Topic: Is FORSAGE a Ponzi scheme? - page 2. (Read 464 times)

Stay away from all such programs and schemes, for me any investment platform that does not have a real, established, trackable and authentic business or product is nothing but a ponzi scheme. In case of forsage as well it is nothing but a mlm or matrix based program which will die away as soon as new investments and user flow will stop.

As a rule, those who brag about their profit on social networks do not actually invest their money in such schemes. They get their profit by attracting new participants to such a Ponzi scheme, using social networks for this purpose. Thus, their referral earnings are based on the loss of money by new investors.

I hate to see when people promoting these scam ponzis and bragging on social medias on how much they have earned already. They did not consider those who barely affords to make an investment. They tricked them and stole their funds and turned a blind eye. KARMA is all I can say when the right time will come these scammers.

Forsage is 100% ponzi, I have Sen many ponzi marketers, claiming there platform is not ponzi, and end up crashing.. Same as forsage team and investors will try to convince you that it's not a ponzi. Vitalik or not, it is a ponzi scheme, and if you want to invest, be sure to invest with what you can afford to loose. Cos it's bound to crash anytime, that is if it has not crashed and except the dev is your family member.

Vitalik himself already announced about Forsage and there had been several warnings about this Ponzi scheme. It's just bad that crypto is being used by several people to scam others. I've seen a lot of people promoting and inviting people to invest in Forsage. People must be aware to avoid losing money and having misconception about crypto.

That is, they are only looking for nembies who invest there and not only Ethereum, Tron is also the same, they only rely on the current trends, therefore newbies will always be interested in the promotions they offer.

Even though there have been many catches about forsage, there are still many people promoting via social media, which means they are deceived and continue to do these stupid acts.

It is a Ponzi and lately, I haven't seen those people that are posting about it on social media. I'm starting to think if the forsage groups they belong have started to run and exit.
Investments like this have no difference with other Ponzi schemes that have only one goal and that is to scam investors.

I am going to be a bit contrarian and literal here. Which "investment" choice is "better"...

It's important to bear in mind that modern crypto Ponzis will continue to attract participants for years, and this Forsage is only 6 months old.

Forsage is a Ponzi, certainly. But you have to understand that there are Ponzi games, schemes, and scams.

At the one end, a Ponzi "game" is a form of high risk gambling and does not hide from its nature. You put in money, and so long as there are 4 levels of players below you, you break even. More than that, and you win some money. Eventually however, people stop contributing and the Ponzi "game" falls apart, with the last 3-4 generations of players losing money.

At the far end, a Ponzi "scam" is designed from the start to steal as much money as possible for the scammers, from as many people as possible, by wholesale deception. Very few people aside from the root scammers make money, and those who do are usually only influential marks or co-conspirators whom the root scammers think will open up access to larger numbers of wealthier marks. The scammers lie about the nature of what happens to your money. OneCoin is a perfect example.

But this Forsage, which I would never put a penny into, is a Ponzi "scheme". It is "transparent" to an extent. It is obviously a Ponzi, and there is a smart contract in the blockchain that is not going anywhere no matter what happens. The rules appear to be clear, enforced, and unalterable, even by the original smary contract writer (though I have not examined it in detail, so there may be a flaw that will enable an exit scenario for the founding contract writer.

In terms of making early participants money, I think Forsage absolutely WILL do that. So long as a participant is willing to recruit others into their "downline" (or whatever it's called in Ponzis), they have a chance to make money. But know that the money gained is done so ENTIRELY at the expense of those whom they recruit, and those whom their recruits in turn recruit themselves.

The danger in a quasi-"legitimate" Ponzi "scheme" is: will you be one of the last few generations of participants who don't make money? Given that these crypto Ponzis that are obviously of the "scam" variety can continue unchecked for years, it is not unreasonable to think that this Ponzi "scheme" of only 6 months may stick around long enough that those joining now will not be the participants left holding the bag.

So, technically speaking, so long as you only put in a very small amount of the money you set aside for speculative, high-risk investing, then it might be worth the risk financially. But morally and reputationally, of course, the risk is immense. Since you have to recruit others to join in, knowing they are one level closer to going bust than you are, you are deliberately putting their money at greater risk than yours.

I would never do this, and I would consider anyone who lured others into this to be a bit high on the sociopathic spectrum and undesirable as a friend or associate. But technicallly, literally, it is definitely possible to make some money on this, since the risk for an overarching exit "scam" is not apparent, given the transparent nature of the smart contract.

Then again, you could just as easily bash in some little old lady's head and take her monthly retirement check. Very little difference, morally.

That's just what I said, literally. That's what I hate about it. It's being used for criminal activities making it look like cryptocurrencies are used only for that, and it seems like it's not legitimate. And we all should know that with cryptocurrencies, except the privacy coins, it's pseudo-anonymous.

How do you even reveal an identity? LOL. It depends on what transactions you are going to do but anonymity usually is the best option for everyone, because of the privacy it has. I don't think it would be ideal to reveal your identity to someone over the internet.

There are some few threads that already discussing about Forsage scam.

