Forsage Review: Ethereum based cash gifting scheme
Forsage provides no information on its website about who owns or runs the company. In fact Forsage claims it doesn’t have an admin.
The project Forsage no admin.
This is of course baloney, as someone obviously set up the company’s website and runs and profits from it.
The presence of Russian on Forsage’s default English language website suggests someone fluent in Russian is behind the company:
At the time of publication Alexa cites the US (22%), India (7%) and Venezuela (6%) as the top three sources of traffic to Forsage’s website.
Forsage’s website domain (“forsage.io”) was privately registered on February 9th, 2020.
Update 1st July 2020 – In a regulatory fraud warning, the Philippines SEC has outed Lado Okhotnikov as owner of Forsage.
This tracks with Forsage affiliate promotional material, which also cites Okhotnikov (right).
Okhotinov appears to reside in Moscow, Russia. However based on social media postings he is believed to currently be based out of Tbilisi, Georgia. /end update
As always, if an MLM company is not openly upfront about who is running or owns it, think long and hard about joining and/or handing over any money.
Forsage’s Products
Forsage has no retailable products or services, with affiliates only able to market Forsage affiliate membership itself.
Forsage’s Compensation Plan
Forsage affiliates purchase 0.05 ETH matrix cycler positions.
Matrix sizes used in Forsage’s cycler are 3×1 and 2×2.
A 3×1 matrix is simple in nature, requiring only three positions to be filled.
A 2×2 matrix starts with two positions on the first level, which expand to four positions on the second level:
A single 0.05 ETH initial buy in purchases a cycler position in both a 3×1 and 2×2 matrix.
Positions in the matrices are filled via direct and indirect recruitment of Forsage affiliates.
Once all positions in a matrix are filled, a cycle commission is triggered. The position cycling out of the matrix also enters a new matrix of the same size.
Cycle commissions across Forsage’s two cycler tiers are as follows:
- 3×1 matrix (entry is 0.025 ETH of the initial 0.05 ETH buy in) – generates 0.05 ETH in gifting payments and entry into a new 3×1 matrix
- 2×2 matrix (entry is 0.025 ETH of the initial 0.05 ETH buy in) – generates 0.075 ETH in gifting payments and entry into a new 2×2 matrix
Joining Forsage
Forsage affiliate membership is tied to an initial 0.05 ETH buy in.
Conclusion
Forsage are transparent about the illegal nature of their MLM opportunity:
Profit comes from other participants directly into your personal wallet.
Regardless of whether they are run on the blockchain or another scripted platform, gifting schemes are illegal.
MLM gifting schemes primarily benefit those who run them and top recruiters.
Forsage is no different. Whoever created the site will benefit the most, by way of one or more preloaded admin positions.
Top recruiters (those who get in early) receive what’s left, with the majority of participants ultimately taking a loss.
Contrary to what promoters of Forsage might tell you, “blockchain” doesn’t negate the laws of math or non-sustainable nature of gifting scams.
Footnote: This review is part of a series documenting Lado Okhotnikov’s Forsage Ponzi schemes.
To date that includes:
- Forsage – launched Feb/Mar 2020
- Fortron – launched Aug/Sep 2020
- ForsageTron – launched sometime after Jul 2020
- Forsage XGold – launched Sep 2020
Update 5th August 2022 – The SEC has filed securities fraud charges against Vladimir “Lado” Okhotnikov. Ten additional Forsage insiders and US promoters have also been sued.
The SEC alleges Forage and its various together formed a $300 million dollar Ponzi scheme.
Sick and baseless review obviously from some jealous low life, we know who developers of the project are AND what decentralized means.
So keep lying to people ,you ARE not even a participant on project.
FORSAGE IS THE BEST THING THAT EVER TOOK PLACE. STOP LYING ,HAHAHA, JEALOUS.
^^ Running scams on a blockchain doesn’t make them any less scams.
These idiots that come out of the woodwork defending blatant scams…you could set your watch by them.
And it’s always the same lines: “You’re just a hater; it’s over your head, you don’t get it; you’re not involved so you shouldn’t judge; I know the president and he’s a genius…”
Oh, and lest we forget, “BLOCKCHAIN!”
“BUT MUH BLOCKCHAIN!”
What makes it a scam?..it cost less than $10 in ETH to join and it is a new innovation called smartcontract where people work together to grow their income.
It is member to member.. so no one to run away with our funds.
We don’t use the US dollar the gifting laws do not apply.. Get a great understanding before you judge it at (Ozedit: recruitment spam removed)
All gifting schemes are scams.
Smart contract, matrix script, a notebook ledger at home. You can run a gifting scheme on anything, it’s still an illegal scam.
Gifting is illegal irrespective of the currency used. Illegal business models don’t suddenly become legal under “muh blockchain!
“Smart contract” is just a misleading name given to a certain type of computer program.
This program runs on a virtual machine, which is part of the blockchain on which the program is stored.
Such a program can do anything the rules of that blockchain allow it to do, but that is by necessity limited to moving around data within that blockchain – because that’s all any blockchain is capable of, with or without smart contracts.
Just like any other computer program, it can of course also contain bugs. There are estimates that at least 25% of smart contracts are buggy.
Such a computer program cannot “grow” anything, all it can do in terms of “income” is move tokens from one person’s wallet to someone else’s. Which it does automatically, without needing human intervention, when the conditions written into the program are fulfilled.
So if the smart contract used in this particular scheme results in more tokens being in someone’s wallet than before the program was activated, it means those tokens are gone from one or more other wallets belonging to other people. Just like in any other pyramid scheme.
Unless you (a) thoroughly know the programming language a smart contract is written in, and (b) are capable of thoroughly analysing just what it does, and which conditions will trigger it (which means you must have a thorough knowledge of every possible aspect of the blockchain it runs on), and (c) have established with absolute certainty it doesn’t contain any bugs, getting involved in anything based on a smart contract is just as foolish as signing a real, legally binding contract in a language you don’t understand.
What’s more, a real contract subject to a legal system whose courts you cannot access – in fact, there are no courts.
Where did you get this info, how can i look for more of this kind of data:
Aaaaand how can some know if this runs on a blockchain or not.
To my understanding a smartcontract will end if it can not finance its own activity, so I think its important to verify if it actually runs on ethereum or not
Alexa.
A smart contract in this instance is just the equivalent of a gifting script. Money goes in, contract sends it to recruiter.
The contract won’t end (it’s just math) but Forsage will collapse when recruitment inevitably slows down.
Forsage is no different to the non-blockchain matrix script gifting schemes scammers have been running for over well over a decade.
The smart contract is on the Ethereum blockchain alright, and they do provide a link on their web page:
etherscan.io/address/0x5acc84a3e955Bdd76467d3348077d003f00fFB97
A brief look at the source code shows it’s a variant of some kind of another Ethereum gifting pyramid scam called Smart Way (smartway.run).
The forsage.smartway.run URL in the source code actually gets you to the sign-up page of the Forsage website, so it isn’t a case of someone stealing the script, it’s the same people behind both.
IOW: someone in Russia (or a Russian-speaker) made a pyramid gifting script for Ethereum, and is running it under at least two different names, quite probably under more, with definitely more to come in future (perhaps with tiny little cosmetic tweaks to the script for each).
Oz, you said “All gifting schemes are scams” that said, Im sure, you have NEVER given a family member cash for a graduation or birthday. Right?
The difference is Oz didn’t attach a compensation plan and promises of “making money” to his gifts.
@Ric Lopez
If that’s the best you have…you are either a overt fool or a ponzi pimp. Right?
@Ric, you seem to be confused about what constitutes a gift, vs. a gifting scheme.
You may want to consult a lawyer before you continue to insert foot in mouth. Can’t taste that good.
It’s a $7 investment. Get over yourselves. No one is going to lose their home based on this.
A $7 gifting scam is a scam in which the majority of participants will lose money nonetheless.
How much people can potentially lose in a scam is neither here nor there. Forsage is an illegal gifting scheme regardless.
So what is the scam part?
I get the gifting.. which is legal up to $10,000 before reporting taxes.
So how is it a scam ? All i see is people getting a refearral fee for introducing people to Ethereum. There is no guarantees except you get paid everytime you introduce somebody to the contracts
Giving a gift of money to someone isn’t the same as a gifting scheme. This has already been pointed out.
Math dictates the majority of participants in a gifting scheme lose money.
A big part of the scam, as repeatedly illustrated here, is promoters of gifting schemes insisting they aren’t scams.
Interesting! Your calling it a gifting scam? I looked at it and from what I see is you are paying or (Buying) the smart contract, with the ability to resell it? Now just because you don’t understand that doesn’t mean it’s not a digital product.
On the point about a owner? What it means is its decentralize and on the ethereum blockchain which means that if the web site was not there or taken down people can still join directly with the smart contract on the blockchain and the rules on that smart contract can’t be change there immutable!
What this could be is the future of MLM, as so many leaders are sick and tired of MLM CEOs and owners changing things and doing things for themselves that is only for them.
You can use smart contracts to run the whole admin of a company, from products to payroll, commissions pretty much everything.
Do some research on that and right about what smart contracts can do and you might be really surprised. It will be a new world!
