Forsage — 5 Reasons It Might Be A Scam
Today’s analytical review is on Forsage, a fast money-making platform that has won the heart of many Nigerians.
I have heard different stories of people earning big on the platform. Someone even said he has received over 100% ROI so far.
And to think that Forsage is barely 6 months old, it just blows my mind.
You must have heard similar stories too. That’s probably why you are reading this post to learn the truth about Forsage.
Well, I did my research on the platform and I am willing to share with you all that I learned.
Read this post to the end to know if Forsage is legit or not.
We’ll discuss Forsage under the following subheadings:
- What Is Forsage?
- How Forsage Works
- How Do I Earn On Forsage?
- Secret Of High Earners In Forsage
- Forsage Contact Channels
- Is Forsage Legit?
1. What Is Forsage?
Forsage is a smart contract technology that allows users to directly engage in personal and business transactions.
It was created in February 6, 2020 on the Ethereum Blockchain.
Initially, the developers of this platform were not known.
But on June 30th, 2020, the Philippines SEC revealed LADO OKHOTNIKOV as the founder in an advisory warning.
Forsage intends to help users accumulate Ethereum (ETH). When you visit the Forsage website, you are most likely to be impressed. Have a peep:
Also, from the website, we are made to believe that Forsage is a matrix cycler program. But Forsage is just another pyramid scheme on the Ethereum blockchain. Nothing special!
Let me explain…
What Exactly Is A Matrix Cycler Program?
A matrix cycler program is a business model where money is exchanged for a product.
It features a list where members wait for their turn to receive more of the product.
The completion of a list opens up another list and so on.
Most matrix programs are hosted on the web but that of Forsage is hosted on the Ethereum Blockchain.
In the definition of ‘matrix cycler program’ above, you must have seen, ‘exchange of money for a product’.
Well, that is not how it is on the Forsage matrices. There is no inbuilt exchange on the platform. And it does not have any product.
Rather, users of the platform exchange their money for ETH in an exchange. Buy a position on the Forsage Matrices with their ETH. Then wait for the added bonus of more ETH.
Also, users waiting in line will only receive more ETH as new people join the line.
Sounds a lot like a Pyramid scheme if you ask me. Or, what do you think?
Moving on, let’s see how Forsage works.
2. How Forsage Works
To become an active user of Forsage, you will need a/an:
- ETH wallet
An ETH wallet is where the ETH you earn on the platform will be sent.
Also, when you make purchases on the platform, your ETH wallet will be debited.
An Upline is the person that introduced you to Forsage. During registration, you will be required to provide an upline ID.
Then the downline represents people that you will bring to the platform.
The more people in your downline, the more you will earn. It also means more profit for your upline.
The next thing to do is to fund your wallet with Ethereum. With that, you can now register on Forsage with 0.05ETH.
Upon registration, you will open the first slots for the Forsage matrices (Forsage X3 and Forsage X4) simultaneously. Each matrix cost 0.025ETH.
Forsage X3 and Forsage X4 have 12 slots each, which make up a total of 24 slots.
You earn by purchasing slots. Each slot doubles in price and pays more commission than the previous one.
Every slot you purchase will continue generating income for you. This means that as people join your slot, you will earn the ETH equivalent of every slot you’ve bought.
For example, since you have purchased slot 1 upon registration, you will keep earning 0.05 ETH from that slot as more people join the platform through you.
Forsage seems interesting, doesn’t it?
Next, I will show you in clearer details, how you can earn from this platform.
3. How Do I Earn On Forsage?
To understand how you can earn on Forsage, let’s take a look at the compensation plan for each Matrix.
Here, you will have 3 positions in the line below you. Therefore, you are expected to invite 3 people to fill those positions.
When you do that, you will receive a 0% payment for positions 1 and 2 (0.0125 ETH + 0.0125 ETH = 0.05 ETH)
Your upline receives the payment for the 3rd position (as you can see in the image above).
This 3rd position opens another line of 3 positions. And the cycle continues.
Thus, as more lines fall below you (in other words, as you purchase more slots), you will be paid more ETH.
In this Matrix, 2 lines are below you. The first line has 2 positions while the second line has 4 positions.
