What Is Forsage? It’s An Ethereum Gifting Scheme To Avoid!
Welcome to my Forsage review!
In the MLM industry, there’s nothing more illegal than a gifting scheme, no matter how well you present it. They’re illegal in a sense that they go against certain guidelines set by financial regulatory institutions. And thus, they make the entire MLM industry look bad.
Today, we’re looking at a very obvious gifting scheme that doesn’t even hide their true intentions.
This is Forsage.
First of all, I must Congratulate you for taking your time to do your own research before buying into any "seemingly good" product.
That's the way to avoid scams and find the legitimate way to make money online!
Let me be completely transparent with you, I'm not associated with Forsage in any form.
So, rest assured that I'm not here to pitch or sell anything to you.
Instead, I'm here to reveal what this scheme is all about...
Forsage Review Summary
Product Name: Forsage
Founder: Not disclosed
Product Type: Cryptocurrency Gifting Scheme MLM
Price: 0.5 ETH Investment ($100+ dollars)
Best For: No one
Summary: Forsage is a cryptocurrency gifting scheme that hides behind a MLM opportunity. It has a lot of red flags that we uncovered during the review, and we just don't recommend this to anyone. They even admitted that all profits are from recruiting people, which is a big NO-NO in the eyes of the FTC.
Rating: 1/100
Recommended: No!
More...
What is Forsage?
Forsage, found at forsage.io, is a MLM or multi-level marketing company that claims to have created the world’s first 100% decentralized smart contract. They claim that they launched their smart contract on the Ethereum Blockchain on February 2020. They’re now willing to share this technology to the world.
What Is Forsage - Landing Page
We found no owner information and we don’t have any idea who runs the company either. Forsage even claims that they have an admin.
Now you might be thinking “But they’re operating on the Blockchain, so there’s never going to be any owner”.
Well, someone made the company. Someone made the smart contract. Someone made the compensation plan. Someone’s earning money from the people joining the program. So, there’s someone behind this company.
We are inclined to believe that someone fluent in Russian is behind the company given that there’s some Russian on Forsage’s default English language website.
Forsage Product Line
Forsage works a lot like a pyramid scheme because you pay a fee to join and your fee gets funneled up to the people at the top of the pyramid.
The only way for you to make your money back is to convince a bunch of people to join underneath you. This scheme eventually collapses when there are no more new members joining.
Here’s how their scheme works:
Writer’s note: 1 ETH is worth $206.52 as of May 5 2020.
- Pay 0.5 ETH to join (or $103.26 at this time of writing).
- Send your friends a link to join Forsage. If they sign up, you get 0.025 ETH commission from each person’s 0.5 ETH entry fee. You get about $5 per sign up from the $100+ signup fee they paid up.
- The remaining 0.475 ETH gets sent to the higher tiers of the pyramid, with most of the funds directed to the anonymous positions at the top of the scheme (a.k.a. the program’s creators).
Forsage uses X3 and X4 Matrices for their compensation plan, and I’ll talk about this in the Compensation Plan section.
The Forsage Smart Contract
Forsage developed a Smart Contract on the Ethereum Blockchain. This contract replicates your typical MLM’s distribution system.
Instead of sending joining fee to the company, you send the fee to the smart contract link. This contract then sends your fee up the pyramid and you automatically get a slot on the pyramid. Your recruits are then placed underneath you following the X3 and X4 matrices.
You can find their Smart Contract on the Ethereum Blockchain via Etherscan.
What Is Forsage - Smart Contract
They have a recorded 203,179 transactions of this writing on their Smart Contract, but it holds a 0 ETH Balance.
Forsage Features & Benefits
Their website is filled with vague terms to describe their benefits and features, as seen below.
What Is Forsage - Product Features
They can use fancy words all they like, but it doesn’t do a good job of hiding their true intentions.
I'm Jerry!
I Created My Own 4-Figure Monthly Passive Income at just 21 Years Old!
Does The Product Work?
