Smash Fund Scam Review: Great Opportunity Or Scam?

Name: Smashfund

Websites: http://smashfund.com

Price: $149/Month (When released, now free)

Owners: Rob Towles

Rating: 10/100 

Summary

Smashfund wants to be the very first social crowdfunding network, promising to reward its users with a percentage of every crowdfunding campaign. Although seem like a promising, it seems like another pyramid scheme by Rob Towles who used to head other pyramid schemes.

Smashfund, The very first Social Crowdsourcing NetworkSmashfund front page

I have been seeing a lot of people promote Smashfund everywhere, on Facebook and including some forums as well. Like you, I was wondering if Smashfund is something worth investing my time in or if it is just another scam.

That prompted me to do my research, and to write this article to share my findings. It claims to be the FIRST Social Crowdfunding Network, and threatens to upset the current big competitors such as Indiegogo and Kickstarter with its revolutionary model.

In this review, I will be going through some questions I have about this website to see its overall credibility and give my verdict right after.

Sponsored Links

What Do They Offer?

This is probably the first video you would actually see when you are on the website where the CEO of Smashfund introduces what this is all about.

In this video, he mentions that Smashfund is “The first Crowdsourcing company operating as a social network” and it is “The most exciting space in the world”.

There are also a lot of projects that fail and not get funded. So he created Smashfund as a way to fund these projects using the revenue. The promise is that the user brings in friends to their platform, and they will in return fund the projects.

This is ‘Your Passion’, and you gotta start somewhere. The first thing that he tells you to do is tell the world you are part of Smashfund and you should have at least 5 others in your network too.

If the process duplicates over a 6 day period, you would have thousands and thousands of people connected to your crowd. And it is because you started that initial group of 5 people. Those thousands of people are their ‘marketing’.

At the end of the video, you are told to invite 5 friends to the network and bring your projects to life today.

In my opinion right after the end of the video I was thinking to myself:

“Isn’t this another pyramid scheme?”

What triggered this thought was his mentioning of inviting 5 people into the network, then mentioning how deep your network can be after inviting these friends.

Maybe I’m wrong, maybe this could be a legit opportunity that would make me money. Let’s get down into the in-depth review of Smashfund and see if it is really as great as it claims to be.


Analysis of Smashfund

1. Requires Credit Card to register

As of writing this blog post, I am aware that it is actually free to sign up with an invite code. As you can see below, it’s only for a limited time that you can sign up for free and not get charged.

Smashfund CC details

However, I am also required to enter my Credit Card details right now in order to secure an account. That doesn’t seem assuring for such a brand new website considering it just recently launched.

When the service goes live and launches, people will actually need to pay a hefty $149/month to maintain their membership.

I’m going to give them the benefit of doubt that they won’t charge your card when you sign up, and would actually give you notice before they actually do. What this really means is that you are expected to pay for something in the future, because they won’t need your credit card details if not.

What are you exactly paying for as well? I’m guessing it’s membership to retain access on their platform and the opportunity to earn as well too. This brings me to my next point.

2. Where does the money come from?

This whole system seems to be working on ‘Revenue Share’, as 80% of the revenue from the company will be shared to its members

Smashfund Revenue Share

This means that most of the profits seem to be going back to the users. Also, the payment plan seems really simple to understand. As you can see below, you will earn $50 per month for every personal invitation, and $4 every month for viral connections. Presumably, these people are probably your referrer’s referrals and so forth.

Smashfund $50 Payment

Up to 16,000 Connections per profile. This means you can earn a hefty $64,000 per month!

That’s a lot of money really, and does seem really easy to attain it as you just need to invite the initial few people. If they invite more people, everyone earns.

Except one thing: Where does all these money come from?

YOU, OF COURSE!

Even if you can join FREE now, there’s a reason why they want your credit card details. It’s because you are expected to pay to fund the system.

If that is the case, you are paying for a system to transfer money from one hand to another without any real purpose or product. Sounds like a Pyramid Scheme, don’t you think?

