Beware: FORSAGE another scheme (Ponzi)

[BIT-BENDER]

 A very likely question you hear newbies asking -HOW CAN I MAKE MONEY THROUGH CRYPTOCURRENCIES-. At the comfort of their homes,leisure places and more.
I was shocked when I saw on the WhatsApp status of a person-am very sure doesn't no anything about cryptocurrencies- about how to make money from ethereum I chatted the person up and he decided to tell me about it immediately I cut in and asked him who is the founder of ethereum. He was short of words.

Back on track, newbies are fooled into thinking they are doing the right thing -in making money- when they dont have knowledge of it.

               FORSAGE
              

  FORSAGE is an online platform claiming to be based on smart contract and uses ethereum, this scheme (Ponzi) is growing in many places fooling/deceiving people. And like Ponzi schemes they ask you to
+ Make deposits of ethereum (on registration)
+ Refer 3 people -to make them look real they say this is not compulsory but later on you would find out that it was-
+ Grow in levels
+ Minimum amount of withdrawal/completing task before being eligible to do so.
+Proud themselves with what the real ethereum has achieved and give blind over ambitious price prediction for ethereum.
If you want to get money so badly just work for it, -just because a Ponzi scheme paid of someone doesn't make them less a Ponzi scheme- flee from Ponzi scheme

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[minairia3]

Anything that related to multilevel marketing is a scam. Pyramiding scheme has been happening in the past and even they incorporated crypto still it proven to be scam later on. Maybe now, there are lots of those who are earning from it but those who are starting from the bottom will realized that this is not a worth investment.

I have some friends into crypto tried it out and they are earning but seeing the concept and method, Im sure it will go down if they dont have much fund in circulation.

[Daniel91]

Anything that related to multilevel marketing is a scam. Pyramiding scheme has been happening in the past and even they incorporated crypto still it proven to be scam later on. Maybe now, there are lots of those who are earning from it but those who are starting from the bottom will realized that this is not a worth investment.

I have some friends into crypto tried it out and they are earning but seeing the concept and method, Im sure it will go down if they dont have much fund in circulation.

I have been bombarded with this offer for the last few weeks 
Still, I wouldn’t agree that every MLM is a scam.
If we are talking about a legal company that has a specific product that is used every day and for which there is a demand, then it is a legal business and not a scam.
One very good example: https://en.wikipedia.org/wiki/Oriflame
''Oriflame Holding AG is a multi-level marketing cosmetics company founded in Sweden in 1967 by Jonas af Jochnick, Robert af Jochnick, and Bengt Hellsten. The company is based in Switzerland and until 17 July 2019 [1] was listed on the Nasdaq Stockholm Exchange. It has a presence in more than 60 countries and is marketed by 3 million Oriflame distributors, generating annual sales of around €1.3 billion in 2018''

[CryptopreneurBrainboss]

Here's what is trending in my country right now, "make money leveraging on ethereum smart contract and trust wallet". The likes of Ethereum million Money, and the project the OP just highlighted are those succeeding in defrauding millions of my country men off their hard earned Fiats. It's no surprise as the youth are more interested in making quick money instead of learning the technology behind cryptocurrency and probably taking their time to learn cryptocurrency trading or having the patience to involve themselves into investing.

The funny part is that neither of the promoters of this Ponzi have any idea of what smart contracts are or are even interested in engaging in cryptocurrency trading or investing but are conscious of the reward they'll get from introducing more gullible individuals into the scheme they found themselves in as a result of greed.

Most times I get tried of trying to educate them that what they're engaging themselves in aren't associated with cryptocurrency in anyway but just like other previous projects that claimed to be trading cryptocurrency or whatever are scams and they'll end as the likes of MMM did. We lack proper enlightenment in my country and it's troubling as many are getting decieved daily.

[pakhitheboss]

Thanks for the heads up.

