sure is smoking alright... it is always hard to diagnose these things over the internet but I had a similar problem...
No matter how hard I revved it it just blew smoke and just refused to go forward. Turned out to be a bit technical - there is a little hand grip thingy on the right handlebar that I was holding and it somehow was causing the front wheel to seize

. Man once I'd unseized the front wheel - wow! it was a whole new bike!
(there was this piece of tube that ran from the hand grip down to where the seized bit was - see if your bike has it as well, I just cut that, you may want to get a mechanic to do it but I have always been pretty handy so just saved myself the money and did it myself) snip! snip! - no more smoke! And performance! wow! it's like it just doesn't want to slow down!