3. Who is Rob Towles?

So, let’s touch on who Rob Towles is. He claims to be the CEO of Smashfund and seem to be the only name that is behind this project for now.

Here’s a Google search for Rob Towles:

Smashfund Rob Towles

One thing I noticed was another program called Efusjon, which Rob Towles is apparently behind too in the past. It also seems like a program that is very similar to Smashfund, considering from just the Google results you see ‘Pyramid Scheme’ and ‘Compensation Plan’.

Further digging, you can see from this article that Rob Towles was behind a pyramid scheme called Efusjon in the past that seems to work very similarly to what Smashfund is promising now.

Smashfund Efusjon Smashfund Efusjon Rob

Participants of Efusjon were required to pay $170 in order to stay qualified and compensated under the scheme, and the program was disguised as a multi-level marketing program. However, to really earn money, you were required to refer people instead of selling the products (Which were overpriced energy drinks).

Rob Towles was behind this as the CEO as well, and eventually it went under in 2010 as it was forced to close because it was illegal to operate a pyramid scheme in California.

You can even visit the thread on scam.com to see what people were talking about Efusjon when it was still up.

So after all of this, Smashfund seems very similar to Efusjon and run by Rob Towles too. The question is that will it work this time compared to the last time? 

I guess we will have to wait and see.

4. What’s On The Inside?

Since you might be wondering what is inside after you sign up, let me show you what you can expect to find after signing up.

You may be expecting a social network and being able to connect to people. Or maybe being able to do some thing inside Smashfund including connecting with other people.

However, I found none of those. Let me run through with you the few pages that you can actually access now.

Dashboard Tab

Smashfund Dashboard

When you initially log in, you are brought to the Dashboard where it shows your network connections and your monthly funding. Above, you can see my invite code and a few other tabs.

Network Tab

Smashfund Network

In the Network tab, you can see who you personally invited. You can also check out for Viral connections (Your tier 2 referrals onwards) and see your total network connections here.

Invite Tab

Smashfund Invite

This page probably shows you how to invite friends, including giving you template messages where you can send out to friends or ‘spam’ other people. Right at the bottom of the page, you are given your invite link which you can share on Facebook, Twitter and Linkedin.

Account Tab

Smashfund Account

In the Account Tab, you can change your personal info, password, email and payment info.

One thing I realised is that you can add a backup credit card in case the first one fails. Oh and YOU CAN’T REMOVE YOUR CREDIT CARD DETAILS.

There’s no way to close your account here as well too.

So…what else?

That’s it. There’s nothing else to see at this point of time.

No social network. No crowdfunding. Nothing at all. Just promoting their system and getting people to promote them as of now.

If you somehow don’t believe me, by all means go and sign up and take a look inside yourself. I have already taken the risk by signing up with this website so that you don’t have to do it.


What others are saying

1. Lynne (Smallonlineopportunity.com)

Lynne created a video on Smashfund and broke down in smaller details that make Smashfund sound really questionable.

She mentions about how she could be just promoting the program and earn more promoting the scam instead of putting it down. In my point of view – that’s true for my case too. However, it really goes against my personal morals promoting a program like that.

EDIT: Video has been taken down! Can’t seem to find it now 🙁

2. BehindMLM.com

BehindMLM talks quite a bit on the past of Rob Towles, including Efusjon and another abandoned company called LabActive as well too. At the bottom of the article, it mentions something really true about the compensation plan.

Smashfund BehindMLM post

Even though they claim to be a crowdfunding platform, commissions are tied to recruited affiliates and not whether they support the project or not.

It really shows that this is just a pyramid scheme hiding behind the guise of a crowdfunding network.


Final Verdict of Smashfund

Name: Smashfund

Websites: http://smashfund.com

Price: $149/Month (When released, now free)

Owners: Rob Towles

CrossPYRAMID SCHEME ALERT! NOT RECOMMENDED!


My Final Thoughts

What I love about Smashfund

  • Nothing much really. There’s only ways to promote a link to nothing in the website as of now!