The problem with newbies is that they want to earn but earn everything quickly. Which is practically impossible in this world unless you get some kind of inheritance.

Pyramid based schemes always look great on paper, but the truth is that they are Ponzi schemes and such schemes should be always be avoided because you will not only destroy your investment but also others.

Keep away from giveaways and pyramid schemes they are meant only to scam you.

[DdmrDdmr]

A similar scheme, with all the yada yada yada on blockchain contract and so forth is Ace Returns. As their website states:

It is a decentralized system functioning through the smart contract on the Ethereum Blockchain where youi can earn up to 473928.054 ETH by transferring only 0.03 ETH to your referral/upline <…>

What can really go wrong with such an enchanting offer?

For the gullible: You will very likely lose all that you (think that you) invest in this type of scheme.

[GreatArkansas]

I also heard this last money, my friend approach me if I am familiar with FORSAGE since he said someone told him to invest there, well at my first thought, it's already a Ponzi scheme.
I also tried to search for some Facebook groups and viola, they started with lot of members for every group, especially they got Forsage Philippines, jeez! For sure lot of my fellow countrymen will get scam again and again.

[cheezcarls]

Any moderators who can move this topic to Scam Accusations section please? I don't think this topic is appropriate here in the Beginners & Help section.

As for Forsage, yes it is definitely a ponzi scam. My sister's office mate reached out to me to check if Forsage is legit or not. As I have checked the entire website and system, I've already concluded that the system was nothing but another ponzi scheme.

Oh and by the way, I saw this post on Facebook regarding the "developer and founder" of Forsage himself named Lado Okhotnikov.

Here is his Facebook account: https://www.facebook.com/lado.okhotnikov

So this is his personal account, and I don't see him promote Forsage there. However, his face matches the promotional and interview videos below:

Video #1: https://www.youtube.com/watch?v=dswptZpxR-I
Video #2: https://www.youtube.com/watch?v=9cmxQrOmIFE
Video #3: https://www.youtube.com/watch?v=-25CRPTRgmE
Video #4: https://www.youtube.com/watch?v=W9-pJEGE7uk

FB watch video: https://www.facebook.com/watch/?v=2900404056721911

Note: I'm just sharing these for reference.

This dude is just one of the hundreds who are creating a bad image on cryptocurrencies and blockchain, especially Ethereum. Here in the Philippines, I've seen stupid idiots who are promoting this heavily and defending Forsage from haters or those who are saying negative about it. Until now, they are still suffering from "shiny income syndrome" or "shiny object syndrome".

This is why the broadcast media in the Philippines are using the word "Bitcoin scam" or "cryptocurrency scam" in their headlines to make all Filipinos believe in general that Bitcoin and cryptocurrencies are scam without taking time to research and educate themselves.

Any offer that gives you "guarantee" of 3x, 4x, 10x, etc., in return of investment are completely scam and ponzi. You're only lucky if you are an early bird, but those who came in late are gonna be sorry and may lose their hard-earned money.

[yazher]

This is a Ponzi scheme like scam, they just change some few steps. the only people who can earn in this are those who got there first and they will likely get some people to join because they think the site is legit and paying but little they know they are being used to get more people to be a victim by this method. after a few days, whoever followed to do those steps, are likely to get scam in the future. Anyway, we need to understand that whatever investment method that using a pyramiding scheme, are more likely to become scam later on.

[robelneo]

This thread should be moved in the scam section it deserves to be here because it is a Ponzi scheme in the tradition of Bitconnectcoin, I have seen a lot of my friends in Facebook promoting this and their big attraction is posting their payment proof, and showcasing luxuries supposedly they bought like cars.
It's only a matter of time before the authorities go after those running this Ponzi scheme and their promoters, after Onecoin and Bitconnecoin this is the new big scam.

