Cryptonote isn't a waste of time.  There are two Cryptonote coins in the top 25.  One with a $6 million market cap and one with $16 million.  There are tools that make it very easy to launch a cryptonote coin so they're now being pumped out like bitcoin clones.  It's a very simple process with detailed instructions on how to do it.  Expect to see more.  The ones that have added features or made significant changes to the code are the ones to watch for because they will be supported by a person/persons with actual coding skills.