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Synereo Warning

Update: In addition, read this.

Disclosure: I own a lot of AMP at an excellent price, but I am strongly advising people to stay away from this fraudulent crowdsale by Synereo’s team that they’ve been hosting for the last month to the present.

From my warning when they started the crowdsale:

Warning to all who read this: 33,000 Satoshi per AMP is $0.20, while Bittrex and Poloniex are charging only $0.18. In order for the bonus to work in your favor, you would need to buy a significant amount of AMP.

I’m trying to save you guys some money here – they are overcharging for AMP based on their own site and other market rates:

Current AMP rate 33000 Satoshi per AMP

I own AMP, but I’m not overpaying for it. Trade smart, don’t trade stupid. A user with the name Synero pointed out that it was a discount on the condition that one purchase the credits with at least a bitcoin. That’s not how it’s advertised, so I reiterate my point. If you’re willing to use a bitcoin or more to buy some, you might get a discount. Final update: the bonus sale is over and the price they’re selling AMP for is higher than what is on exchanges.

What they’re doing is dishonest and ripping people off – don’t fall for this. If you advocate a sale that’s overpriced, you are guilty of committing fraud against people as well. Also, Synereo sent out an email warning that the price was headed higher, but the price on exchanges dropped. They can spin this as part of their crowdsale, but if they were honest, they would be asking people to save money and buy AMP on exchanges, where it is 30% cheaper. Will AMP start to rise in the future? This is always a possibility, but why would you buy 1000 AMP for $220 when you could buy 1000 AMP for $170? Since no of us can guarantee a gain in the long run, we can guarantee that if we take a risk, we don’t over pay for the risk we took.

There is a possibility that Synereo turns out to be a total scam, especially since it continues to have crowdsales where it over charges people. Honest people and ideas don’t treat their constituents this way. This isn’t to say it’s a guaranteed scam, but that we’re seeing how Synereo deals with investors – asking them to pay a higher price for AMP than the market is selling AMP. This is very suspicious behavior. It also hurts people who are new and don’t know better – the average person doesn’t know what a Satoshi is, which is why Synereo doesn’t list a standard price on their sale. You’ve been warned.

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