Giving a gift of money isnt the same as a gifting scheme.. can you help me understand the difference..
Is your conclusion based on mathematics or this companies success rate so far.. cause my research says 95 % of small business fail in the first 3 yearsd. So should 1 person not open a business..
You have yet to identify the scam. Which is why i came here before i invest.. what is the scam, cant be people encouraging gifting
Gift is a gift and act of altruistic greatness. No calculations is involved with the real gifts.
You give somebody something (money, chocolate, flowers, jewellery, your time…) and basically don’t expect to get anything back from this person or anybody other (well – maybe you can expect to get some love, delight or perhaps respect in return, but you should not give just because you want to force, gain it). Gift is not a business.
Gifting scheme is a type of the scammy business. In fact, it is a special case of pyramid scheme. You give something (mostly money) with expectations of getting more back from others joining the scheme and making the same type of “gifting” for your benefit. You need at least two other persons to recoup your gift back + get more.
Math for gifting schemes is clear: in the end, there is a bottom layer of the pyramid filled with people in loss (victims, who were not able or don’t want to recruit other victims and thus turn themselves into net-winners). And the number of people in this bottom layer is always higher than number of net-winners in the all upper layers of the pyramid.
No matter how wide or sharp is a pyramid (e.g. if you should recruit only 10 or only 2 persons…)
Is it hard to understand?
Nice review. I wrote one myself. It never ceases to amaze that some people just can’t understand that if there is no product or service then there is no opportunity.
People just getting other people to join and bring in new money is the classic example of a ponzi scheme.
@Joni
Yeah nah. You gift in $x and that qualifies you to receive $x from subsequently recruited participants.
That’s a gifting scheme and they are illegal the world over.
Someone owns Forsage’s website. Someone set up the smart contract. That person is the owner.
MLM gifting schemes primarily benefit the owners as they position themselves at the top of the pyramid.
Gifting schemes have been around for decades. This is nothing new.
You might want to look into Nui. Blockchain + MLM = a solution desperately looking for a problem.
@John
I gift $10 to someone for their birthday. There’s no business opportunity attached to that.
In an gifting scheme you pay in to qualify to receive gifting payments from subsequently recruited participants. These are illegal scams.
Math is math. MLM gifting schemes rely on constant recruitment to survive (pyramid scheme model).
When recruitment inevitably collapses, the majority of participants have lost money.
I hope people also understand that even if there is a product or service, it is not a legitimate “opportunity” unless those products are sold to a majority of non-affiliates.
Attach a product or service and you have a classic product-based pyramid scheme – if using the MLM method.
Just invested $10…. at least I don’t get angry when someone is sharing their research.
This is also verbosity to get people to invest.
Doesn’t bother me what you do with your money.
Just don’t try to pass Forsage off as anything other than a gifting scam and we’re good.
In every cash gifting scheme, only the top 15% ever make any money. Then you have to realize that the person running this gifting scheme has multiple fake names, which is them, and all their friends and family are at the top.
They are the 15%. Everyone else loses their money.
This formula never changes nor will it. It is how they steal your money. But they do sound altruistic don’t they in their pitch. You are nothing more than a mark and sucker to them.
If you like I can name you all the cash gifting schemes that the leaders have been prosecuted or the leaders ran with the money when it collapsed, which they all do.
1. How can it be a scam as the smart contract doesn’t hold any money?
2. How can it be a scam if all the transactions goes direct from one wallet to another and no one else accept the contract in the blockchain is involved?
3. Why are you saying it’s a Ponzi and only the people in the top is earning on this, as there are many, many examples of people coming in late and earn more then others?
4. You say, A brief look at the source code? If you really look into it and did a deep investigation as I did in like 10 minutes, you would see that smartway.run and Forsage is two different things.
They have not the same contract. Yes, it’s correct that it is the same developers for that. But also that can explain why the smart contract for Forsage has links to the smartway.run.
If you read what it says
* SmartWay Forsage
* forsage.smartway.run
* (only for SmartWay.run members)
For me it’s clear, they refer to that this contract should not be mixed with SmartWay.
#FACTS
1. Because whether the contact holds money or not has nothing to do with Forsage being a gifting scheme.
2. Because that’s what an MLM gifting scheme is, new participants gifting existing participants.
3. MLM gifting schemes and Ponzi schemes are similar. You hand over your money to scammers and then proceed to steal from those who deposit after you.
Forsage is a gifting scheme. I wouldn’t classify it as a Ponzi scheme. Both are scams so it’s an academic point.
4. A smart contract is just code. Multiple scams running the same backend is no different to multiple gifting schemes using the same matrix script.
Forsage is an illegal gifting scheme. #FACTS
I’m new to these Ponzi/MLM schemes but i have been with “contact” with this forsage one. Never invested in a Pyramid Scheme but just from watching how it is a scheme.
And the most thing that i don’t understand is about the numbers, everyone says that most of the people in the Pyramid Scheme loses money.
Ofc i know that is due to populattion, but im trying to make some math(low level math i gotta say)
What people mean is:
People called on the left and total on the rigth, imagine that we have 1025 populattion
1 1
2 3
4 7
8 15
16 31
32 63
64 127
128 255
256 511
512 1023
Total on left: 1023
Means that all the 512 people dont have anyone to call to the pyramide scheme and will lose what they have invested in, rigth?
Its what it makes ilegal and a pyramide scheme?
@Zize
Pretty much, although in practice the math isn’t so linear.
At any given time the majority of participants in gifting schemes haven’t recruited anyone to make their money back yet.
It is mathematically impossible for the majority of gifting participants to break even, let alone turn a profit.
That and the fact these are just money games that benefit the scammers running them is why gifting schemes are illegal.
Misrepresenting fraud as a legitimate business opportunity is also a large part of it. You can see plenty of examples of that in the comments here.
@minapassivainkomster:
It was me who said that. The one and only reason I was able to make that connection was because I took a short glance at the source code.
I’d never encountered the name, and URL, “smartway.run” before I saw it right there, in the Forsage source code.
But to you, that source code is evidence that Forsage and Smartway.run are two entirely different outfits. Right.
Could you perhaps explain to us, if they’re two different companies, how come the URL forsage.smartway.run redirects to forsage.io? (I just checked again to be sure, it still does.)
Because that can only happen if the people who own smartway.run have (a) deliberately created that subdomain, and (b) deliberately pointed it to the website of what, according to you, is a different company.
Not only a different company, but one running exactly the same kind of ‘gifting’ scam – and therefore, a direct competitor.
Give me one plausible reason why the owners of smartway.run would have a subdomain under the name of a competitor, and have it redirect to the sign-on page of that competitor.
So I joined forsage about three nights ago, and so far all my earnings have been sent to my crypto wallet (Trust wallet)…
I totally DISAGREE with it being a scam!
… and I totally AGREE that it’s a risk… But what business model is without a risk?
I registered with what, $10?… and that’s given me access to earning so much in THREE days!
Other than my initial input of $10 or so (which I have already gotten back about 5hrs after I got in)…I really don’t see why I shouldn’t invest in such a platform.
There’s a lockdown! Companies are laying off workers! Industries are cutting down salaries! Stores are shutting down completely!… and you believe a $10 “risk” ain’t worth it? Wow
Oh well, my take on it is that it could be short term… But my earnings are safe even if they shutdown cause they “technically” don’t store it up in the website, and they got registered on the 9th of February or so… Which means there’s still a lot of time to make so much more…
I ain’t backing out just cause of $10…
(Ozedit: recruitment spam removed)
When there’s a will, there’s a way…
Love and Respect your view though… Now and always!
Forsage is a gifting scam because of it’s business model.
Whether you successfully steal from those who join after you is neither here nor there. Math guarantees when recruitment inevitably dies down, the majority of participants will be out of pocket.
Best of luck with the scamming. We’ll be here for your victims.
I signed up.. they said refer 2 people and get your money back.. i did just that.. straight to wallet.
If that’s the model just get 2 people how can someone lose money being at the “bottom”?
Because 2*2*2*2*2*2 etc. and you’re shit at math.
How is this any kind of gifting scheme when no money is being exchanged.
I got in using my etherum profits. Oh, and by the way ethereum is not money.
There are no countries that recognize crypto as a form of money. There is no law about a gifting scheme with rocks.
Illegal business models don’t become legal because blockchain.
If you assign a dollar value to something and run a gifting scheme with it, it’s an illegal gifting scheme.
You say it’s “profit”. Then in the next sentence you say it’s not money.
Perhaps it is YOU who’s confused.
You sing 2 people and get paid. Great! These 2 people are paid? Not so far?? But eh… they might recruit next 2 people each. E.g. 4 people. And here we go! 3 people (you and your 2 downlines) paid and 4 unpaid (screwed).
OK. We can go furhter… Each of these 4 will recruit his pair (8 people total).
Everybody’s happy? 7 people in upper levels of pyramid paid, 8 unpaid.
Shall I go further? In binary schemes there are always +1 person in the bottom level than in all other upper levels. Got it? There is always +1 more of screwed than satisfied. Oh, and did I mention geometrical speed of increase of screwed (2, 4, 8, 16, 32, 64, 128… 2^n)?
@Oz
I feel for you.. its like you trying to remove a splinter from a lion’s paw but it keeps slashing its claws at you.
