Forsage could be the reason why Ethereum gas fees are ridiculously high!

[cheezcarls]

Source: https://decrypt.co/34640/philippines-sec-just-denounced-the-top-ethereum-dapp-as-a-ponzi

Earlier, I had a thread about Bancor's ridiculous high fees when swapping token to Ethereum. Normally, it's just around 0.005 ETH as cost to convert. The customer service even said that I should have at least 0.02 ETH as safe haven because of the network congestion. But when I converted those tokens to Ethereum, I was forced to pay ridiculously high $5 to $6 in gas fees!

As I have read this news from DeCrypt, Forsage might be the reason behind it. They might be the top Dapp right now according to DappStats because of the heavy influx of users in a span of 24 hours, and hogged 13% of it's entire network for the past 24 hours and accounts 25% of the Ethereum blockchain's network activity.

It's just sad that they can't be stopped even if the main website will be taken down according to Ethereum researcher and developer himself Philippe Castonguay. No government or SEC can stop it, unless there are some possible vulnerabilities within the Ethereum network.  

CoinTelegraph also exposed Forsage scam here: https://cointelegraph.com/news/philippine-sec-warns-against-crypto-schemes

There's a scam accusation thread from BIT-BENDER about Forsage too and I actively responded there with some sources I have provided as reference.

If this continues, there might be possible scenarios in my opinion such as:

1. People losing interest on Ethereum due to high gas fees and network congestion being caused by Forsage and other ponzi schemes operating via "smart contract".
2. They might possibly dump or sell ETH and move on to other coins such as Stellar Lumens, TRX, NEO, XTZ, etc.
3. Cryptocurrency startups (especially ICOs, IEOs, STOs and other crowdfunding projects) might not be using Ethereum blockchain anymore to begin their campaigns.
4. Blockchain games and other Dapps who are running on the Ethereum network might considering a move to the other blockchains.
5. Uneducated or misinformed people who relied more on media than doing their own research or consulting to the experts might generally tag Ethereum as "scam".

Ain't sure if these ponzi schemes using the Ethereum blockchain are gonna affect Ethereum 2.0? And what would happen to ETH in the future if these schemes continue to hog the Ethereum network and make us pay ridiculously high gas fees? What are your thoughts, opinions or reactions to this one guys?

[ife2020]

To start with, Forsage is a ponzi scheme; a replacement for the million money ponzi scheme which is equally bad. I term them scam because they use the etherum and crypto currency brand to deceive their participants. So firstly; i reiterate that FORSAGE is not an etherum investment at all; it is simply ponzi.

Back to the cointelegraphs claim, The introduction of forsage, million money and other etherum ponzis can indeed be a factor to transaction congestion because it leads to so many influx of ethereum transactions; On the other hand; i do not feel the fees are ridiculously high; the most lately has been less than 0.5$ worth of eth.

[blockman]

That's high. Too bad that these investors still don't understand what's Forsage is all about. It's a scam, a Ponzi scheme scam and they shouldn't be caught by the marketing of these people showing how much they've made within just a few hours or few days.

To start with, Forsage is a ponzi scheme; a replacement for the million money ponzi scheme which is equally bad. I term them scam because they use the etherum and crypto currency brand to deceive their participants. So firstly; i reiterate that FORSAGE is not an etherum investment at all; it is simply ponzi.

They chose to use ETH probably because bitcoin has already been overused by other scam schemes so to be sort of new, although there were scams from before that chose ETH as payment, they've chosen. Their investors don't realize that Ethereum is already an investment if they hold and the platform they are depositing it is a scam, they will only realize it once it collapses.

[qazgroup]

Source: https://decrypt.co/34640/philippines-sec-just-denounced-the-top-ethereum-dapp-as-a-ponzi

Earlier, I had a thread about Bancor's ridiculous high fees when swapping token to Ethereum. Normally, it's just around 0.005 ETH as cost to convert. The customer service even said that I should have at least 0.02 ETH as safe haven because of the network congestion. But when I converted those tokens to Ethereum, I was forced to pay ridiculously high $5 to $6 in gas fees!

