What is Syndicate?
According to their poorly formed, grammatically incorrect website copy, it's a Product Management Platform. Neat. I like inventory control systems, sure. Who doesn't? It's a huge market, large space, has all kinds of competition from various angles - one of which is a small one you may have heard of called Amazon, but sure, let's roll with it and pretend that SYNX is the answer to all our prayers.
Their Google Doc for their coveted 'master node' set up looks like all of 3 minutes were spent on it. I won't bother linking to it, just look it up yourself. Fair warning, the site is trash.
However, I will just paste this one bit from their homepage, take a moment to let this soak in:
"With SYNX we aim at nothing less than raising the par."
None of this has stopped them from going full blown FOMO in the last 30 hours based on a few key elements that should scare the shit out of anyone who's taking cryptocurrency trading seriously. Alarmingly enough, the lowest red flag on this fiasco is their lack of any mention of team or white paper on their site - making research completely useless to anyone that cares about their money.
Pump and Hold
Seriously? This is going to be a thing now? People are so terrified of seeing 'red' in their Blockfolio iPhone app that they've resorted to buying into a random crypto without any actual value, and artificially inflate it. The market cap for SYNX was somewhere in the ballpark of $800,000 about two days ago, and that was exceptionally generous then.
It's now been inflated to a whopping $9.2mil+
The third red flag on the list of things incredibly stupid about SYNX is the fact that the 24-hour trade volume exceeds the Market Cap by over $400,000. Wow, people.
What in the ever loving fuck are you doing?
Their Twitter account was last updated in December https://twitter.com/SyndicateLabs_
Their Facebook is devoid of any context https://www.facebook.com/SYNXlabs-1563553630616609/
They 'announced' on Bitcoin talk in June of last year https://bitcointalk.org/index.php?topic=1511215.0
All told, they basically threw shit against the wall for a few months; and now it's blowing up because of some idiot influencer throwing around the methodology of the 'pump and hold' to manipulate a market segment and literally inflate a cryptocurrency based on ability to manipulate a cryptocurrency into holding value. This is all being orchestrated in a completely unrelated Slack channel.
That's it.
That's all this is.
Look at these idiots.