This means you are expected to recruit 6 persons. Or, you can recruit 2 persons and encourage them to recruit 2 persons as well.
Your upline receives the payment from the 2 positions in your first line.
While 100% of the payment from 3 positions in your second line is sent directly to your wallet.
Then the payment from the last position is used to reopen another slot.
By the time you have filled all the slots in this Matrix, you would have made a profit of 51.2 ETH. And this is after you have spent 102.35 ETH buying the slots.
It is the same for Matrix 3.
4. The Secret of High Earners on The Forsage Platform
The Forsage platform sensitizes members to upgrade to higher slots with the profit they make.
This is to help them make more profit and benefit from the system’s matrix payment and spillover.
When users fail to upgrade, they begin to lose profit. This happens because new users take over profits.
Therefore, the high earners on this platform achieve that by buying as many slots as possible. Some buy as much as 10 slots from the onset and continue in that manner.
The question becomes, what happens to users who cannot afford that much? Your guess is as good as mine.
5. Forsage Contact Channels
You can learn more about Forsage from the following channels:
- Telegram: https://t.me/forsage_official
- Email: firstname.lastname@example.org
- YouTube: https://www.youtube.com/channel/UCIw_BhcSHA0Gf-z9PAPTSRQ
It is now time to answer the question that brought you here. Join me in the next section to know my answer (#winks).
6. Is Forsage Legit?
To me, Forsage is legit to an extent and then it is not. Below are my reasons why.
What makes it legit?
i. The platform does not keep the ETH owned by members. Every member has his or her ETH wallet.
ii. Some individuals have benefited from the platform.
iii. The registration details of the Forsage website can be found on Whois.com.
iv. Lastly, records of Forsage transactions can be found on the Ethereum Blockchain.
But then, Etherscan also recognized the warning on Forsage by the Philippines SEC. Have a look :
Why is Forsage not legit?
i. Let’s start from the 30th June announcement by the Securities and Exchange Commission (SEC), Philippines.
The commission strictly warned the public not to invest or stop investing in the Forsage Platform.
According to the report, all the legit claims by the platform are false. Forsage has no authorization to make dealings with the public.
Now that is a huge red flag for Forsage.
Read full details here.
ii. Another point to consider is that Forsage does not have any products.
The income of the system is generated from new recruitment and purchase of higher slots by investors.
Forsage needs a steady stream of new money to keep cycling.
Otherwise, it will stall out, cycles will not be completed, and the platform will eventually stop paying.
iii. That Forsage is hosted on a blockchain does not make it more legit than other matrix schemes that have crashed.
And have you noticed? Smart contract crypto-based matrix cycler programs are trending.
It is like every new week births another ETH based gifting pyramid scheme just like Forsage.
Sadly, matrix cyclers never last. Whenever recruitment reduces, users will no longer get paid.
Certainly, there will be users who cannot recruit before then, so, they will lose their money.
Whereas the admins and other people at the top will receive bulk payments.
iv. The founders of Forsage were not known until 5 months after the platform was launched.
And that happened because they were called out by the Philippines SEC.
Where were they hiding in the first place?
v. Again, Ethereum is the only method of peer to peer payments.
As such, there is no recourse/refund once you lose your ETH on the platform.
Bulk of the money will be made at the top of the pyramid, from the owners, the owners’ friends, big recruiters, and the earliest participants.
Moreover, the users at the bottom and most people who join later will be left with an empty bag, little to no payout, and probably lose their money.
So long as earning big on the platform depends on the number of persons a user can recruit, the platform will fail in record time.
Or, can Forsage recruit the whole world?
Though Forsage seems promising, it still attracts lots of doubts.
As it stands, we can say that the business is booming but for how long? Who knows the number of victims there will be when the system finally crashes?
That’s all I have to say on Forsage.
Now, it’s your turn:
What do you think of the Forsage platform?
Is it legit or not? And why do you think so?
Are you a user of the platform? What can you say the future holds for Forsage?
Share your answers (or questions) in the comments section right now.
Also, don’t fail to hit the share buttons if you found this review helpful. Thank you!
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Originally published at https://www.nigeriabitcoincommunity.com on July 31, 2020.