To be honest, the first 2 criteria I use are market cap and current price. From there I start looking at what the coin's actual intended purpose is and try to decide if it's got any chance to do what it's supposed to.
I think that crypto right now, is in a state similar to internet marketing in it's infancy.
There will be a lot of easy money made in the short term, until people figure out how it really works.
Then you're going to need to know your shit.
I get why you would start with market cap and current price - but is it just me that thinks it's a little weird that whether something is actually useful for something is 3rd on the list ?
I agree that actual worth to society/the market being third on the list isn't optimum. But until I reach a point where I can just throw money at it, my cost is a big factor. Buying a "penny" coin has a much better chance of returning on my investment than buying $25 worth of Bitcoin at $2850.
Are you talking about Golem? Because Golem has never been a penny coin, it's not even a coin really (it's an ETH token). It was introduced through an ICO, at a high price and has been pumped a lot higher since then.
March 19, Golem was at $0.0364.
I've been watching things for a while but hadn't actually jumped in until about 2 weeks ago.
I bought Golem for 2 weeks and took some profit but as I don't understand it's actual value to the world I'm out again now. So unless I understand the value all I'm likely to do now is throw some mining profits at it every now and again as a random speculative bet.
Same here. I trade GNT on Poloniex, it spiked, earned me some Bitcoins, that's it. I believe in distributed computing and everything, but even if I wanted to get involved , what could I have done? Write a few more "buy now, big volume" posts? Because there's nothing else to write about, apparently. No actual computations done. Self-serving community, distrustful of outsiders. I was lucky my first crypto was Gridcoin, I learned so much in such a short time.