I respect your character.
Replace lion with brain-damaged hamster and… yeah.
It’s “only” .05 ETH to join (about $12).
Until you go to Level 2 and pay .15 ETH ($37)
Then Level 3 – .35 ETH ($87)
Level 4 – .75 ETH ($187)
Level 5 – 1.55 ETH ($387)
Level 6 – 3.15 ETH ($787)
Level 7 – 6.35 ETH ($1587)
Level 8 – 12.75 ETH ($3187)
Level 9 – 25.55 ETH ($6387)
Taking people’s money one step at a time until they are all in for $12,658.
yEaH bUt YoU pAy FrOm YoUr PrOfItS! (other people’s money you’ve stolen)
Yes there is. If you run a scam whereby you get two people to give you a rock and then they have to scam two other people into giving them rocks and so on ad infinitum, it will still be recognised as an illegal pyramid scheme.
You’ll probably all go to a secure hospital rather than prison, but it’s still a scam.
Most countries don’t recognise dollars as money – you can read their entire statute book and nowhere will it mention dollars.
But if you break their laws against fraud by scamming people out of dollars, “I didn’t scam them because dollars aren’t recognised as money in France / England / Kenya” isn’t going to work as a defence.
bRad: said:
Scammers invent and throw a blanket statement onto whatever fits their agenda.
While in USA, The Commodity Futures Trading Commission has regulated (and may continue to regulate) virtual currencies as commodities and the Internal Revenue Service classifies it as an asset. Other countries have taken various approaches:
In Japan, cryptocurrency is recognized as “miscellaneous income” (and is treated as “property.”)
SOURCE: complyadvantage.com/knowledgebase/crypto-regulations/cryptocurrency-regulations-japan/
And France DOES, indeed, now recognize bitcoin as “money.”
SOURCE: blockonomi.com/bitcoin-recognized-as-money-by-french-court/
Meanwhile, Gifting Schemes continue to be recognized as fraud around the world.
The trurh of the matter is that ponzi or no ponzi people will always join the system knowing fully well that they might loose or gain.
Some join for the fun of it while others see it as a calculated risk.. However, the owners of MLM schemes or MLM recruiters should always set in place a disclaimer notice just to be guided.
All things being equal,from my own anlysis forsage is the first and the best contract i have ever seen and i see it long lasting…Peace and out…
^^ Stop making excuses for scams. Just because you’re morally bankrupt don’t assume the rest of the world is.
As for contracts, Forsage is no different the plethora of gifting schemes that have come before it. It’s the same mathematical formula, guaranteeing the majority of participants lose money.
Here’s a disclaimer: Cash gifting scams like Forsage are illegal.
No, it doesn’t. I don’t know how many versions of this I have seen by now: claims by cryptocurrency enthusiasts that some country or other has recognized cryptocurrency in general, or one specific one like bitcoin, as “money”, or “currency”, or “legal tender”. Such reports invariably turn out to be wrong. In this case, if you bother to look it up (and know some French), the ruling by the Nanterre court says the exact opposite.
The case involved a loan in bitcoin. The court decided that the bitcoin involved must be classified as an actif incorporel of the company in question. If you look up the legal definition of that (and it’s an extremely basic legal concept): it is a non-physical, non-monetary, asset.
The most common form of that is intellectual property of all kinds, but it also includes even less tangible things like “goodwill”, or “reputation”, attached to a company name. It is something which has value, to which a monetary value is sometimes attached for bookkeeping or contractual purposes (for the assessment of which various methods exist), but which doesn’t exist physically, and isn’t money. If it had a physical existence, it would be an actif corporel. But it very, very definitely isn’t money – or it would be an actif financier.
If a French court had ruled that bitcoin holdings must be considered an actif financier, the way holdings in foreign currency are (despite not being legal tender in France itself of course), that would be a remarkable development. But this ruling is wholly unremarkable.
There’s also nothing to stop another court ruling in a different way in a different case. Precedents are much less important in continental Europan legal systems than they are in anglosaxon ones, and they definitely do not create new law.
@PassingBy: There are multiple definitions of the word “money”. You’re defining it as “liquid cash” but “money” can also mean “assets” in general.
If you asked me “how much money do you have with Fidelity” I would look at my current valuation and answer “£53,182”, not “Nothing, my Fidelity account holds equity funds”.
If a scam uses Bitcoin for both receipts and payments, and Oz says “Ponzi maths guarantees that most investors will lose their money”, Oz’s statement is not incorrect.
Brad’s #38 posts uses both definitions and, using typical moron logic, mixes them up to conclude that Forsage isn’t a scam. First he says “This is not a gifting scam because no money [assets of value] is being exchanged”. As the basis for this claim he says “Cryptocurrency is not money [liquid cash] because governments don’t recognise it as [liquid cash]”.
Because he is using two different concepts – assets of value and liquid cash – this is a total non-sequitur. He might as well say “Cryptocurrency is not an asset of value because governments recognise that it’s not a banana”. But he is relying on the fact that both concepts can be described by the same word.
Logically this is equivalent to beating someone up with a baseball bat and saying in your defence “Bats have wings and fly around squeaking, my bat doesn’t have wings and doesn’t squeak, therefore it can’t be a bat”.
I wasn’t defining anything myself. I merely pointed out how the term actif incorporel is defined in French law, the classification one French court in one case assigned to one specific loan in bitcoins, and which was then reported as “France” supposedly having “recognized bitcoin as money”.
That definition in fact entirely excludes money, in however loose and informal a sense of the word you want to use.
To take your own example: an account holding equity funds in French law is classified as an actif financier, just as cash is. The court in question specifically ruled that a holding in cryptocurrency doesn’t qualify – the classifications actif financier, actif corporel and actif incorporel are mutually exclusive, and it assigned bitcoins to the third one.
That’s exactly what makes the claim I responded to so bizarre, and why I felt the need to correct it: the court ruling is the exact opposite of what is claimed (and quite unremarkable).
None of this of course has got anything to do with the definition of an illegal pyramid scheme.
This forsage thing is just a scam the moment my friend tried to convince me to join i made some research.
Basically they is no retail product at first i thought it was digital marketing but then got to realize that it was some pyramid joining scheme… recruit more and earn more … the maths simply doesn’t add up.
You are wrong to label it a Scam. The word Scam means “a dishonest scheme; a fraud.”
There is nothing dishonest or fraudulent about the Forsage Program. It is run by immutable code on an Ethereum Smart Contract. All the code is transparent for anyone to see.
etherscan.io/address/0x5acc84a3e955Bdd76467d3348077d003f00fFB97#contracts
People are told at the outset exactly how it functions. That if they wish to make money it will be entirely from the people they recruit and the people those people recruit.
100% of the money is distributed automatically and transparently by the Ethereum smart contract with none being diverted to the person who wrote the smart contract.
You may not like because it is in effect a very efficient pyramid scheme that can not be subverted or changed by anyone, not even the designer. But to claim it is a Scam is simply wrong.
Gifting schemes by nature are fraudulent.
You claiming gifting scams are not fraudulent is dishonest.
QED Forsage is a scam.
Irrespective of whether Forsage tells people it is an illegal gifting scam before they sign up (they don’t), it’s still an illegal gifting scam.
Just going to leave those sentences there. Intelligence 404.
Things are only fraudulent when there is an element of deception. Definition of Fraudulent- “obtained, done by, or involving deception, especially criminal deception”
The meanings of words matter and you just don’t get to change them because it suits you.
Running around claiming Forsage is anything but a gifting scam is deceptive.
Promoting Forsage as anything but a gifting scam is deceptive.
And with respect to the law, gifting schemes are illegal the world over. Period.
No one is promoting it as anything other than what it is. That is why I have absolutely no problem with it. It is a gifting scheme that is executed by an unalterable computer program where all its working are completely transparent.
Call it a gifting scheme, a pyramid scheme, a matrix or chain referral scheme. All of those are correct descriptions.
But to claim it is a scam or fraudulent means you don’t understand the meaning of the words.
Nice that you can speak for every Forsage promoter. Yet you’re on here shilling Forsage isn’t a scam. That by definition is fraud.
is a scam because all gifting schemes are scams in which the majority of participants are guaranteed to lose money. That’s where the discussion ends.
And even if you’re too “but much blockchain!” to accept that, transparently running an illegal gifting scheme through an “unalterable computer program” doesn’t legalize cash gifting scams.
That is like saying all fish swim, so everything that swims is a fish.
No it’s not. I never once stated everything is a scam. I stated all gifting schemes are scams.
There’s a pattern of pseudo-intellectual “you don’t understand” nitpicking here on your part. It’s tiresome.
If you’re quite done attempting to defend fraudulent scams, I think we’re done here.
Best of luck with the scamming.
Actually I am not done. (Ozedit: Yeah, you are. Waffle removed. Bye.)
This isn’t a one way street. If you don’t want to address a response to your comments then it’s spambin.
Thank you for your article. I almost sign up but decided to do some research.
Just seems that some people cannot phantom that a gifting system, involving the selling of non tangible/ no retailable products or services to new recruiters who in turn must recruit to earn are illegal and contains the classic features of a pyramid scheme.
It seems that their desire to earn (which I understand especially in these times) overshadows their logic thinking.
