Is Forsage scam or legit? Have you seen someone promoting this smart contract MLM on social media as a way to stack Ethereum? Maybe you’ve seen the lame hyped up marketing claims about Forsage being a legit decentralized matrix cryptocurrency project?
Lets review the details of Forsage.io including the products, the company, and the compensation plan in this Forsage review.
WHAT IS FORSAGE?
Forsage launched in February of 2020 and has been gaining momentum and popularity lately.
At first, Forsage seems like a cool Etheruem smart contract project. It’s a decentralized peer to peer system that pays 100% commissions on positions that you buy in 2 matrices.
But after a closer look under the hood, Forsage is just a cash gifting matrix cycler and nothing more.
They simply use a smart contract on the Ethereum blockchain, to automate the position cycling in the matrices, to pay members wallets. So, instead of a web based script, its handled on the blockchain with a smart contract.
On June 30th, The SEC issued an advisory against Forsage warning the public not to place money into Forsage. Also stating; Aside from lacking the necessary licenses, Forsage’s compensation plan resembles a Ponzi scheme, where investors are paid using the contribution of new investors, according to the SEC.
Cash gifting schemes are illegal. Just because Forsage uses Ethereum and a smart contract does not make it legal or justified.
Another negative is the the Forsage compensation plan is a matrix cycler. Matrix cycler’s never last, once recruiting slows down, people stop getting paid. It is simple math that it will eventually fizzle out and fail.
Most people can not recruit, so they will lose their money. They will simply put in more and than they will ever get out of it, and take a loss. The admins and the people at the top get paid the most, the people at the bottom get suckered into these scams and lose out.
Forsage uses Ethereum as the only method of peer to peer payments, so no recourse/refunds once you send your ETH away to join this smart contract ponzi scheme.
Forsage Scam? Yes!!
FORSAGE PRODUCTS ?
Forsage has no products at all.
This is more evidence Forsage is just a cash gifting pyramid scheme disguised as “Crowdfunding”.
Pay Ethereum to join for the ability to refer others, to get paid Ethereum so they can do the same.
People think it’s all legit and some kind of revolutionary way to earn Ethereum daily, because its handled with smart contracts on the Ethereum blockchain.
Don’t be fooled by all the smoke and mirrors, its still an illegal pyramid scheme.
FORSAGE COMPENSATION PLAN
Forsage has two matrix sizes which are 3×1 and 2×2.
Forsage x3: A 3×1 matrix has three positions under your main position.
Forsage x4: A 2×2 matrix starts with two positions on the level 1 and expands to four positions on level 2.
These positions can be filled directly or indirectly.
Once you fill the matrix, you cycle out and get commissions in ETH as seen below:
x3 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.
x4 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.
You can buy more positions, there are 24 positions in total, 12 positions in each matrix.
Each position doubles in value as you go, from 0.25 ETH all the way up to the 51.2 ETH
HOW MUCH DOES FORSAGE COST TO JOIN?
The Forsage scam costs over $80,000 to buy all 24 positions in both matrices!
The entry fee is 0.05 ETH to buy your first position.
This will gives you a position in the x3 (3×1) matrix and the x4 (2×2) matrix. (0.025 ETH to each matrix.)
If you want to buy all the positions in the x3 matrix, that will cost you an additional 102.35 ETH, at today’s value of $395 usd, that is $40,428.25 usd.
If you want to buy all the positions in the x4 matrix, that will cost you an additional 102.35 ETH, at today’s value of $395 usd, that is $40,428.25 usd.
To buy all 24 positions will cost you a total of 204.7 Ethereum, at today’s value of $395 USD each, this will set you back a whopping $80,856.50 USD! 😲😲😲
Now, who in their right mind, would spend over $80,000 on a cash gifting matrix cycler pyramid scheme??? 🤦♂️
Forsage is simply an illegal cash gifting matrix cycler pyramid scheme that uses the Ethereum cryptocurrency as payment method.
Just because it’s on the blockchain, does not mean it is legit.
It’s marketed as a scam proof way to stack Ethereum daily with fancy words like: new generation, crowdfunding, decentralized, smart contract, but don’t be fooled by this. You will have to constantly recruit others and it needs a steady stream of new money to keep cycling or it will stall out, not complete cycles and you won’t get paid.
It’s simple math that it will eventually stop paying, that’s how all matrix cyclers work, they always fail.
Most of the money will be made at the top of the pyramid, from the owners, the owners stacked positions and the big recruiters that are experienced in promoting these bad mlm ponzi scams. Most will lose money.
Forsage is a Bad MLM.