What I did not like about Smashfund

  • Tries to disguise itself as a crowdfunding website but is a pyramid scheme
  • High membership fee of $149/month. Not inclusive of what else they might ask you to buy.
  • Nothing inside, except for your referral link. No social network, tools, or crowdfunding!
  • Requires credit card to enter, and you CANNOT remove your details right after.

So just to put it clear, Smashfund could be a scam or could be a totally legit program that work. What I’m writing here is merely my opinions and how I feel about Smashfund.

Since the product is still in its infant stage, it is hard to tell if Smashfund is an outright scam even though it shows big signs of being a pyramid scheme. However, it is something I would definitely would not promote at all because I was caught in something similar in the past.

That program that I was involved in for a short period of time was called Rippln, and it was disguised as a App share network where you can promote apps and earn money from people who download those apps under your link. You could sign up for free, but shortly after they kept asking you to pay for membership and many other high ticket stuff (from $100 sign up fee to $5000+ coaching packages).

Fortunately, I did not pay a single cent and exited the program quickly. However, I did invite quite a lot of people which I promptly had to apologize and tell them about how bad idea was it to stay in the Rippin Network.

I really don’t want to be THAT guy everyone avoids because he’s promoting some MLM, and I bet you really don’t want to be such a person too. This is solely the reason why I discourage MLM even if it legit. However, Smashfund is a pyramid scheme which is really different from an MLM (Legit if done right), and pyramid schemes are illegal in most countries too.

Either way, Smashfund is still pretty new and I will be updating this article in the next few months to see how this program turns out.

What’s Next?

If you are still reading here, you may be looking for a way to make money online still.

This is why I’m about you to recommend my #1 program, called Wealthy Affiliate which helps you to build a legit online business. You don’t need to spam friends and families with referral links like what Smashfund is asking you to do.

Instead, you are actually building a legit online business, where you will learn how to make money through various methods. This is actually a long term business that requires you to put in work in order to profit from it, and not a short term thing like Smashfund.

This is also how I started making money online legitly, and avoid the hunt for money programs such as Smashfund where the creators of such program just want to get easy money from unsuspecting newbies.

The best part of all that it is FREE to sign up WITHOUT requiring any credit card details at all. If you are still interested, why not take a look below?

Check Out My #1 Recommended Money Making Program

So what do you think about Smashfund? Have you signed up for an account?

 

Comments

  1. Bob Brooks says

    Thanks for the heads up on smashfund, just started seeing this and was wondering what’s it’s about. You have saved me a lot of time looking into it. Great insight to the CEO and past programs of his. I found any program asking for my credit card to be a member for free is a bad sign. I joined a program once and could not get them to stop charging me monthly, actually had to cancel the card. I agree stay away

    • Terence says

      Hi Bob,
      No problem! Really wanted to spread the word about this program seeing that there is so much hype around it now and wanted to give an opinion about it. And yeah, the credit card thing is really scary when you get charged without your consent too.

  2. Mike says

    Thank God that I found your website. I was really looking for honest reviews on Smash fund and your post on it delivered very well. You outlined all the pros and cons I would find. I was interested in Smash Funds but thanks to you I will not be making such wasteful investments anymore. You also talked about Wealthy Affiliate, I checked it out and so far I am more than impressed. Thanks again.

    • Terence says

      Hi Mike,
      Thanks for the compliment, and thank God you found my website! A lot of people are falling into the hype of Smashfund like many other MLM that it is kind of scary since I have seen something like that before with Rippln. Let me know if you need any help with Wealthy Affiliate too!

  3. Kenny Lee says

    I previously read a review of SmashFund on another site. Details are quite vague then and I thought maybe “Hey, let’s not pass judgement too quickly”. But after you pointed out that there’s no way to close an account, I think that is way over the limit. Great job at exposing this scam. (And No, I would not even bother to try it out. )

    • Terence says

      Hey Kenny,
      Yeah, everything about SmashFund seems very vague at the moment. I don’t even know what to make of it after actually accessing the inside. And yes, not being able to cancel your credit card is a big thing for many people because of the monthly charges it claims to cost in the future. Hopefully me testing out means you don’t have to!

