MGO: The Booming Bitcoin Contest

This is my first post for the #bitcoinbooming challenge. If you don't know it is running check it our here:
https://steemit.com/steem/@steemitblog/steem-crypto-challenge-bitcoin-is-booming-what-about-your-favorite-coin

Write about your coins that you are holding and you could earn.

Although I have a few coins I'm holding that have a good chance of doing well in the next months, for this post I'm going to talk about one I hope can make a comeback even though it is a long shot at this time. But at the price it is at there really is not a point of me to sell it so I keep an eye on it in case it picks back up again out of the blue and I can see a return. It probably will not happen and I already accepted that it is a lose but there is a chance with a new team on-baord.

MGO

This was one of the first gaming coins that came out back in 2017. It is a gaming coin and was meant to be used a currency for gaming tournaments and a payment to buy games on the market. The sales pitch was that game devs could release their game on their market and get paid in MGO with that idea that the company would let the devs keep more of the revenue from their product. I really liked the tournament idea and was hoping I could game and make money on the side from playing others online.

Why Did I Buy It?

As you can tell from my name I'm kinda a geek. I got into social coins like steem years ago and then wanted to get into gaming for my next investment. At the time there really wasn't many options except for the ICO for MGO that I put a decent amount of money into. This was the main coin for gaming and if I recall it was before the days of enjin and games being released on ethereum. I should mention that MGO is an ethereum coin. so it also had that going for it. As I mentioned I wanted a dapp where I could play games and make a side income and the technology was promising that it could deliver that.

Unfortunately it never released the products on the roadmap and there was a nasty split with gamecredits which it was working with.

How Far It Has Fallen

The ICO price was around .75 cents and right now it is under a penny. Yeah it was a bad fall. In fact right now it is worth .004353 cents so it's quite a ways off from the starting price. I do not think it will get back there and like I said I wrote it off as a lose. But the project, like a lot of other bad investments, is not 100% dead.

A New Team

Recently a new team came on-board and is restructuring the project. There is no details or anything released yet so it's still nothing to get hyped over. I do not know if anything will come out of it but I do know there is still movement so I'll keep an eye on it in case something happens.

Until there is any kind of solid progress I know not get my hopes up and I won't be putting anymore money into it. But I do know where the coins are and if something happens hey it will be a nice surprise.