Its an incredible business and maybe u dont understand it… i chat to the creator often on telegram he us an awsome guy,x
What’s not to understand?
Forsage is a simple gifting scam. You bumchumming Forsage’s admin doesn’t change that.
Is forsage a pyramid scheme.
MLM gifting schemes rely on constant recruitment to stay afloat, so yes.
We making money with FORSAGE that’s what matters…only Registered with 9 u.s dollars nothing more….
No what actually matters is Forsage is a gifting scam in which the majority of participants are guaranteed to lose money.
Nobody gives a crap whether you as an individual are stealing people’s money or not.
I have read so far from the beginning, it seem amazing.
I’m now understand this as as pyramid stuff once you invest you get income from other two people you recruited so as from that point you will have what you have invested, where by it up to those who you recruited to work hard inorder to increase your income.
In short everything is risk investment.
In short, Forsage is an illegal gifting scheme in which the majority of participants are guaranteed to lose money.
Risk is neither here nor there.
This Review is priceless.
In 2016 I signed up with a similar platform with FORSAGE that signs people up with as little as 0.00001 Bitcoin. All went well I grew my Bitcoin to 0.08 and one faithfully day the whole so called Platform went blank. The name of the Platform was COINN.
Nevertheless, I landed on this review page because I didn’t want a similar occurrenc, was warming up to sign up on Forsage… I’m glad I got good information for me.
Thanks so much guys.
Interesting! Your calling it a gifting scam? I looked at it and from what I see is you are paying or (Buying) the smart contract, with the ability to resell it? Now just because you don’t understand that doesn’t mean it’s not a digital product.
On the point about a owner? What it means is its decentralize and on the ethereum blockchain which means that if the web site was not there or taken down people can still join directly with the smart contract on the blockchain and the rules on that smart contract can’t be change there immutable!
What this could be is the future of MLM, as so many leaders are sick and tired of MLM CEOs and owners changing things and doing things for themselves that is only for them.
You can use smart contracts to run the whole admin of a company, from products to payroll, commissions pretty much everything.
Do some research on that and right about what smart contracts can do and you might be really surprised. It will be a new world!
Nah. You gift x in order to qualify to receive x from subsequently recruited participants.
Gifting scammers have been hiding behind PLR since the dawn of time.
Nothing. Someone set up Forsage and owns all the top positions. They are the owner.
Right, just like pen and paper gifting schemes and then matrix script gifting schemes before them.
How about instead of making excuses for scammers you do some research on gifting schemes. Adding “BUT MUH BLOCKCHAIN!” to existing scam models doesn’t legitimize fraud.
This scheme is gaining popularity in the Philippines (particularly in my hometown) and most of the people I know are promoting it in facebook. Like daily, they’re bragging about their earnings to lure other people to join. Lol
I got intrigued about this new scheme so i did research about it but so far, this article (including the intelligent comments/thread) enlightened me so much.
Got to a point where i almost wanted to join but i still believe that there is no such thing as easy money. One comment that really helped me decide not to join is from Dewey Diligence #44.
I thought you’d have to pay only the joining fee and that’s it.. but i didn’t know there are other levels as well until i read it here.
Just wanted to share how I feel about reading this article. Lol.. I’m just really thankful for the info.
I gave $20. Thankfully that can be recouped. I was introduced by a friend. I was put off by the term recruit.
if i have a group whereby we share money mongst ouselves is that also a scheme?
we are four members that receive our slalaries on diferent dates so one that get paid first gives the agreed amount to each member and so it goes until all members had a turn to give the amount.
again is this also a money gifting scam
Sure but it’s not a gifting scheme.
What you and your friends do in private with your money is not the equivalent of a gifting scam mass-marketed to the public.
I’m really impressed at all these reviews, and I would have been reticent but the way some people redefine this whole deceptive program makes me see it with thus just pathos.
I just wish we can be sincere for once in life, as many claiming it to be decentralized, you need a mental decentralization too, as you only hype this whole thing cos you’ gain and don’t give a shit at what happens.
do you really imagine yourself sometimes being the scapegoat? If yes, will your judgement be thesame as thus now a beneficiary???
Thanks oz, I kindly request for your email please.
Contact button is on the top right of every page.
Is the million money scam? Because you can always withdraw at any level, it doesn’t mean you can’t have your money back.
All gifting schemes are scams.
Not revealing the particulars of the promoters of Forsage MLM.
WHAT ELSE BEST EVIDENCE YOU NEED?????
Scam or not i joined its just $7 lol.
Takes a whole lotta $7 victims to cash out one Forsage cycle.
#83 everyone knows gifting scheme a scam please say something more about company registration any other default in the company. Just saying the same thing again and again again and again It’s doesn’t make sense.
Everyone knows cigarette smoking is injurious to health But people smoke So better you tell. Few other things about the company that you can convince the people it’s a scam.
Just saying gifting scheme are scam gifting scheme doesn’t make any sense.
We’re not here to convince people gifting schemes are scams. You don’t want to accept the sky is blue that’s on you.
You can’t force people to accept facts, but you can keep pointing out their alternative facts are full of shit.
We covered why gifting schemes are scams in the review itself, which I suspect you didn’t read.
This is not a review of illegal scams to see which one is less scam than others.
I honestly give the creator of this review huge credits.
I for one have registered on this forsage already. But i found it imperative to still read up on it and fortunately stumbled on this review.
Added comments from the supporters of the legitimacy of this MLM have further led me to realise the illegal gifting system it actually is.
For those saying its decentralized. I hope they understand the fact that it was initially created by a developer. And for any project there is a commensurate reward or reason for doing it.
The programme probably used that terminology to remain anonymous and as an effective ploy to lure more people to the scheme.
Since i registered i haven’t earned a dime because i was unable to refer two people under me. And when registrations reach its optimum as it will and these same scenario i found myself presents itself to all other last set of recruits.
The scheme is going nowhere but down the drain.
One last point of call is that a program may be decentralised but it still doesn’t take out the fact that it was created by a developer to make profit (anonymously this time) and the developers most definitely have raked in huge profits illegally.
I really enjoy the argument here.
I think the major issue here is that many people will lose their investments in the end. But isnt that a normal occurence in the bizness world?
There’s a difference between losing your money in a legitimate business vs. getting scammed through a gifting scheme.
Wow am really amazed with these article and the arguments so far but my take on these is that whether you agree or not forsage is a ponzi scheme like ultimate CYCLER, which I signed up for 2017 I never got a dime because I was unable to refer anyone, and ever since the case of Dr Ruja Ignatova owner of ONECOIN ran away with millions of dollars made from investors till date she’s nowhere to be found, and I think that’s one of the reason why the owner of forsage hind his or her identity from the world in case something of such occurs in the future…
I know some of you will say the money is been paid automatically into my wallet… Come on guys this is matrix not everyone will get paid others who get paid are those who are like forsage (unidentified scammers) let’s be realistic about these facts.
You register and pay 7 or 12$ and you refer 2-3 people you get the exact amount you spent come……. These is scam you are basically scamming others and the ones you recruited are unable to register anyone that’s the end no money….. N
OTE I WILL BE HERE AGAIN IN 8MONTHS TIME TO SEE IF FORSAGE STILL CONTINUES TO FOOL PEOPLE ABOUT SOME BLOCKCHAIN THAT IF THE SYSTEM GOES OF OR BEING HACKED IT WILL STILL CONTINUE TO FUNCTION. let’s see if it’s true.
Thanks Oz, very insightful, sadly some people’s naivety (greed) make them easy marks for these types of scams.
I’m in South Africa and somebody just tried to recruit me. It sounded like a pyramid scam to me at first blush, so I thought I’d do my research first and thankfully I ended up here.
The old adage still holds, if it’s too good to be true, it usually is.
BITCOOOOOOOOOOOOOOONECT!!! Look it up folks.
It’s by far the worst scam I’ve ever seen. How can you be so naive to fall for this!! It took less than 10 minutes to identify this scam.
Well with respect to all the thoughtful individuals who have argued this matter, I will only say few things while I allow the pricing the house to reign.
A business that grows and get to a point where it can no longer retain or get more customers is bound to fail.
As for Forsage, it’s your choice either to join or not. Which ever one you choose has a Risk attached to it. But those risk are not equal. One is greater than the other. (You can analyze that your self).
Forsage is decentralized, yes, the site can accessed from multiple addresses, not sure about that.
Let me make this in a simple language, I will Recommend Forsage for anyone who is willing to take the risk attached… But I will advice you first.
1. Forsage might be the lasting pyramid scheme you know, but always have it behind your mind that, they can’t recruit the whole world. When there are no more recruit, where will your income come From seeing that there is no goods no service?
2. You might be that last set of recruits. If that happens, you are bound to loose.
3. The program didn’t just start on its own. Some people are behind it. Telling me it runs under multiple computers all over the world, that makes sense, but someone has to oversee it’s operation.
4. Just like every other program, it’s not perfect.
5. As for Forsage being a gifting scheme, it depends on you and what you chose to call it.
6. If you can manage the risks of any kind of pyramid scheme, then Forsage is the best for now… But if your luck darkens at any pyramid scheme, then run away from Forsage.
