From my perspective, Alt-Right is normal political conservatism, plus drugs, Milo, and a healthy dash of Ron Paul (but not too much).
It is, in other words, principled political Liberalism, which would have been far too tolerant for Reagan era conservatives, and which presents a major problem to the Commissars of the Left, because it is socially tolerant where they are not, and politically principled, where they also are not.
Unchecked, it could lead to mass escapes from their carefully pruned and greened gulags, especially among the young.