Has the Synereo Team Lost Their Collective Minds?
Synereo has Begun a Second Crowdsale Ahead of Their Alpha Launch.
Now I know we are on Steemit but I have a bone to pick with the Synereo team. Steemit seems like a great place to air my grievance.
First and foremost I will let you know that I have been buying a position in AMP for the last few months. While many were buying Steem I was quietly buying AMP because I felt like I was late to the Steem party.
I am a social media professional so both of these platforms interest me. Synereo and Steemit are two platforms that can change the social media landscape.
I can't complain about profits since I doubled my BTC with the AMP investment. What I am upset about is the secondary crowdsale that is underway.
Just the other day AMP was flying high hovering just over the 40000 Satoshi mark. There was a ton of positive press and the community was reacting with plenty of excitement and FOMO.
Then the Synereo team goes and announces their "Second Fund Raising Campaign". The crowdsale will begin at 33000 Satoshi. I don't have a problem with raising capital but the way they did it does not make much sense.
Price of AMP as of 1935 CST 08/30
They say that the AMP being used for the crowdsale already exists. If the momentum continued up until launch I think they would have made a tidy profit and could have postponed the crowdsale. Am I wrong to assume this?
The Bonus Phase: First 24 hours
AMPs will be offered at 33000 Satoshis per AMP and include an extra bonus of 1 million AMPs for the first 24 hours of the sale, distributed among all AMP buyers in proportion to their purchase amount during that period.
Stage One (Day 01-14)
AMP will be offered at 33000 Satoshis per AMP
Stage Two (Day 15-21)
AMP will be offered at 36500 Satoshis per AMP
Stage Three (Day 22-30)
AMP will be offered at 40000 Satoshis per AMP
This is all well and good but the traders just took a bat to the knee caps. This essentially means that only someone uninformed will buy AMP on the open market until after the crowdsale is complete.
I do believe the Synereo project could end up being a home run but in the short term I am not going to buy anymore until I see the Alpha social media platform.
What does everyone think about this move?
This is the dot com bubble all over again. People throwing money at anything and everything. Enjoy it while it lasts.
I totally agree, back then I was on the sidelines. This time I am mixed up in the mayhem.
They plan on doing a demo of the Alpha on Sept.9th. Apparently the second fundraiser was disclosed in the original ICO offfer in 2015. If Anything it looks like it might prop up the price, they're not selling under current exchange rates last I checked. Here's the official blog post explaining everything. https://blog.synereo.com/2016/08/29/synereos-second-fundraising-campaign-coming/
Yes it will prop up the current value but it did nothing for the price momentum that was heading towards 50000 satoshis.
I seen a pump group on twitter trying to claim responsibility for that. I don't know for sure, but it did coincide with the price rise. https://twitter.com/BigJohnCoinGame/status/768794799256309760 There were also some people in a bitcointalk ann talking about a pump but I can't find it. Both coincide with the price rise. It did jump up quickly. I've slowly been buying almost daily since about 0.00022750 and I stopped when I seen the sudden price rise. It looked like a pump to me. Can't be sure, but that was my thoughts on it. Then when I seen the tweet, and the bitcointalk ann post it made sense. Regardless, I think it's going to be a good one in time. I'd rather see the price climb slow and steady. Those big overnight boosts scare the hell out of me!
Disclaimer: I am just a bot trying to be helpful.
I hear ya!
Strange for me too: presently it's 31054 satoshi (coinmarketcap.com).
They made pretty poor decisions in terms of funding the project. It completely killed strong bull market.
Interesting. So much to learn as I keep saying.....