7. If you can’t pay for a thing, you can never own a thing.
Remember, it’s a Risk not to take a Risk
Gifting schemes aren’t businesses and don’t have customers.
Joining any scam is optional. It’s a moot point to make.
Forsage is a gifting scam in which the majority of participants are guaranteed to lose money. Stop making excuses for scammers.
I am from Philippines and most of my friends have signed up to this “forsage” thingy. Since the way they earn money smells fishy, I chose to investigate about it.
Some sites that I have been to says that forsage is not bullsh8/scam because of smartcontract. Now, I am tempted to invest/give money because the “spillover” thingy sounds so good (you can gain money from upline and downline through spillover, that’s what they’ve claimed).
Can someone please explain to me how does this spillover thingy works?
People recruited by other people are placed in your matrix for you to steal from.
Bitconnect, USI-Tech and now this. Cryptos are here to stay and so will the scams until the masses learn the hard way. The only people that make any money are those at the top, recruiting heavily to their lists.
I know many so called marketers peddling this crap heavy.
Stay away! I’m still paying off loans i took out for investing into Bitconnect and USI-Tech.
Hahaha! Oz! You’ve got one amusing way of defying these Ill-knowledged defences…
All gifting schemes are scams, regardless of how legitimate they try to be portrayed as. And that’s simple enough!!
And just as I keep saying… It’s usually schemes like this that hurts the reputation of legitimate brands in the MLM industry.
Forsage is not the first of it’s kind and unfortunately won’t be the last of it, as long as gullible ones still fall prey to this sort of gimmick, and this predisposes it to its inevitable failure.
It’s not just an illegal pyramid scheme… it’s one on steroids (designed to seem stronger) but from start to finish, it’s as dubious and illegal as it gets.
And it will definitely end in tears for the majority of people. Buh most people would rather want to fall victim than yield to well-informed advice.
So…sorry for your lose in advance.
@Godwin
Thanks. I Try to keep it light but it does grate hearing the same false scam justifications over and over again.
Why you keep calling it a scam ? Even you cannot invite you can still get a share called SPILL OVER and that is not happening with the PONZI or PRYRAMID scheme.
The thing here is that you invest your money for ETH and share the good news to others and others will share it.
Why you call it a scam when someone is still earning even then referring someone?
These comments are funny…. IRS TAX laws are there for a reason, so are gifting laws. Just because someone says it’s a scam, their opinion isn’t the end all.
If if not for you, then dont sign up….
Spillover has been happening in every matrix-based Ponzi or pyramid scheme for well over a decade.
Because every gifting scheme is a scam in which the majority of participants are guaranteed to lose money.
You don’t need to rely on opinions when Forsage’s business model spells out its a gifting scheme.
Gifting schemes are illegal the world over.
The underpinning of this opportunity is that it creates demand for Eth (or Ether, Ethereum’s crypto currency). This demand causes the price of Ether to increase. This is clearly legal as it mimics ANY investment that generates income from capital gains. People trade in currencies all the time, so get that difference straight.
In addition, all market indicators and MOST crypto experts (Ozedit: derails removed)
As for Forsage, they can’t scam anyone in the traditional “MLM way”. They can’t manipulate the currency. They can’t hide ‘earnings’. They can’t steal anyone’s Ether (or dollars).
There isn’t really much they can do other than ride the referral wave for as long as possible, leaving many “victims” without the million dollar fortunes they may be dreaming of, but…. those dreamers WILL be left with a currency that will increase in value by a factor of five to ten times, as demand for Ether increases.
Looks like a win/win to me.
Michael Schmidtman
P.S. You are seeing Russian because the inventor/programmer for Ethereum IS Canadian/Russian. He is a computer and programming genius by the name of Vitalik Buterin. Research his name and you will see he is the REAL thing. So is his creation, Ethereum.
P.P.S. Don’t let your hatred for MLM get between you and the truth. The entire slant of your article impugns the best application of blockchain technology in the world. You should try to be more dispassionate and less self-righteous.
A gifting scheme creating demand for its vehicle of choice doesn’t make it any less of an illegal scam in which the majority of participants are mathematically guaranteed to lose money.
None of that negates Forsage being an illegal gifting scam in which the majority of participants are mathematically guaranteed to lose money.
Except for the majority of Forsage participants, who are mathematically guaranteed to lose money.
Oh shut the fuck up, Vitalik Butterin has nothing to do with Forsage. That’s like inferring Bill Gates is behind every scam because the scammers that create them use Windows.
Yeah look if gifting scams it the “best application of blockchain”, ultimately blockchain itself will become illegal.
Says a lot that you’re willing to admit blockcahin is only good for scamming though. Crypto fuckboys, I swear to god…
Don’t let the brain-damaged hamsters get you down, Oz.
Oh, and I’m new here, but at #3 I pretty much called the lame-o excuses we’d see. Not that it was hard; all it took was my not being a brain-damaged hamster.
Forsage and Crowd1 have unfortunately managed to attract the dumber than dogshit crowd.
South Africa in particular is quite the “victims in the making” cesspool at the moment. Throw in crypto fuckboys who either don’t care or are new to scam models and… ugh.
Forsage is not a scam. The people who are running around spreading bad rumours about this platform it’s either they have zero knowledge about it and or maybe they are jealous of the poor people who are now changing their lives with forsage.
A rich man always wants to see himself rich and see the poor remains poor forever.
Math doesn’t give a crap if you’re rich or poor.
All gifting schemes are scams and the majority of participants in gifting schemes lose money.
There are some people like that. They’re the type who start scams like Forsage and Crowd1 to steal poor people’s money.
Stay away from these schemes, or you’ll either lose your money or be stealing from others.
And if you’re OK with stealing from others to get ahead, you’re no better than that “rich man” you despise.
IM IN I TRYED CASH IN BUT NOTHING CAN BE CASHED OUT AWSOME rev I AGGRE WITH THE EDITOR 105% scam.
HERE is HINE SITE this BLOCK CHINE RUNS ON A PUSEDO BLOCK THRE IS NO REAL ETHER IS GENERATED STAY AWAY 1000 MILES WILL nuce your valet from real dolars.
they say NO MONEY INVOLVE IT CRPTO YET ALL USERS BUYS IN WITH DOLLARS. THE walets are facke on pusedo sript NO SMART CONTRACTS ARE EXCHANGED.
GETS MY STAMP OF ETHER SCAM, THIS CLAVER BUT NOT CLEVER SAME TIME.
Just heard of this forsage of a thing and how it has transform so many peoples life. But I decided to do a little more research before making a decision and I thank God for OZ and others who have been telling what and how opportunity like this work.
The truth is majority of the people promoting forsage know it’s not legal and it isn’t going to last forever, they are promoting just to scam others via the platform.
According to OZ forsage will collapse once recruiting slows down. My pain is the majority that won’t gain a cent.
So many people are carried away with the excitement of getting spillover even if they can’t refer forgetting they will have to upgrade to a higher and more expensive level to earn their sign up fee. Again thanks to OZ for this review.
OZ should stop stressing hard. We’ve heard, FORSAGE IS a scam.Live your life, it is non of your business if anybody gains or losses money right?
Face your business! Let people make their decision.
You’ve said it is a scam up to a thousand times and we’ve heard you man.
Y’all coming on to my website because you’re butthurt a review I wrote on your scam back in April.
And I’m stressed?
Nah fam. I got no money in Forsage to lose. Couldn’t care less about your money on an individual level.
You all keep coming on here to defend cash gifting and I’ll keep pointing out you’re full of shit. Pretty simple.
Members are getting Eth against their investment so how does this amounts to A Gifting program ?
Forsage is a SCAM!!!
@Jitendra
Where do you think the money they are stealing is coming from? Herpa derp derp.
The ponzi scheme will soon be running out of suckers.
This facebook group that I am in has over 2000 people in it, but only a few people have made money (off the others in the group no doubt).
Some schemers in Forsage
Alex Zubarev (BehindMLM Hall of Fame)
Justin Verrengia (BehindMLM Hall of Fame)
Mack Mills (BehindMLM Hall of Fame)
Cory Reynolds
Jon Horn
Tara Skerry
Ankur Agarwal
Fraser McDonald
Apparently hackers have infiltrated the scammers capture pages.
Saw this in the “Ether Money Machine” Facebook Group
Gee. Where do I sign up? I’d love to pour up to $20,000 into a big black hole and have it gifted to the next in the matrix with no idea when I’ll get mine paid to me from the next victim.
“BUT MUH IMMUTABLE SMART CONTRACT RUNNING ON MUH BLOCKCHAIN!”
Scammers scamming scammers. You hate to see it.
History has proven that these types of gifting programs/make money opportunities don’t last very long due unforseen or planned “hiccups” (technical difficulties, hacking of the system, problem with payment processor, changing hosting company, admin not responding to tickets & emails, lawyer cease and desist letters, my dog died, the owner was kidnapped, etc., etc.)
If one leaves out the terms Etherium, smart contract, blockchain, and daily pay, automated, free website, free landing page, and free rotator, it all boils down to…
1. You put in some money
2. Get others to put in some money
3. Admin gets part of the money
4. You withdraw your money plus some money that others already put in
5. Rinse and repeat
When the hype dies down usually within a few months, the money opportunity starts to lose steam, and a “new” program with a different name is hyped up again.
