Why I am NOT buying AMP
Steemit's rival platform Synereo is on the horizon to launch any day now (although I could not find the exact launch date anywhere on the website), I guess after the firesale is over, which is after Oct 18.
Now I call it a firesale because it seems like the more AMP they are selling the more the price is decreasing:
They started the first sale round at Sept the 19th and the price started tanking rightafter. Well it is no wonder, according to the bitcointalk thread 3.3 million$ worth was raised so far at 33,000 satoshi, so technically that is approximately 16487878.78 AMP which would amount to an approximate:
36% INFLATION
WTF? This is Zimbabwe Dollar style madness. Approximately 36% inflation in just 1 week, no thank you Sir.
This is the main and only reason why I am not buying AMP. And the funny thing is even if I would buy, why should I buy from the website itself? They are currently selling AMP at 33,000 satoshi, while the price at Poloniex is 27300 satoshi. Why would I be so foolish to buy from the website when I can buy 17% cheaper from Poloniex?
So the sale will last until Oct 18, and with this inflation rate, I guess we can see prices much lower than this. Even if I were to buy, I would just wait for a 10,000 satoshi mark, or something more stable, and wait until the inflation rate shrinks, because this situation currently is not a good investment environment in my opinion.
Disclaimer: The information provided on this page might be incorrect. I am not responsible if you lose money using the information on this page! This is not an investment advice, just my opinion and analysis for educational purposes.
Image Source: https://poloniex.com
I dont think that you are taking into consideration that they burned 50% of their holdings a week prior to the sale. Im holding a portion of AMP and steem power as I believe competition should help both platforms compete against the real enemy, centralized social media
Well at this point not even an alpha platform was released, and AMP is currently just an Omnicoin asset, with no standalone blockhain.
Smells fishy to me. I was thinking about investing in it a few weeks ago, but now I am glad that I didnt.
I have discussed the project with their development team, and their exposure at conferences seems too public to be a scam . Im holding and waiting.
So was Karpeles, well it is very hard to tell at this point. I will have to wait 1 more month and then see what is going on.
there is this weird situation where the price of AMPs in the "crowdsale" is higher than the average price on the exchanges. But actually they did it, to NOT influence the Price of the markets !
So they set their prices a little bit higher than the average price without any announcements. If you were able to participate in a settled time period you get a bonus of a fixed amount of Amps in terms of proportion.
To make this really profitable actually means you would have to invest more than 20k $ in very a short period of time .
So for the most people it would have been smarter to buy on the exchanges.
Actually you would be able to sell that AMPs right now. But if you invested in the Crowdsale i guess your money is locked up till the end of the sale ! !
very strange Funding campaign !
But this also means that those people who buy alot of AMPs in this Sale are not influencing the Price of theToken. which is in principle a smart move.
I guess that is the point to make the investors have their money locked in and cant withdraw until they come up with their platform. This is a smart move from the side of the developers, but it makes them questionable as when the investors realize that their asset is really worth 15-20% less, they will get nervous.
I already purchased some a month ago, I regret it. I feel like Synereo keeps promising to "come out" but they arent' doing it.
I feel like they are too obsessed with launching a "perfect" product. I like the way Steemit launched imperfect, So we as a community could make adjustments.
It feels to me like a scam, they ride on the success of Steemit, but they fail to produce anything tangible. Not even their alpha version is out I think. AMP right now is just a smart contract on the omni platform to my understanding. They dont even have a standalone blockchain I think, so RED FLAGS:
https://www.omniwallet.org/assets/details/39
Synereo is not a scam. They presented (not released) alpha version but their development is quite slow due to various factors. This year, I suppose, they will release alpha but production version might be here next year at best. In cryptoworld people are not very patient and progress needs to be much faster than this for real success. But who knows, maybe they will surprise next year.
Yeah but this impatience is due to the amount of scams that have been going around.If people are selling a promise without tangible progress, that is a red flag in my book.
I would just rather keep my money in safer investments, and skip this one, I personally dont think it will exceed Steemit in market cap, and for the risks involved, I dont think its worth investing.
Yes, it's definitely wise. I will not invest until beta is out and then I will decide. I can imagine it can go much higher than Steemit if it is properly designed and implemented. So far I haven't seen it.
Synereo cannot launch, I've seen their demo and it's not yet ready to be used by community. In terms of inflation new AMPs are being sold but on the other hand they also destroyed lot of existing AMPs.
Yes but if they dont push out something soon, investors will lose confidence and the price could go very low. So they really dont have much time to release it, even if they release a platform full of bugs, its better than empty promises.
Yup, empty promises. It's all very weak as a project. Not dice for me. I've gotten in and out 3-4 times. Not worth it.