Ethereum co-founder Vitalik Buterin accused the Forsage project of fraud, which ranks second in gas usage on the Ethereum network.<\/p>\n
In early July, the Philippines’ financial regulator warned residents against investing in a company that positions itself as a decentralised matrix-marketing project. The move followed the identification of signs of a financial pyramid.<\/p>\n
On ForsageAsia’s Twitter account, the statement was criticised, after which Buterin weighed in.<\/p>\n
\nThey oppose you because you are liars. Most users of such projects will not make money, but instead lose a lot of money. Such projects rely on a daily influx of more and more participants to pay earlier participants; when there are no new participants, most users lose everything they’ve invested. Look at Bitconnect, Onecoin, and others.<\/p>\n
Please leave and do not contaminate the Ethereum ecosystem in the future, thank you!<\/p>\n
\u2014 vitalik.eth (@VitalikButerin) August 10, 2020<\/a><\/p>\n<\/blockquote>\n
Representatives of the company stated<\/a> that such projects not only positively affect the Ethereum network, but also provide income in the form of fees.<\/p>\n
Over the last month, users paid fees of $455,000 for Forsage-related transactions. By this measure, the project ranks second only to USDT on the Ethereum blockchain. Earlier, Mitchell Muss suggested<\/a> that the pyramid’s popularity influenced the growth of fees on the network.<\/p>\n
On August 10, the median transaction fee exceeded $1.4, according to Bitinfocharts<\/a>. The last time this metric reached that level was in mid-January 2018, when ETH hit its price peak.<\/p>\n
Earlier in August, the pioneer of the cryptocurrency industry and Blockstream CEO Adam Back placed<\/a> Ethereum in the same category as fraudulent projects Onecoin and Bitconnect.<\/p>\n