  4. Makki says

    Nice review Terence. Smashfund has been making the rounds lately and I’m not a fan of how it’s a con.

    Once you get some background on the creator, you know all there is to it. This is borderline theft.

    The sad part is I’ve seen many positive reviews by affiliates of the program. Seems they bought into the lie, or just wanna make a quick buck.

    • Terence says

      Hi Makki,
      Definitely agree that this seems like a bonderline theft. Either way, I’ll give it time before giving a final judgement (Changing what I said, or keeping it the same) of how Smashfund turns out.

  5. wagreatstuff says

    Hi Terence
    This is pretty hot stuff at the moment and everyone seems to be writing something on it.
    When I wrote my review of this fund, the site was still pretty basic. Now they have relaunched a new logo and add-on dashboard for more informative addition.
    Anyway, my review was also on the negative. I have subsequently canceled my credit card that I used to sign in as a member (in order for me to get on the inside to write my review).

    • Terence says

      Hi wagreatstuff,
      Yep, this has been pretty hot around my network as well too which is why I wrote down this review. The website does seem quite basic at the moment still, providing a referral link only to invite as many people in as possible. I’ll give it time before seeing what happens for real.

    • Terence says

      Hi Patty,
      Thank you for weighing in! I know this is rather new, so what I stated above is all my opinion and my recommendations. Hopefully that this isn’t something that burns you in the end, and all the best!

  6. Elle says

    I know one of the top people in Smashfund. We asked all the questions and MORE that you posted here. After major due diligence we were delightfully surprised.

    First, pyramid’s are illegal.
    Second, in order for a referral company, such as Smashfund to be legal, they must provide a product; their product is the oppty to raise money for a cause, mission or something you are passionate about.
    In order to stay receive money you have to invest money; the $149.
    However, for every personal link you send, you receive $50 – with just 3 personal referrals, you’ll pay for that $149; which by the way you get paid weekly.
    If, in fact, you are really interested in making a difference; an impact in the world this platform will work really well.
    Also, I’m not sure you could get a whole lot of info (unless you are Rob Towles) or the people I know who are right near him in this venture; because quite honestly the platform just launched August 1, 2016.

    • Terence says

      Hi Elle,
      Thanks for sharing with me what you know about Smashfund. My stance still remains the same, and with the platform just recently launched I’m not too sure what I can make out of the whole situation as of now. Hopefully, it turns out something to be of good.

  7. Joya says

    Thanks for your review… and I am with the ladies above… I love the concept of crowdfunding and equity crowdfunding. Having ongoing access to a platform that costs millions of dollars to develop saves me the need to go out and do it all myself. While Kickstarter and Indigogo have been around for 8 years, and of course have the market share, there are things that I rather not do… Am I too lazy? Yes. Does it feel like I am doing all of the marketing and giving up all of my email addresses to them? Yes. Does that make them a scam? No. The difference is apples to oranges. By having the “option” to enroll people in my crowd and get paid for it unlike Facebook (does that make fb a scam? No.), I can monetize my mailing list instead of giving it away for free. Only a small number of crowdfunding or either of the majors get funded. Does that make any of them a scam? No. Smashfund is a different model, and whenever something new comes along, people for whatever reason want to bash it. Well I say SMASH IT! As a former CFO VP Admin for a New York Stock Exchange Company.. I am putting my money where my mouth is… Women.Fund … Have a great day!

    • Terence says

      Hi Joya,
      Thank you for your comment as well! Good luck with your business venture and hope it gets you somewhere. Do update me on your results too!

  8. Darren says

    This is a total scam. I looked into Smashfund about 6 months ago when they were having a new launch of their latest version. It was under the illusion of “Crowdfunding”, which I soon found out it had absolutely nothing to do with. And it’s so freakin’ It’s just a revenue sharing site under the guise of using social media for Crowdfunding purposes so they can side-step legalities. expensive!

    • Terence says

      I’m pretty sure it’s still alive because it’s under the illusion of crowdfunding like you mentioned, but it’s still a MLM overall the way I look at it.

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