Price: Free till July 2016, $149 per month thereafter
Who will benefit: everyone (supposedly)
Rank: 0 out of 10
SmashFund is a new project launching July 2016.
The company defines itself as the first crowdfunding company operating as a social network.
In case you don’t know what crowdfunding is, it basically means collecting small amounts of money from a large number of people for some project you have on your mind.
And I guess there is no need in explaining what a social network is 🙂
Now I’ve seen some reviews on SmashFund telling people that it’s all good and it’s gonna go viral during this half a year, and you’d better jump in right now.
At first I was really excited, and I did some more research on this project, because history tells me that being too much excited about something usually leaves you with regrets in the end.
Now here is what I’ve learned about SmashFund.
What is it really?
Here is a short video where Rob Towles (the founder of the company) introduces his project.
Ok, it doesn’t tell you very much, does it?
It is supposed to be a social network where I can tell people about whatever projects I have on my mind (including non-profits) and raise some money from the company’s revenue. SmashFund supposedly shares 80% of its revenue with its members.
And where does their revenue come from?
SmashFund is based on monthly payments of its members.
And as a member I can refer people to the project and have commissions from their monthly payments.
I also get 2nd tier referral commissions as a member (from the referrals of my referrals).
Now they say it’s not MLM (multi-level-marketing).
But it’s not true as far as I can see.
How much does it cost?
You can register for free right now before it officially launches.
There is a form to fill in, and you will have to give them your credit card info.
Actually, you don’t have to.
Being a little bit suspicious about this project I decided to try to fill in a bunch of random numbers instead of my real info and it worked) I got into the member’s account.
And I am really glad that I haven’t given them my real credit card info!
I’ll tell you why soon.
Ok, it’s free to join right now.
And it’s $149 per month from July 2016 when they officially launch.
But you have $50 per month from every referral that you bring to them.
So you only have to invite 3 people to make it even for you.
That’s what I saw in other reviews of this project.
People telling that they have already invited 9 people and going to earn about $300 ($50*9-$149=$301) per month already.
Well, it very well may be, why not?
But read on.
When I got to the member’s account, I was in for a surprise.
I myself love minimalism, but they raised it to the level I’ve never imagined before) I mean, I have never questioned the necessity of being able to set up a profile in my account.
And seeing that they haven’t even given you any opportunity to do so, I started asking myself – do I really need a profile?)
What is it for? 🙂
Everybody knows that I’m a great person, why would they want to see my profile picture? 🙂
Ok, they haven’t got much inside the member’s area.
I expected that it would look at least remotely like a social network.
I expected that they would have some project creation area, because I have to tell somehow about my projects in order to crowdfund them.
They haven’t got it.
You can see your affiliate link inside the member’s area.
You can see how many people you’ve invited.
And a little bit about how to invite people (not really much).
No project management area.
No credit card settings.
And if I would like to cancel my subscription or change my credit card information, I wouldn’t be able to do it manually.
Only through emailing their support team.
That would make me a little bit anxious, if I gave them my real credit card info.
So I’m glad I didn’t do that.
Now I realise that it’s not built yet completely, and that there might add some more tools and modules to the site before July 2016.
But it all somehow stinks of MLM network, that is only there to suck in people’s money, give them back a little and then disappear.
I decided to google Rob Towles – the founder of the company.
Who is Rob Towles?
Right on the first page of search for “Rob Towles” on Google I see “Efusjon – Pyramid Scheme Alert”.
It leads to a .pdf document telling that Efusjon is basically a pyramid scheme, which is illegal.
And Rob Towles was a co-founder of the company.
It is dated Nov 2009.
And some time has passed after that.
Maybe he really changed, maybe he wasn’t really guilty.
I don’t know.
But it seems too risky to me.
And I don’t really wanna involve in risky stuff.
Maybe I’m a little bit too fast on making conclusions about SmashFund, but for now I’m pretty much sure that it is a scam.
There is nothing inside the member’s area, which they promise.
So far I see only empty promises, and an overpriced membership fee ($149 per month), which is very common for pyramid schemes.
And it all stinks.
Maybe I’m wrong, maybe it will become a new viral project, I don’t know.
But I see far more risks than potential gains.
And I don’t recommend you join it.
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