SO WHAT..I DONT CARE SCAM OR NOT..
I join $10..and now i got my profits $800- 1000 everyday 3weeks ago..i dont care..is there anybody here can gave me $800-$1000..Oz will you?..I DONT GIVE A DAMN..SO WHAT??? Profits.. i dont care.
You’re a scammer participating in scams. Got it.
Sorry, was there some other point there? Oh right, you think the world owes you $800 to $1000.
In addition to be a scammer, you’re a shameless entitled twat to boot.
Oz, those are some mighty fine words for such filthy frauds!
The way I see it there are a few things.
1. Yes, is 100% a Ponzy and Looks as you Point out, they are Honest about it in terms that they are 100% Upfront.
2. 99% of all Other Ponzy Schemes die because of 1 of 2 Things. Owners exit out with all the money in the accounts or FCC or else comes in and shuts them down.
3. Only a very small amount die because of Math. Look at Herbalife and others, they are still around and there are still new suckers coming in and people making money. Still a Ponzy.
In the case of Forsage all Payments are 100% Peer to Peer. There is No Central Company or Bank Account or nobody managing the funds. The Admins participate in the Matrix just like everybody else. Yes, they are at the top and make more money but they are not in charge now that the Contract is Live on the Ethereum Chain.
The Contract has been Audited by Professional Blockchain Experts.
Since the Smart Contract is already live and there is no need to have a central entity doing anything there is no need to list any admin. For example: Where is Satoshi?
That solves Problem #1 having a shady Admin running with the Money.
Problem #2 is the Government or entity taking it down. Well is in blockchain so we all know it cannot be taken down that is why everybody loves blockchain technology.
There you have 99% of the issues of a Ponzy solved. Now the only issue is Math. Oz is 100% right because of Math eventually it will run out of people. But if Forsage opened in February 2020 and there are only 300k people enrolled to-date, it’s safe to say that there will be quite a few years before it runs out of momentum.
Anybody who is joining now is poised to make a ton of money. Now if you are reading this in 2022 it might be too late. You missed the train.
Cashgifting is illegal because (Ozedit: whacky conspiracy theories removed)
Except Forsage’s owner isn’t, and neither are you. Being honest and upfront about a Ponzi scheme is admitting the majority of participants are guaranteed to lose money in a scam.
100% of Ponzi schemes collapse because they run out of new investment. Whether that leads to the owners doing a runner of complaints leading to a regulatory shutdown is neither here nor there.
Scammers auditing scams is not a substitute for regulation.
Someone is running Forsage. And they know what they’re doing is illegal. So much for being “100% upfront”.
Shut down Forsage’s website and arrest the owner. Same as you’d shut down any other scam.
Math guarantees the majority of Forsage affiliates will lose money. So in fact you’ve “solved” nothing.
Because it benefits admins and top recruiters at the expense of participants recruited into a fraudulent business model. Stop making excuses for scammers.
Wow the fact that you made that statement is an insult to hundreds of Blockchain professionals who have dedicated their to create new technologies aimed to help humanity.
Please do us all a favor a Educate yourself on what Verified Smart Contracts are and what Smart Contract Auditing is so that you can come back with logical educated counter arguments.
Correct, the current website as it stands is 100% centralized but come on Oz what is a Website? Is just an UX man, we both know this.
They created an easy to use User Interface to help regular users to interact with the Smart Contract. They can take it down but it but the same UX will pop out in 100 replicas tomorrow all interacting with the exact same smart contract.
Now word on the streets is that the plan is to move the main site to the Hypermedia InterPlanetary File System (IPFS) if they manage to do that then not even the site would be able to go offline.
As for the domain they plan to use Decentralized DNS.
That is why I said 99% is solved the other 1% is the Math and I say is 1% because of the time it takes for that to happens. Once again Herbalife is (Ozedit: not a Ponzi scheme. Derails and whacky conspiracy theories removed)
If you charge money to audit smart contract gifting schemes you are aiding and abetting financial fraud.
Still not a substitute for regulation and couldn’t care less if facts hurt the feelings of blockchain professionals.
Any legitimate professional will want nothing to do with blockchain scams like Forsage.
Not if Forsage’s owner is arrested. Whether clone scams pop up is neither here nor there.
Find and arrest the criminals running it. Same as any other online scam.
The majority of investors guaranteed to lose money in Ponzi schemes is 100% the reason they are illegal.
You brought up Ponzi schemes as a strawman. Forsage is a gifting scheme.
Between your blockchain butthurt and ebil gubmint conspiracy theories I’m fast losing patience.
Sounds like the ponzi scheme of Mavrodi of MMM only this time, he uses Ethereum comared to MMM which uses Bitcoin.
Hey guys at behind mlm. Ok I got it you identify a lot of these programs gifting or otherwise as scams.
Now people out there are hurting, they are afraid for the future. They are losing jobs.
They know they need to do something because jobs are no longer there.
What would you suggest these people do?
If they want to risk $10 to go into a program where they help one another what’s wrong with that?
If they lose the $10 because it collapses most don’t care.
What is your recommendation? Wait for handouts from the government?
@Anthony
We’re not here to coddle you along in life. Take some responsibility and manage your own financial situation.
Gifting scams are illegal for a reason.
It is despicable to market a gifting scam in which the majority of participants are guaranteed to lose money to people hit by the pandemic. Shame on you.
@camaleon
My issue is with your #131 comment…
And just as I keep saying… It’s usually illegal schemes like this (forsage) that hurts the reputation of legitimate brands in the MLM industry.
How can you correlate Forsage with an organisation like Herbalife…forsage has neither a registered product nor service.
All forsage has done is to create a system that rips off people by swindling them out of their money, a system where it’s near impossible to outearn your boss (or upline in this case) because you’d constantly have to pay ur upline in order to buy your next level. That alone screams PONZI!!!
Forsage is an illegal scheme where majority of the participants are guaranteed to lose money… it’s the math and it works all the time because math doesn’t lie!
And Herbalife and others are still around like you said… but it’s not because the math doesn’t work, it’s simply because this kinda math is not applicable to their business model (where actual products or services are dealt with).
Infact, market saturation is non-existent for them because there are so many dimensions to it such as product or service quality assurance, quintessential resources amongst others… but that’s a topic for another discussion.
Forsage on the other hand, has an Admin (who BTW should be jailed) who probably has all the top spots in the system and is making all the money… lol.
I’m not a Herbalife associate, and I don’t think I’d ever be, but my concern is that gifting schemes like forsage hurts their legitimate brands.
And by the way, No one can force or compel you to stop promoting this illegal gifting schemes, and as a matter of fact, we care less about whatever financial decisions you make… EVERY GIFTING SCHEME IS A SCAM.
But hey, don’t take my word for it. After all, the consequences of your financial desicions affects me in zilch ways.
As for those that make money in this Gifting Scam, will the FTC come after them like they did those that made money in Zeek Rewards?
I lost $2,500 in that, but the Reciever “Clawed Back” much of the Net Winners proceeds to pay back 81% of their loss to Net Losers.
If they can, those that make money on this, at least in the USA, will have the FTC come after that money correct or no?
The SEC of the Philippines has issued a fraud warning against Forsage. It said Forsage is headed by LADO OKHOTNIKOV.
Thanks for the heads up!
(Ozedit: derails removed)
I quite like the fact the Forsage offers people the opportunity to pool in together to drive up the value of a currency like ETH.
I mean the same happened with Bitcoin a decade ago. Some people win, some people lose…. its life and it will never end, so long as people need to earn money to survive.
I know people who have purchased lottery (Ozedit: more derails removed)
Whatever affect scams like Forsage have on the public ETH value is incidental. Foresage exists first and foremost for scammers to steal money through.
Whether you think life itself is a gifting scam is neither here nor there. Forsage is a gifting scheme in which the majority of participants will lose money.
Stop making excuses for fraud.
Can we all just agree to disagree? (Ozedit: snip, see below)
@Altair
Facts are facts irrespective of whether you agree or disagree with them.
The fact of the matter is Forsage is a gifting scheme in which the majority of participants are guaranteed to lose money.
I joined a very overactive downline (put ID 442624 when joining) and im making money just off spillover. So yeah, not a scam.
For the dumbasses in the back, whether you’re personally stealing money or not has no bearing on Forsage being a scam.
All gifting schemes are scams.
So sad that I joined.. I have met a couple of people who also joined and could t refer anyone.. When I joined forsage, i was told I would earn without referring.
In my mind, I thought there’s a kind of mining going on within the process and sends eth to each members.. But I was wrong, a lot of people lose for a few to gain.. You think 7usd is nothing?
The admins are now lying to get people in, they tell people recruiting people is optional and doesn’t affect people’s gains..
OZ, I appreciate what you’ve written there, this forsage is a big gifting scam.
OZ thanks for publishing information about forsage.
I was thinking of signing up for forsage today since i saw a lot of post about it on facebook without knowing that it was a scam. your post really help me thanks once again.
No worries, glad you found the review useful.
Its’funny how cryptocurrency was also constituted as a scam (Ozedit: snip, see below)
@Roy
Yeah, no. What cryptocurrency is or isn’t has nothing to do with Forsage being a gifting scam.
