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Purple paste around seat tube/saddle clamp - what is it?

notnotnotnot Posts: 284
edited November 2016 in The workshop
I bought a 2nd hand bike, rode it home, and then cleaned some mud from the ride off the back. I then found some purple paste (like wax) in the seat post /clamp - see pic https://www.dropbox.com/s/7p26wuqjqn6t2 ... 5.jpg?dl=0

I've no idea what this paste is - can anyone tell me? I'd cleaned a bit off before I realised it wasn't mud, so hope it wasn't important :)

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