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| Screenshot from Forsage.io Website |
First of all, I am a developer and also a cryptocurrency enthusiast, being a
developer I have a bit more understanding on how block chain works,
including the smart contract of Ethereum so I think I can explain this topic
in layman's term especially to people who want to have better understanding
and knowledge before making a big decision--may it be joining Forsage to
invest their hard-earned money or those people who are skeptics and wants to
know how it works.
Claim: They are using smart contract?
To be fair, forsage.io is legitimately using Ethereum blockchain's smart
contract to carry out its so-called investment operations. If you visit
their site and scroll over to FAQs under "What is Forsage.io", they
actually have provided their Ethereum's smart contract's
address. If you visit that Ethereum address, you can actually see the code of
their smart contract if you navigate to the contract tab.
Conclusion: True
Claim: The First Ever 100% Decentralized
If you visit their site, the first thing that greets you is the statement
that says "THE FIRST EVER 100% decentralized." Well, this might be a
very appealing statement to people who do not understand block chain, but
this statement is false, for the reasons that they are just a smart contract
running on top of Ethereum block chain and has the ball to claim they are
the first? If there is one between ETH and Forsage being the first
decentralized it should be ETH and not them.
Conclusion: False
Claim: Trust Wallet and Forsage is One and The Same
This is not a claim from Forsage itself but from people who are investing
into forsage specifically the person who tried to invite me. They are
claiming that Trust Wallet and Forsage are the same, maybe to encourage
people to trust them because Trust Wallet is actually a legitimate crypto
currency wallet app and they are leveraging Trust Wallet's crypto addresses
to interact with Forsage's smart contract on ETH block chain. Trust wallet
is their recommended wallet app in order to start investing to forsage, it
serves as a payment method, it is where people will deposit or transfer
their ETH amounts in order to start investing with forsage or to buy matrix levels.
I confirmed with Trust Wallet if they are affiliated with forsage, and they
denied. One thing also why these people think forsage is affiliated with
trust wallet is because when buying investment level they are encouraged to
use trust wallet app through their DApp Browser, as trust wallet explained,
any apps or sites that have DApp browsers can interact with forsage and that
does not make them affiliated with each other.
Conclusion: False
Claim: This is an Investment and not a Pyramid scheme
Well, as clearly stated in their FAQ "Forsage is a crowdfunding international platform..." that means they gets money from the crowd, from you and me--their
so-called investors.
Having studied how their smart contract works, it's true that they are like
a foundation asking for your donation money by buying their matrix levels.
That is their main product you are buying and paying them ethers from your
trust wallet ETH address. But why and how are they giving you
"profits" you asked? Those profits you received are the money from
the people you invited, and if you do not invite someone you can never get
back your money.
If a company relies on invited people in order to give profit or commission
to its current investors, that is called a ponzi scheme or a pyramid scheme.
It is true that if you refer or invite more people to join forsage, you will
receive a commission, but remember that those money you received are the
hard-earned money of your friends, forsage is giving it to you as a
thank you gift for scamming your friends.
Conclusion: False
Final Thoughts
Forsage is really sophisticated, they are not an ordinary pyramiding or
ponzi scheme but they elevated it a bit to use smart contract and block
chain. For me, they are pyramid scheme using legitimate block chain. I need
to give them credit because the first claim they passed, they are actually
legitimately using smart contracts.
They are a pyramiding scheme on blockchain.
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