Gifting schemes have been illegal the world over for decades. Forsage’s business model is nothing new.
Oz this review or should I say your replies to comments has really been an eye opener. I’ve always known forsage to be a scam, and I’m quite conversant with such fishy schemes, but I’ve always been of the opinion that if you can be among those that gets in early and benefit, then no harm no foul.
But I see now that participating in it with the knowledge of it being fraudulent makes me no less of a fraud than the anonymous fraudsters.
Thanks a bunch.
It’s merely the same scheme as all the other gifting schemes.
The difference is the name change, the lipstick, and the new dress.
Thank you for this great platform that brings awareness to all aspiring Forsage members. I enjoyed reading all the comments so I also shared a but of my point of view whether or not Forsage is a SCAM If the issue is if it’s going to SCAM anyone, that wont happen because all the funds involved will go directly into the recipients wallet.
It is seems like you are just sending money to someone else with full consent and understanding that you are going to to that and you alone. If the issue is it’s a PONZI sheme (Ozedit: derails removed, see below)
The fact that Forsage is a Crypto-Gifting Program, it is not an investment, it tells a different story from what Wikipedia is telling about.
Besides, Forsage is transparent and all members know where the money comes from before they join at least. Another thing Forsage does not have any intent of fraud, though it is true that the guys on top makes money first, well that’s what All MLM does, so there’s nothing really wrong with it.
Gifting scheme are scams from inception. How money flows within a gifting scam is irrelevant.
Irrespective of whether you consent to engage in an illegal scam, it’s still an illegal scam.
It’s not. Forsage is an illegal gifting scheme.
Thank you for confirming Forsage is an illegal gifting scheme.
All gifting schemes are fraudulent scams. Stop making excuses for scammers.
These thing called forsage in gradually becoming rampant in Nigeria, a county were the victims are still licking their wound from the dammage done by MMM and some idiots are still promotiing it. i pity them.
Covisclub
Forsage
MMM
ponzi is ponzi it as no other name. rubbing peter to pay paul.
Let’s not forget…
OneCoin
FirstCoin
Bitconect
BitClub Network
Cloud Token
From all that I have seen in these comments and the rebuttal is that any gifting scheme is illegal?
Would this then include say for instance GOFUNDME? Does this then not include Crowd Funding platforms?
(Ozedit: derails removed, see below)
No, because legitimate crowdfunding platforms don’t see you pay a gifting fee to qualify to receive gifting payments from subsequently recruited participants.
Herp derp.
Well in my country a gifting scheme of this sort is legal it has a name for it, “STOKVEL” and is adopted by the entire major banking system.
Just because its illegal in the States doesn’t make it illegal in the rest of the world.
Herp derp.
(Ozedit: derails removed)
Stokvel != gifting scheme in which the majority of participants are guaranteed to lose money.
Fuck me, I’m not even South African and I know the difference.
@ Percy
Let me, a South African, explain to you what a Stokvel is. Amazingly, like most whities, you have had this under your nose your entire life, and your servants depend on it probably to some degree, but you still get it wrong. A stokvel is a community savings and shopping scheme. By everyone clubbing together they can buy in the kinds of quantities that earn discounts that are otherwise not available. Their negotiating power increases. Got that? How the f- is that the same as a gifting scheme where the majority are going to be screwed over? How does the savings element work? Every month you put in an amount to a treasurer, every month is someone’s birthday or whatever and they have claimed that month, every time it is your month, you get everyone’s contribution and the balance goes back to R0. Again, how is that a gifting scheme? Carry on being deluded and shame on you for not even knowing this
I think you meant “lose money”, Oz.
For those wondering what a stokvel is, I assume Perky is referring to a “property stokvel” where, say, N members commit to contributing $X per month to a central fund. Each month, one member is selected at random to receive X*N. Everyone continues paying in $X per month until everyone has paid in X*N and received X*N.
So if 12 members save $1,000 a month each, one person will receive $12,000 after only one month, the next month another will receive $12,000, and so on until everyone has been paid out.
This sounds a bit like a cash gifting scheme if you are an idiot (11 / 12 people get more money out than they have paid in so it’s the same herp derp) but it is not. The words “so far” need to be inserted immediately after “paid in”.
Every month for 12 months 12 people pay in $1,000 and one person gets $12,000. At the end, everyone has paid $12,000 in and got $12,000 out.
In contrast, a cash gifting scheme says you can pay $6,000 in and get $12,000 out. Via endless chain recruitment of new participants.
To return to stokvels, if you’re asking “what’s to stop the guy who wins in the first month stopping his $1,000 per month and keeping the $12,000” – it’s a legal debt and they would be sued for the money (or in less developed markets, have their legs broken) and their $12,000 would be recovered.
There is one company that runs this scheme in the UK (Stepladder) but they are not popular in developed markets. In essence you sacrifice the return you would have received from keeping the money in your own name in exchange for gambling on the possibility that you get selected early.
The stokvel admins say “Even the 12th person in the queue doesn’t lose anything because they get their $12,000 at the same point they would have if they saved $1,000pm on their own”, but this is false. They lose the returns they would have made by keeping the money over the 12 months. (No investment returns are possible because all the money is paid out and spent by the lucky winner each month.)
Hah!
Percy might not know what a stokvel is but he did get one thing right. They are supported by banks (Absa in particular) and the banks drive relationships with mass retailers like Boxer and Massmart.
A real stokvel, the sort supported by government and community organisations, never involves anybody losing anything, that is not legal.
Of course South African will surprise in their diversity and ingenuity. It is in fact stokvels are encouraged as empowering.
SA has some stringent consumer protection regulations. Whether they are often enforced or not isn’t the point.
Stokvels are supposed to be community driven enablers of greater access to goods through greater numbers and spending power. Gift schemes are evil.
It’s a self-executing pyramid scheme on the Ethereum blockchain utilizing smart contracts.
I don’t know about y’all, but I find that rather impressive.
Super cool.
Just use some sense.
Don’t go investing your life savings or maxing out your credit card because someone said you can make $50,000 a day in spillover or some other BS.
Do be prepared to recruit others.
Will the recruiting dry up?
Will there ever be no one left to recruit?
Members reinvesting referral payouts and spillovers into higher slots up to 51.2 ETH…
360,000 new humans born every day…
Ineradicable smart contract…
I think this thing will be around for a very long time.
The math behind Forsage is the same pyramid scam math that’s been around for decades.
Coding a pyramid scheme through a smart contract is no more impressive than sending letters out or writing a PHP matrix script – it’s the same backend math. There’s nothing impressive about it.
Forsage will be around for as long as there’s gullible idiots to recruit. Same as every gifting scam before it.
You should rather point out where he is wrong or what is wrong rather than get angry or abusive.
The fact that you are rather angry is a testament that he’s obviously stating the facts.
So I got involved and it all went so quickly that I didn’t even know it was forsage until I was already signed up. Didn’t get chance to look into it at all.
Immediately after, I regretted the whole thing as it seemed to be illegal.
I got out as much as I could. I really didn’t mind losing the money. I just didn’t want to be apart of it at all anymore. The whole thing is scary to me and still is even though I am not participating.
My mind is going all different places for the simple fact that I can’t leave or get rid of the blocks that I have. It scares me that there’s some form of contract that I can’t see and am hoping it’s not legally binding for anything other than the small amount I knowingly put into it.
I hope if that is the case I can win based off the fact that I never saw a contract. I’ve even thought about contacting a lawyer to look into putting in place some type of protection if it happens to be something more.
For the ones that think it’s ok all I have to say is do u but be careful. I know as for me I will never get involved with anything like this again. It’s not worth the stress and worry for me.
It has been 4 weeks since I tried to do some research on Forsage based on comments to fully understand and of course I went through many of the comments on this platform to see the reality of this opportunity. so I’ve registered.
For my part it is not only a question of being for or against but of really knowing if each argument of the on this platform makes sense and many of them seem credible there is ignorance or even more mistrust than the reality.
The FORSAGE platform is definitely not a Scam but it is certainly not legal like many unconventional online means that have made money or even investement.
For this, I want to take as a witness the very technology of bitcoin which at its genesis was considered and described by financial organizationsand rulers as a threat to the economy of countries and which is still not legal in many of them.
Of course, there too all were to say that cryptocurrency would not go very far but we know now that it was bulshit.
We are simply witnessing once again an event that transcends the legislators and defenders of the financial world as we have always known it. Because it is indeed a system that operates the transferability of value by mutual agreement on the basis of
of the smart contract without the endorsement or supervision of a financial entity. You don’t have to be a pro to know that this is not what they want for the financial world.
FORSAGE’s technology and as for many others is based on the smart contract on the Etheriem blockchain. the human factor which is the basis of error or manipulation is not there. anyone can see the code and no one can stop or alter it unless they have access to all computers and accounts, which is impossible.
another argument is to say that it will stop as soon as the recruiting stops, it is not possible unless the blockchain is stopped because each contract entered into is based on its technology. no expense of maintaining an office or an administration each person who enters is master of himself able to continue.
All gifting schemes are scams.
Running a gifting scheme through a smart contract is no more legal than running it via any other medium.