Now, as of May 5 2020, Forsage claims to have generated the following:
- 13,208 ETH in weekly profits
- 48,404 ETH in total profits
- 70,855 total participants
But Forsage is transparent about the illegal nature of their MLM opportunity, claiming that “profit comes from their participants directly into other members’ personal wallets”. This just means that profits generated are coming from their recruited members.
This basically means that once the recruiting stops, the money stops coming in too.
And don’t be fooled by the use of Blockchain or Smart Contracts because gifting schemes are still illegal. They only benefit those at the top and the top recruiters after the creators.
How To Make Money with Forsage?
The only way to make money from Forsage is to recruit people. You get a commission every time someone signs up using your link.
How To Get Started with Forsage?
Your membership is tied to a one-time payment of 0.5 ETH, or $103.26 at this time of writing. This membership fee is distributed to the person who recruited you and to the people at the top of the pyramid.
Forsage Compensation Plan
Forsage members purchase matrix cycler positions following a 3x1 and 2x2 matrix.
A 3x1 Matrix requires only three positions to be filled while a 2x2 matrix starts with 2 positions on the first level and then expands to four positions on the second level.
What Is Forsage -x3 and x4 Matrices
A single purchase gets you a cycler position in both of the matrices.
Positions are then filled via your direct and indirect recruits. Your direct recruits are those you personally recruit, while indirect recruits are people recruited by your direct recruits.
Once all positions are filled, a cycle commission will then trigger. This then proceeds to create a new matrix of the same size. So if you fill up a 3x1 matrix, you get the commissions and you’re presented with a new 3x1 matrix.
Cycle commissions are as follows:
3×1 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
2×2 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
Forsage Ugly Truths Revealed!
#1 No Owner Information
So one of the biggest red flags about their program is that they have no owner information. And because they’re a MLM company, there has to be a representative. As I said above, there’s no reason why they won’t list their owners or administrators.
Someone created the company, someone created the comp plan, heck even someone created the Smart Contract.
In the MLM industry, when you don’t know who the owners are, that’s a big problem.
#2 Obvious Red Flags
No owner information and a pure recruitment-based incentive program. These are two red flags of a pyramid scheme according to the FTC or Federal Trade Commission, and by other financial institutions.
If you check out their guidelines right here, you’ll notice that they meet almost half of the red flags mentioned.
#3 Gifting Schemes Are Illegal
As I mentioned above, gifting schemes are illegal for the sole reason that they also violate SEC guidelines for MLM companies.
The 5 Red Flags According To The FTC
Now before you hit me with your typical argument of “giving gifts is not illegal”, let me get ahead of you.
Giving cash to someone you know is completely legal. It becomes completely illegal when you attached a BS compensation plan with it.
What I Like About Forsage?
Absolutely nothing. The program’s completely BS and they’re just so upfront about their red flags.
Is Forsage a Scam?
Forsage is a completely BS program that tries so hard to appear legitimate. It hides behind the legitimacies of a blockchain network and smart contracts, but it’s still a pyramid scheme.
- There’s no owner information, and it’s no excuse even if they do run on the Blockchain network. It’s a MLM company. There has to be an owner or someone representing.
- Their incentives are based on recruiting, and nothing else. Their profits are also coming from recruitment. Once this stops, the money stops coming in too.
- Gifting schemes are completely illegal in the MLM industry. And that’s the reason why legitimate MLM companies and their reputations are tarnished. People just assume that every MLM company is a Ponzi or Pyramid scheme.
Stay away from Forsage.
How I Make a Living Online?
I'm not a fan of MLM, not because it's illegal or not profitable, but because of all the restrictions and the expensive costs involved.
Instead, Affiliate Marketing is my top recommended business model for anyone to make money online.
The reason is simple...
- You don't have to recruit anyone to make money
- You have the freedom to promote any products you want and not being restricted to only promote the products from one MLM company
- It's Free to get started
In fact, with affiliate marketing...
I've personally created a 4-Figure Monthly Passive Income Stream and become financially independent at just 21 years old without any College degree or working experience!
Through my own hard work, I went from a broke restaurant waiter to living my dream laptop lifestyle in less than a year's time...
If you want to discover the secrets of how I did it at such a young age, click here!
