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IS FORSAGE A SCAM?

The world is moving very fast into the digital space and no one wants to be left behind. Money also has moved from “Hardwork” and has transitioned into “Smart work”. A lot of persons are awakening to the new age of internet money; no one wants to be left behind. Daily, a lot of opportunities open up and it is hard to always tell which is true or legitimate. In this article, we will be taking a critical look at one of such opportunities; FORSAGE. Crypto-currency has been around for quite a while now, however a lot of persons have yet to understand the power or the potential it wields. Bitcoin for example has been the best performing asset this year. It is therefore not out of place, that when people argue for similar platforms or would be crypto investments, that they mention the success story of Bitcoin. We have discussed how to identify crypto-currencies on our blog at www.phidconng.com and as such will not go into it much in this article. We would rather focus on today’s pressing issue: FORSAGE So, what do we know about Forsage?

  1. FORSAGE CLAIMS TO BE BASED ON ETHEREUM SMART CONTRACT

This is TRUE. A smart contract allows the performance of credible transactions without third parties. What this means for Forsage is that without anyone telling you how much you need to send and where to send it to, at each step of either registration or upgrading, the appropriate amount is withdrawn from your wallet and paid to respective parties. This is how transactions are carried out seamlessly on the Forsage platform without any glitch.

  1. EARNING IS INFLUENCED BY THE PRICE OF ETHEREUM

This is a HALF TRUTH. Since transactions are in ethereum, it is true that the value of ethereum will affect how much you have, however earnings are strictly based on participation. This will be explained further.

  1. YOU DON’T NEED REFERRAL TO EARN?

This is WRONG. The whole life and sustenance of this system is based on referrals and upgrading. To exempt yourself from referring personally, you have to unlock higher levels, this means paying more. This places you in a level where surplus downlines from others can spill over to you and thus, you get downlines from other people referring. This is why people create groups like Lionshare and all. The aim is to create a flowing group that ensures people get downlines as far as the group spreads.

  1. WHY ETHEREUM?

ETH is the second most valuable cryptocurrency, it has a platform for smart contracts and more importantly, it is gearing up for its halving. This makes it a very suitable platform to hide under to run the scheme. So, what is FORSAGE? Forsage is a crypto-based PONZI SCHEME. It has no project, renders no services nor produce. As a Ponzi scheme, the only way you earn is as long as people sign up and register. It has nothing to do with the Ethereum project at all. For those who have done Ponzi schemes like Icharity and Zarfund, this is basically the same thing only that the money is in cryptocurrency and not fiat. Leveraging on the fact that Crypto-currencies increase in price over time, it promises to get you profit as the price of Eth increases. WHAT IS THE FUTURE FOR FORSAGE? Nothing. The future is same with all Ponzi schemes, it will die. How? Either when Eth dips or more likely when the Leaders pull out and less people join. What sells opportunities is the gist. When a new opportunity comes up, investment/MLM experts quickly jump in, and they bring in their full list of downlines. This is what creates the rave and makes the opportunity looks legit whereas it isn’t. When the bubble dies down, they move to a new venture. Investing for the future is good, however putting money into a Ponzi scheme is not investment. It is in truth a scam and while you may not lose money, you will lose credibility and integrity in the long run.

Author avatar
PHIDCON
Phidcon is a financial consultancy company birthed with the fascinating idea of creating financial freedom by taking advantage of the digital space.

2 comments

  1. Olatide Faith

    Nicely done.

  2. Ridwan Salami

    Is LIONSSHARE just a group can under FORSAGE? I thought it’s another smart contract on it’s own.

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