Davida? That wouldn’t happen to be Davida Shensky, who blatantly advertised her membership in Your Eternal Seed on Facebook, would it?
So for the ones that wanted out or got out how did you do it?
I’m wondering if deleting the wallet is good enough or if the blocks will still be linked to me without the wallet or if the money would just continue up the pyramid without going to the wallet?
Also, if I delete the wallet would there be an issue with this contract that I would be not upholding my end of the agreement or something bc I deleted my wallet?
I’m just wondering if I’m free to do so if I want to or if I’m not able to ever delete the wallet and stay connected to this as long as it’s a thing.
Relax. Contracts to commit illegal acts aren’t enforceable in law.
Imagine I offer you £500 to assassinate my neighbour Bob. You carry out the hit and demand £500. I have a change of heart and refuse to pay.
A court will happily convict me of murder, but it isn’t going to enforce your £500 “debt”.
Exactly the same applies to any promise to take part in a pyramid scheme.
Write off the money, change your phone number, email and other contact details (you are on a suckers list), forget about it and move on.
For those of you singing its praises, regardless of whether you believe you are making money – the definition of the company makes it illegal in the UK under the pyramid selling act 1973 – promotion of forsage in the Uk can lead to prosecution nnd ultimately conviction.
the Act can be found on the government website. So forget about whether you are only going to lose $10 with your initial investment and think about what else you can lose.
Ive noticed that the UK “believers” are aiming at direct sellers, knowing that they normally have a good customer base to recruit. So you’ve now got loss of money, loss of liberty and loss of reputation in business.
Ive watched a good friend become absolutely blinkered by this and I’ve come to the concclusion that despite the FCA, Action Fraud links I’ve passed to her, that she actually knows its illegal but continues anyway on the promise that once she hits 12K it will rise by 12K every day.
Ok. This makes me feel so much better. Thank you for putting my mind at ease. I’m sure they don’t have any contact info though as it was thru a FB contact so I have blocked that part already.
Lol! I am Russian and it is wild for me to read your comments that the gift scheme is illegal.
Soon it will be illegal to go to the toilet when you are visiting. LOL!
Few billion degrees of separation from going to the toilet and stealing money through gifting schemes. We’ll be right.
Actually, “gifting” is quite illegal in a number of places. It is not what the word sounds like at all.
From the Gambling Commission’s website in the United Kingdom:
That’s why you lot “gifted” Mavrodi (of MMM) millions of rubles, no?
Great Review sir, but there is no point to argue with “open-minded” people. Let them be.
That’s their life, making money from other people through Cryptocurrency and it’s illegal. It’s a win for people who are good at inviting, and a loss for the opposite. It will vanish someday like the other ones.
People throwing profanities are so ludicrous. Keep it going.
I like people who bark and bite at nothing.
ETH Forsage is in its death throes, now moving to TRON.
imgur.com/a/wbhpF2J
Gawd, another one jumping on the Tron Ponzi bandwagon?
What’s next after the Tron Ponzis collapse?
somethingsomething DeFi
Although TRON is hothothot right now, with the full cooperation of the “crypto ecosystem”.
whale-alert.io/transaction/tron/4b4384a3e876b9f3b80218cc1c04f1cc677df1bf9edf282edad55ea78ab98603
I see a lot of people saying that forsage.io is a scam. I have opened account in both forsagetron.io as well as forsage.io.
I will say that FORSAGETRON.io is a scam. I am upset that I invested ni FORSAGETRON.io. HOWEVER, FORSAGE.io IS NOT A SCAM. I am earning from FORSAGE.io as we speak.
I haven’t even invited any referrals as of yet & I am still earning money through the spillover system built into FORSAGE.io.
I see a lot of people claiming that FORSAGE.io is a scam based on the fact that FORSAGETRON.io is a scam. FORSAGETRON.io copied FORSAGE.io to the “T”. and that is how they (FORSAGETRON.io) started scamming people. but remember this, FORSAGE.io IS NOT A SCAM.
BEWARE OF FORSAGETRON.io HOWEVER BECAUSE THAT PLATFORM IS TRULY A SCAM. I STARTED THAT ONE BEFORE I EVER GOT INVOLVED WITH FORSAGE.IO, AND FORSAGETRON.IO HAS NOT PAID ME ANYTHING AT ALL.
BUT LIKE I SAID, I AM GETING PAID DAILY BY FORSAGE.IO, AND I HAVEN’T INVITED ANYONE AS A REFERRAL YET.
WHENEVER YOU SEE A WEBSITE LIE FORSAGETRON.IO COPY & MIMMICK ANOTHER SITE LIKE FORSAGE.IO, THEN BEWARE!
Forsage, ForsageTron, ForsageNextScamcoinreboot, these are all the same scam run by the same people using the same matrix script.
They are all scams because of their business model. Whether you’ve managed to steal money in one and/or lost money in another is neither here nor there.
You have mentioned several times Oz “stealing peoples money”. How is someone that buys a smart contract which they would in turn own considered stealing?
The point is being missed here and that is that these smart contracts are being bought and sold as new people enter the platform. You buy the smart contracts and you make commissions based on other people buying them from you.
You may call it “gifting” but I didn’t gift my ethereum I simply invested it in a smart contract that I now own and I can then make profit continuously as others buy from me.
Many of you on here are under the impression that nothing is being bought and that is not the case. You buy a smart contract on each level and you own those contracts under your personal ID which is directly linked to your crypto wallet.
So please explain to me how paying to own my ID and my smart contracts (how ever many levels) is “gifting” or “stealing”.
As far as this pyramid scheme goes the design of the system may appear to look similar to an pyramid but if you dig into the compensation plan members are only paid 2 levels deep. Meaning direct under you and the person you enrolled.
The x3 platform is direct and the x4 platform is 2 deep. Now with that being said there is spillovers and commissions go either up or down. What pyramid pays downline?
Anyone that enters Forsage has the ability to out earn their sponsor which is an impossibility in a pyramid scheme. With all this negativity I hope I can bring a little bit of light to the subject.
Yes, Forsage is based on recruitment/team building and in order to make money you need to in turn work for it.
I have seen many bad reviews on people signing up and thinking it was some kind of investment platform that you could earn without having to do anything. Many people made “scam claims” based on that as well. Unfortunately some people feel they need to lie to make a profit.
That is another reason to do your research on whatever it is you are “buying” or “investing” in.
In my personal opinion based on the facts at hand I believe Forsage is not a “scam” or a “pyramid” or “gifting scheme.
Hence why it has not had any backlash from any countries other than a few warnings from the Philippines a country that to be honest doesn’t give much credit.
Because, as you’ve attempted, Forsage is marketed on the premise it’s not a gifting scam. Through said gifting scam, people’s money is stolen.
Forsage’s smart contract is just a math script, used to create a matrix structure that the gifting scam is operated through. You can’t buy math.
You deposit your funds, those funds are used to pay others. That’s all that’s happening here.
And? There’s no retail and you get paid to recruit people. Forsage = pyramid scheme.
False.
Recruiting people into scams like Forsage isn’t work, it’s scamming.
Your opinion doesn’t matter. Facts are facts.
There’s a reason regulators issue warnings against scams like Forsage. You’re welcome to ignore those warnings, but don’t expect the rest of the world to buy your bullshit excuses for fraud.
Forsage is not registered therefore it is illegal to run. Yes, you can make money from this platform but you’re not doing it legally.
Its on Bitcoin news, Pls do your research before you enter into this.
Forsage is first and foremost illegal because it’s a gifting scam. There is nowhere to register illegal gifting schemes.
You don’t need Bitcoin News to regurgitate our review to understand that.
You all are hung up on gifting as if it’s so wrong to charge a fee and make money.
Yes gifting schemes are illegal. (Ozedit: snip, see below)
Except that’s not what you’re doing. You’re stealing money from people under false pretenses.
Which is where the discussion of the legitimacy of scams like Forsage begins and ends. Thank you for confirming Forsage is an illegal business model.
There’s no justification for illegal gifting schemes, so I nuked the rest of your comment (saw some bullshit about golfing and other nonsense that has nothing to do with Forsage, didn’t bother reading).
Interesting how you edit out what you call BS that which doesn’t support your editorialism or theories. Maybe your visitors wanted to read it.
Likewise, while I did state gifting schemes are illegal, I never called them a gifting program. You and you’re visitors did. What you chose to conveniently delete stated what I saw them as.
Again, another way your editorialism slants what’s commented and deletes what is part of our Freedom Of Speech.
Btw, I’m not in the program so I’m not promoting their model. I’m just sharing and alternate view.
If I let every scammer run with their derails the comments section would be a mess. You certified gifting schemes were illegal so I left it there.
Crapping on about golf and other nonsense has nothing to do with Forsage.
Gifting schemes == gifting programs == gifting *
These are all slightly different names for the same illegal business model.
That’s nice. The fact remains gifting schemes/programs like Forsage are illegal because they are all scams in which the majority of participants are guaranteed to lose money.
How come you redacted that I said I’m not a promoter of Forsage, nor belong to them, nor have an interest in them? (Ozedit: derails removed)
I didn’t, it’s in your last comment.
If you’ve got nothing further to add on Forsage and just want to whinge, we’re done here. Best of luck with the scamming.
Nope.