As I have read this news from DeCrypt, Forsage might be the reason behind it. They might be the top Dapp right now according to DappStats because of the heavy influx of users in a span of 24 hours, and hogged 13% of it's entire network for the past 24 hours and accounts 25% of the Ethereum blockchain's network activity.

It's just sad that they can't be stopped even if the main website will be taken down according to Ethereum researcher and developer himself Philippe Castonguay. No government or SEC can stop it, unless there are some possible vulnerabilities within the Ethereum network.  

CoinTelegraph also exposed Forsage scam here: https://cointelegraph.com/news/philippine-sec-warns-against-crypto-schemes

There's a scam accusation thread from BIT-BENDER about Forsage too and I actively responded there with some sources I have provided as reference.

If this continues, there might be possible scenarios in my opinion such as:

1. People losing interest on Ethereum due to high gas fees and network congestion being caused by Forsage and other ponzi schemes operating via "smart contract".
2. They might possibly dump or sell ETH and move on to other coins such as Stellar Lumens, TRX, NEO, XTZ, etc.
3. Cryptocurrency startups (especially ICOs, IEOs, STOs and other crowdfunding projects) might not be using Ethereum blockchain anymore to begin their campaigns.
4. Blockchain games and other Dapps who are running on the Ethereum network might considering a move to the other blockchains.
5. Uneducated or misinformed people who relied more on media than doing their own research or consulting to the experts might generally tag Ethereum as "scam".

Ain't sure if these ponzi schemes using the Ethereum blockchain are gonna affect Ethereum 2.0? And what would happen to ETH in the future if these schemes continue to hog the Ethereum network and make us pay ridiculously high gas fees? What are your thoughts, opinions or reactions to this one guys?

It is obvious that it is an mlm based ponzi scheme where you have to refer more users to make more money and once the influx of new users and new money will stop this project will be over, I hope people realize this and stay away from this, at the moment all i see is people posting the screen shot of money they are making from this ponzi which is not a great thing to see.

[Henrytrust]

The issue of ponzi schemes using the ethereum protocol is another big news that's rather unfortunate. My major fear is that most of the participants think that forsage is a decentralized currency. I was backlash lately, when I told some persons that the forsage is a ponzi scheme operating using ethereum. Its really bad because when the scheme dies, some persons would end up tagging ethereum and cryptocurrencies as scam.

[Pffrt]

Isn't Forsage a ponzi scam? People still investing on it. I see. Lots of people are using ETH on forsage and that might be ine of the reasons of high gas fee. It's ridiculous that with ETH the gas fee is high enough to $5/$6. With bitcoin, it's too low comparatively.
There's no other reason of gas fee pump other than the forsage at the moment seems like.

[sheenshane]

Probably it is, based on the article reports it seems that was the cause of having Ethereum high fees due to more people blindly believe that they will gain profit on that Ponzi scheme, the FORSAGE.

The most what I worried about when this company will getting seized and stop their operations and all those investors will sell their Ethereum all at once. Maybe at this time, the Ethereum price has a big impact if my theory will happen.

It could be true or not but I didn't know what happen to Ethereum after there's a rumor about upgrading to level 2.0 and also this news, Nightmare Come True: User Pays $2.6 Million in Transaction Fees to Send $134 of Ether, It's still mysterious to me.

[Akiko]

Isn't Forsage a ponzi scam? People still investing on it. I see. Lots of people are using ETH on forsage and that might be ine of the reasons of high gas fee. It's ridiculous that with ETH the gas fee is high enough to $5/$6. With bitcoin, it's too low comparatively.
There's no other reason of gas fee pump other than the forsage at the moment seems like.

I don't think this is the main reasons maybe there are also other reasons we have many ethereum platform tokens in the market how come with a single project scam project to be corrected it will become so much congested ?

How many people invested in that scheme that it will affect the gas fees and ethereum transaction?

[Fluttershy]

The network is extremely congested for the past few weeks because of that we are seeing really high gas price. Unless ethereum decides to make their network more scalable we will have to suffer from high gas fees at least until they launch ETH 2.0 which have no clear launch date yet.