You can take a look here:

Beware: FORSAGE another scheme (Ponzi)
Forsage.io ponzi scheme [Warning]
Forsage could be the reason why Ethereum gas fees are ridiculously high!
(my thread)
Philippines SEC warns against crypto investment.
SEC WARNS AGAINST FORSAGE, RCashOnline and The Saint John

Forsage should stay away from Ethereum as what Vitalik said. It's just that most newbies and beginners fell for this scam easily.

Because cryptocurrency was being used as a medium of scamming, ponzi scheme or an fraud activities. This is why I as it is being drag always to these activities whether we like or not cryptocurrency is somehow now being called itself scam when which we know that it is not because we have this forum discussing about the problems and issues and we learned it here that cryptocurrency coule never be scam instead is just a medium of scam taking advantage of thr anonymity of the cryptocurrency feature.

It so sad that many people are doing this negatively to cryprocurrency well in fact the purpose of this system is to do a transaction while remain in anonymous to hide identity for those who do not want to identity to be revealed during the transaction. Well revealing an identity is an optional here in cryptocurrency and one can reveal identity if both parties in a certain transaction wanted to.

I read this somewhere in our local forum, I thought this was only popular in our country.
Don't know why it's even considered as altcoin by OP, when can't even find it listed in the https://coinmarketcap.com/ or other platform.

I have a feeling that this is a ponzi scheme, I have friends who posted an invitation in facebook inviting people to invest, so that act looks like it's really a ponzi as I believe they'll earn something when they get some people to invest.

Those whom I know personally who posts in social media before haven't posted anything anymore with what they currently have. They have probably cashed out and said "boo-hoo" to the ones who invested in their "downlines." It's a freaking Ponzi Scheme, and people who get victimized by their closest friends shouldn't be friends with them anymore. They are just spreading false promises to the ones who are gullible enough to invest in it.

What I hate about it most is that the "cryptocurrency" term is getting damaged by getting particular association towards the words "scam" and "Ponzi schemes," which are nowhere near the truth. Cryptocurrency is a revolutionary technology and it's the bad people who tarnishes its name, not the technology.

I agree with you @Gotumoot and I already warned all my friends to avoid this kind of investment if ever someone will invite them to join. Once you search forsage in Facebook, you can see a lot of posts about this scam Ponzi scheme and they will also show the profit that they earned and I don't know if it's really true or not but (I'm sure is not the real profit, they just use it to attract more people to join). Then, one of the posts that I found is they claim the Ethereum was their product and I'm really shocked after reading it. AFAIK, the Forsage is still active and I'm hoping no one here tries to invest in this scam investment. Also, remind all your relatives, friends, and your families so they will not end up on investing money in this Forsage scam.

Even there some ethereum analytics platform that have already marked forsage as a scam. You can also try to see that from the https://ethgasstation.info/ and forsage has already marked as a scam project and it looks like etherscan was also doing it too.

FORSAGE is the evolve form of the classic networking ponzi scheme. Only Uplines benefit from Forsage. No matter how many times they deny that it is not scam, nobody earns without inviting someone. Easy money for the smart contract owner and hope his/her karma kicks in sooner. I saw an ad recently from Forsage that they are going to have some kind of big event. For sure that BIG EVENT is another BIG SCAM to attract more people to join.

Yes, here in our place forsage has been declared by the SEC that it is not registered and no forsage representative had try to reach them out trying to settle their accounts for this. It is actually different claims where Forsage in their marketing strategy is that they are registered and able to show SEC certification after they made the compliance. This good for nothing ponzi scheme company is taking every cents of the people who were motivated to join due to the referral given to those who were able to make from their invites and pay ins after joining their networking scam. This is somehow like the KAPA, ADA, ORGANICO and other scam network investment scheme.

It's 100% Ponzi Scheme because you need to refer, many are promoting it with their affiliate links on it, and the members keep on inviting people just to make sure that there is money coming in, once the money stops coming in, the money stops going out, and then it's the end of the project.

Yes, basically Forsage is a Ponzi scheme! So beware. But it is a glorified Ponzi scheme. Because it is using the Smart contract. But the thing is, like what I'm saying with crypto friends. THis is a new playing field for the MLM companies. MLM companies that will not adopt Smart Contracts will be in the losing end. Why? Who wants to wait for his commissions for weeks if in Smart contract you can have it in a matter of minutes. It's I think a revolution in a way. Vitalik Buterin opened up a Pandora's Box of infinite possibilities. Once it is in the Blockchain, it will be there forever. It is etched on stone. It cannot be changed. So as long as people are buying Forsage you cannot stop it. Because basically it is a play on greed of people. It will just keep on growing and growing. It will never stop unless people stopped believing in it. Or just moved on to new things.

But this is what I can say with that. Definitely, it will usher in the new wave of masses towards crypto. Albeit it bad or good.

Forsage is a typical example of a ponzi scheme which has been around the cryptocurrency atmosphere. Investment packages that aren't realistic in human knowledge are termed ponzi scheme. Forsage is a ponzi scheme because they have been pointed out by their investors as scam project, even warnings were given on this forum too. So many Complaints where around the Facebook about this scheme and the government had already warned her citizens against this ponzi scheme, but, the unfortunate has happened and the scheme had scammed as many as possible on social media.