketers often refer to earnings opportunities as programs, but this really is one – a Cryptocurrency / Ethereum program that can’t be changed as it is all based on a smart contract…..
The Smart Contract is an established blockchain technology that refers to a type of automated digital contract that is almost unbreakable and unchangeable. One of the consequences of this is that, if for any reason Forsage closed its doors or its website, this program would still automatically function. This means that no human being can ever interfere or prevent the intended functioning of the prescribed process, either by bad intention or incompetence.
For those of us that have been in MLM / Network marketing for years and seen all the associated failures, scams and shutdowns, then an unbreakable opportunity like this is surely a breath of fresh air, to say the least. This is huge and that is by no means an exaggeration.
To join Forsage requires a one time payment of just 0.075 Ethereum. Over time you can earn a great deal with this program.
The more people you refer however, the more you will earn.
Forsage is set up to work with one of two Wallets, depending on whether you wish to administer this program with your Smart phone / tablet, or with your computer – Either Trust wallet for your mobile/tablet or Metamask for your computer.
Trust Wallet – Only for when you use your Mobile Device for your Forsage activities: Click here for details on how to get started with your Tablet or Smartphone using Trust wallet
MetaMask Wallet – Only for using your Laptop or Desktop Computer for your Forsage activities: Click here for details on how to get started with your Laptop or Desktop using Metamask wallet Both of the above wallets integrate with your browser to enable the Forsage program to function correctly and securely.
To summarise, Forsage is: Secure – Scam free, Protected by an Ethereum Smart Contract Inexpensive – You only need a one-time payment of 0.065 ETH
Reassuring – You are automatically paid by smart contract into your own crypto wallet Private – Cryptocurrency anonymity, so no need to create an account or give personal details. Lucrative – The Matrix and cycler program gives you 24 Income Streams.
Ethical – Everyone gets a chance to succeed and nobody can abuse the system.
So why is Forsage a scam?
The first red flag is that Forsage is purely an MLM scheme that only requires people referring people. You pay some amounts in Ethereum to get into the link and you need to refer more people to keep getting more money. There is no business transaction or smart contract in the scheme.
So basically, old investors are paid with monies brought in my new investors and the cycle continues until old investors get bigger and newer dry out and the scheme collapse.
However, before reaching a conclusion, here is complaints against of Forsage.
On Trustpilot, Renae Nicholson said:
“So I was lead to believe that it was a trading platform. A broker of sorts that held my smart contracts to trade in Etherium. Sounded good. Money would be earned straight away and if you referred people, you would make the big $$$. A week in, i have earnt nothing. And in my investigations, are learning why. The “training videos” are nothing more than promotional propaganda and I’ve now reported this to the online Cryoptocurrency Fraud division. I’ve asked the “upline” for assistance prior to making the report – to which I got told “Why would you expect to make anything” – “You have to do the work”.. Now I’ve had a very successful career in sales, Forsage has offered no product. The contracts aren’t worth anything if they aren’t making money.. just a little box on a screen in cyber space. Just a lot of smoke and mirrors. Fortunately for the woman who referred me, she is getting spillage from her upline and has made some very good money in a short period. But how poorly have we been mislead?? I have invested $2100 AUD to obtain contracts of 6×3 and 6×4 and haven’t made a cent. Don’t get me wrong, I have contacted the high levels to be fobbed off and told to “do the work” – ie: recruit or told to go back to the upline. When I explain I have, my comments are deleted and i am ignored. I would love to hear from anyone who can actually explain this legally. I am not having ANYONE I know sign up at a cost, I’ll pay it for them.. just to see if it makes a difference at this point. After all, I’d merely just be getting my money back based on some of the comments here.. The “contracts” are nothing, its just members moving Etherium between themselves. So why rip off your friends and family for them to do it to another? That’s some seriously bad karma right there. *yikes* Now, I may have all this wrong – so I’m begging someone to convince me otherwise.”
Another reviewer warned that:
“Anything MLM doesn’t go well for me. Once the site Is not offer in any product, it seems to me like a waste of money because if you don’t get any downliner that means you have Los your money.
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To conclude, there’s nothing special or legitimate about Forsage. It is an MLM scam using Ethereum as a cryptocurrency. The choice of cryptocurrency such as Ethereum makes it easy for the scammers to get away with the fraud when the scheme eventually collapsed.