[tabas]

Isn't Forsage a ponzi scam? People still investing on it. I see. Lots of people are using ETH on forsage and that might be ine of the reasons of high gas fee. It's ridiculous that with ETH the gas fee is high enough to $5/$6. With bitcoin, it's too low comparatively.
There's no other reason of gas fee pump other than the forsage at the moment seems like.

Yes, it is a scam per se. There's the same event of congestion for bitcoin during the all-time high and that's because of a network attack spam and for Ethereum during that time it's also congested because of the cryptokitties.

we will have to suffer from high gas fees at least until they launch ETH 2.0 which have no clear launch date yet.

As long as the network gets clear and smooth, we'll see cheaper fees again. I'm hoping for 2.0 but having no to mention about the date, don't wait yet for it to save the fees.

[cheezcarls]

My friend just posted this on his Facebook timeline. SEC just caught Forsage's official smart contract address here: https://etherscan.io/address/0x5acc84a3e955Bdd76467d3348077d003f00fFB97

It was now labeled as "high risk" and with a warning message: "Warning! There are reports from the Philippines SEC that this address is associated with a Ponzi. Please exercise caution when interacting with this address."

However, new and existing players are just "warned" because it runs on a smart contract and cannot be stopped even if the main website was taken down for any reason. I'm just glad that they're fast enough to take action in labeling this smart contact address as a high risk scam.

[tabas]

My friend just posted this on his Facebook timeline. SEC just caught Forsage's official smart contract address here: https://etherscan.io/address/0x5acc84a3e955Bdd76467d3348077d003f00fFB97

It was now labeled as "high risk" and with a warning message: "Warning! There are reports from the Philippines SEC that this address is associated with a Ponzi. Please exercise caution when interacting with this address."

However, new and existing players are just "warned" because it runs on a smart contract and cannot be stopped even if the main website was taken down for any reason. I'm just glad that they're fast enough to take action in labeling this smart contact address as a high risk scam.

This is a good catch for them. At least those investors that are doing deeper research like looking at the Ethereum address where they will be investing could see the message.
That's a big thing for them so that they will stop investing on it.

[WannaCry]

first of all this forsage thing is a Ponzi scheme.. i don't know why people are still fallen on this kind investment. and also regarding the ethereum gas fee, I think this is not about this forsage, before forsage started the gas fee is so high already. its not about this investment scheme that the gas fee is so high.. 9i am hoping that these individuals will know what is the difference between crypto investment and Ponzi scheme investment

[tabas]

first of all this forsage thing is a Ponzi scheme.. i don't know why people are still fallen on this kind investment. and also regarding the ethereum gas fee, I think this is not about this forsage, before forsage started the gas fee is so high already. its not about this investment scheme that the gas fee is so high.. 9i am hoping that these individuals will know what is the difference between crypto investment and Ponzi scheme investment

It's always a problem for most people that don't understand what a scam is. They think that it's easy to earn Ethereum or cryptocurrencies because of these schemes.
But they have never considered how is that possible and if it's a scam. They don't do depth research and what's important to them is that their money grows without doing anything and that's the trick.

[joshua123]

Not just forsage but defi has been saturated with a lots of transaction lately, I could say that defi projects which are locked on eth network more likely to attribute on the congestion of eth network, leaving the gas gee very high. If you think about it, forsage have users with a lot of transaction too, but its not only about them. Even without forsage transaction processes we already at a very high price of gwei as fee.

[casperBGD]

Not just forsage but defi has been saturated with a lots of transaction lately, I could say that defi projects which are locked on eth network more likely to attribute on the congestion of eth network, leaving the gas gee very high. If you think about it, forsage have users with a lot of transaction too, but its not only about them. Even without forsage transaction processes we already at a very high price of gwei as fee.

yeah, DeFi has a lot of transactions, and raised fees on the network, but Forsage is also within top four applications on Ethereum, and certainly had effect on raising fees
we will see in near future where this increased fees will bring us

[akitha]

ethereum gas fee is always high.. regarding this forsage I have been hearing about this from my friends.. they even invest in this kind of Ponzi scheme.. I have been warning them but they do not listen.one day this scheme will vanish and they will never know..