Junk alt-coins and painful lessons learned

Take a lesson from me, never under estimate the power and value of these supposed "junk alt-coins". I have unfortunately a few examples where I pulled out to early and have lost out on some major gains. But let's focus on the unfortunate elephant in the room for me. PACcoin.

PACcoin was for the longest time on the bottom of the list. Not even registering with a real number, or even a market cap! Often the price was reading 1.1e-7 which translated is 0.00000011 so even a penny got you quite a bit. Being the curious crypto neophyte that I was (and still somewhat am) I decided to go for it with some of my SBD exchanged to Doge and then to PACcoin. Get ready for some numbers.

I bought 11,000,000 PACcoin on August 8th for 902.04 Doge which rounded to $1.74 USD.
Then on the August 25th, 2017 I went for some more seeing the price having gone down. Getting 9,000,000 to add up to a grand total of 20,000,000. Total for this transaction was 422.82 Doge which rounded to 75 cents. Total for 20M PACcoin was $2.50.

For some honesty it wasn’t until I was doing research to tell you my fellow Steemians about this that I found out that the price of Doge had gone up, not the price of the coin so that just goes to show how much I was paying attention. Long story short I sold all 20M PACcoin on September 14th, 2017 for a total of 1603 Doge, total USD at the time $13.69 so a 5-fold increase. Not bad right for a one-month investment? Well…. here is where I start to feel the pain of Laszlo Hanyecz, the bitcoin pizza guy.

Just recently, I was scrolling through coinmarketcap.com (where I pulled all the numbers from) to see what other coins were making their way up the ranks and guess what I find. PACcoin. What was the price? Well when I saw it, it was just hitting its most recent high note of USD 0.000285 on January 7th, 2018. That’s right it had broken out of the very bottom and was taking off. So suddenly $13.69 didn’t seem like much compared to the $5700 that it would have been had I bought it and left it.

Now it has gone down since then but has stabilized at $0.000137 which is still a colossal leap famous to the crypto community. This was one of the cheapest coins out there, and then almost over night it jumps to among the top 100 tokens. Feeling sick yet? I am.

The lesson to be learned here is that don’t discredit a token just because it seems to be pure junk, super cheap and very mismanaged. You never know what can happen.