I wrote about ACRN after seeing that it had a huge volume. The coin seemed new and looked interesting. I was onto a scoop, a coin getting lots of attention. Then I downloaded the wallet and realized it would not pass a specific block. Not much information on the coin and have to dig deep to even find the wallet.
Some lessons learned.
What you need to do...
Due dilligence.
- 1. Find the wallet. Virus test it. Is it safe?
2. Synch blockchain, does it sync fully (note ACRN probably would have been a great coin, but not fully sync of wallet says that it is pure shit)
3. Is it on coinmarketcap (there are some that are new and so high risk/high reward, but coinmarketcap usually a good start. Lot's of shit coins will not bother with adding to coinmarketcap
4. Is the code on github?
5. Don't go by volume or sudden interest (yes, I did learn this from ACRN, I thought volume signified importance. In the case of ACRN, I think it was 50% premined, so owner offloading his coin for a quick buck)
All depends on your risk level really. If you are looking for some coin that is going to be big because of actual applicable uses, such as Ethereum, then you have to really dig deep and find out about the team, the roadmap and what is happening. In this case, getting into a coin slightly later can be more beneficial. Lot's of people say I wish I got into bitcoin earlier and many people did see bitcoin years ago, but it took time to notice, because it needed more time to develop. Same with all coins. Early may be great but later can still make great results without all the worry of if it is too early for a coin.
There are 2 sides to this research because some Dumb Coins as I call them can be big, think bitcoin, litecoin, dogecoin. Dumb because they don't have actual features. Whereas Smart Coins, such as Ethereum have a real world application outside of just being a way to account coins to users. Dumb Coins are important, and so are Smart Coins, and they both can make you rich, but if going into these coins from an investment perspective, the last paragraph about digging deeper can be very important to find the new winning coin for a particular usage as Ethereum is showing us.