[Charles-Tim]

This is just so right, most people do not have enough knowledge about what they invested on, some even do not have any idea at all about it, that is why they are easily scammed. I saw a mate of my on whatsapp telling people they could become a millionaire in two years by trading in cryptocurrencies, some people will just be lured by that and later even lose, some this way fall victim of ponzi scheme and lose. In life, we need to do a thorough research before we invested our funds on such.

[RapTarX]

Recently, this is popping up everywhere. It's a clear ponzi scam regardless of their whatever smart contract is there. I have been asked to join; when I checked I got surprised that people are still investing on such ponzis.
I have no idea about smart contract though, can a smart contract be overwritten?

[KrisAlex18]

Thanks for informing us buddy, this is a scam website, they keep saying some beautiful words so people will get attracted to it but only a few people will receive a good return on it. It is somehow related to the scam website named: PANDEMIC CRYPTO, I had tried this website before saying that they will double my investment for just 24 hours but nothing happens, its already a month have passed when I invested on this website that is recommended by my friend, I believed her because she had shown it the result of her investment and she received the payment but sadly it is a Ponzi scheme.

I had realized that there is now an investment website that will offer to double your investment for just a few days. I will be more vigilant now and do some research first before trying some websites or better read some reviews to be more contented of being real of the website.

[mk4]

Anyway, we need to understand that whatever investment method that using a pyramiding scheme, are more likely to become scam later on.

They're already a scam to start with. It's just that they'd make the ponzi money pool bigger and bigger first to be able to maximize the amount of money they could potentially run off with.

[BIT-BENDER]

They're already a scam to start with. It's just that they'd make the ponzi money pool bigger and bigger first to be able to maximize the amount of money they could potentially run off with.

They are full Scam!!! Some early adopters can even get paid, but this comes with stupendous tasks and the payment small still they are scam, they can be patient if they choose to. still they are scam,

[jossiel]

It's sad that these ponzi owners will always take advantage of newbies in crypto. A lot of newbies are being misled by them and made their investors think that they are legitimately generating revenue through those tasks and requirements that they have made.

Thanks for this OP.

[smyslov]

Those payment proof they are posting in various social media is their attraction for people to join, but investors should realized that these people are early members and for them to continue to receive their payout, they need to continue referring people, once the money stops coming in then it's game over.

[Ryker1]

Well, thank you for bringing this topic up here, --this is also very trending in our place and most of my friends on Facebook and even in the telegram they are talking on this. But I know that this is a Ponzi scheme I never tried to put my money there. This a kind of business investment which is fooling people obviously, where is the profit generated comes from? From the member itself,  because your income here is based mainly on the number of people you have recruited and there is no actual product that represents that the profit was generated came from.
Indeed, thank you for sharing it here. Perhaps others will blindly be getting interested because of their sweet promises.
They used the smart contracts of ETH just to fool naive people.

[Krislaw]

Very clear ponzi and the most funniest thing is that it's pyramid. You can't earn if you don't refer, never. Those that promote it won't tell you this.
I was reading and argument about this some days ago whereby someone was try to make it look like Ethereum is related to forsage. This is the stupid way ponzi shillers promote scheme in the name of cryptocurrency and dirty the name blockchain and crypto once they exist scam. Those that got scammed will never want to hear anything about crypto.

[nelson4lov]

~

Exactly what I wanted to say. The current ponzi schemes are targeted at people who know little to nothing about how cryptocurrencies work. How do I know this? I've had chats with some people who are members of the so called – "Ethereum Money" project and majority, if not all of them have the slightest idea about ETH. Sadly, scams like this targets gullible and desperate people who want to make money as easy and fast as possible.

If I remembered correctly, A similar scheme (Zarfund) was created in 2016 that  ripped hundreds and thousands of users. All of these schemes camouflages their operations with 'referral' programs. They simply Rob Peter  to pay Paul.

At the end of the day:

If something is too good to be true, Its definitely not true.

Let's not get carried away by the urge to make quick money and end up doing more harm than good to our savings.