begbyj
Level 1

All,

I'm extremely surprised that no one here has mentioned that Forsage is not a legitimate business. It's a pyramid/Ponzi scheme with a standard element from Multi-level Marketing, namely the 'matrix'. The fact it uses smart contracts on the Etherium network is only obfuscation for the scheme. They have no business and no revenue, it's entirely generated from the profits on new 'recruits' and the price increase to Ethereum that has been common over the last year as cryptocurrencies continue to rise. 

This scheme has already received a cease and desist order from the SEC in the Philippines where most of the victims originated. 

https://www.sec.gov.ph/cdo-2020/forsage-and-forsage-philippines/

Here are some earlier articles on the topic. 

https://news.bitcoin.com/despite-warnings-from-regulators-the-ethereum-fueled-pyramid-scheme-forsage...

https://cointelegraph.com/news/one-month-on-forsage-continues-despite-secs-ponzi-warnings

I'm not sure how you list your income from a Pyramid scheme on your taxes, but it is certainly possible Schedule C would still apply. Then again, it's probably better not to have income from a Pyramid scheme instead. 

0 Cheers