I've done the following steps on two different machines (both running
Gentoo Linux) for installing ConTeXt minimals.

> mkdir /opt/context
> cd /opt/context
> rsync -av rsync://contextgarden.net/minimals/setup/first-setup.sh .
> ./first-setup.sh
> cd <working directory for foo.tex>
> . /opt/context/tex/setuptex
> context foo.tex

There seems to be problems with ConTeXt finding fonts.  The output from the
`context foo.tex` run(s) is below:

Troy

--

> context foo.tex

mtx-context     | run 1: luatex
--fmt="/opt/context/tex/texmf-cache/luatex-cache/context/5fe67e0bfe781ce0dde776fb1556f32e/formats/luatex/cont-en"
--jobname="foo"
--lua="/opt/context/tex/texmf-cache/luatex-cache/context/5fe67e0bfe781ce0dde776fb1556f32e/formats/luatex/cont-en.lui"
--no-parse-first-line --c:currentrun=1 --c:fulljobname="./foo.tex"
--c:input="./foo.tex" --c:kindofrun=1 --c:maxnofruns=8 "cont-yes.mkiv"
This is LuaTeX, Version beta-0.78.2 (TeX Live 2014/dev) (rev 4746)
 \write18 enabled.
(/opt/context/tex/texmf-context/tex/context/base/cont-yes.mkiv

ConTeXt  ver: 2014.02.14 17:07 MKIV beta  fmt: 2014.2.15  int:
english/english

system          > 'cont-new.mkiv' loaded
(/opt/context/tex/texmf-context/tex/context/base/cont-new.mkiv)
system          > files > jobname 'foo', input './foo', result 'foo'
fonts           > latin modern fonts are not preloaded
languages       > language 'en' is active
(/home/thenders/tmp/foo.tex{/opt/context/tex/texmf-context/fonts/map/pdftex/context/mkiv-base.map}
fonts           > preloading latin modern fonts (second stage)
fonts           > defining > font with asked name 'lmroman12-regular' is
not found using lookup 'file'
fonts           > defining > unknown font 'lmroman12-regular', loading
aborted
fonts           > defining > unable to define 'lmroman12-regular' as
'modern-designsize-12pt-rm-tf-0--0'
fonts           > defining > forced type 'otf' of
'latinmodern-math-regular' not found
fonts           > defining > font with asked name
'latinmodern-math-regular' is not found using lookup 'file'
fonts           > defining > unknown font 'latinmodern-math-regular',
loading aborted
fonts           > defining > unable to define
'latinmodern-math-regular.otf' as 'modern-designsize-12pt-mm-mr--3'
fonts           > defining > forced type 'otf' of
'latinmodern-math-regular' not found
fonts           > defining > font with asked name
'latinmodern-math-regular' is not found using lookup 'file'
fonts           > defining > unknown font 'latinmodern-math-regular',
loading aborted
fonts           > defining > unable to define
'latinmodern-math-regular.otf' as 'modern-designsize-12pt-mm-mr--2'
fonts           > defining > forced type 'otf' of
'latinmodern-math-regular' not found
fonts           > defining > font with asked name
'latinmodern-math-regular' is not found using lookup 'file'
fonts           > defining > unknown font 'latinmodern-math-regular',
loading aborted
fonts           > defining > unable to define
'latinmodern-math-regular.otf' as 'modern-designsize-12pt-mm-mr--1'
fonts           > defining > forced type 'otf' of
'latinmodern-math-regular' not found
fonts           > defining > font with asked name
'latinmodern-math-regular' is not found using lookup 'file'
fonts           > defining > unknown font 'latinmodern-math-regular',
loading aborted
fonts           > defining > unable to define
'latinmodern-math-regular.otf' as 'modern-designsize-12pt-mm-mb--3'
fonts           > defining > forced type 'otf' of
'latinmodern-math-regular' not found
fonts           > defining > font with asked name
'latinmodern-math-regular' is not found using lookup 'file'
fonts           > defining > unknown font 'latinmodern-math-regular',
loading aborted
fonts           > defining > unable to define
'latinmodern-math-regular.otf' as 'modern-designsize-12pt-mm-mb--2'
fonts           > defining > forced type 'otf' of
'latinmodern-math-regular' not found
fonts           > defining > font with asked name
'latinmodern-math-regular' is not found using lookup 'file'
fonts           > defining > unknown font 'latinmodern-math-regular',
loading aborted
fonts           > defining > unable to define
'latinmodern-math-regular.otf' as 'modern-designsize-12pt-mm-mb--1'
fonts           > math: unset for global bodyfont modern-designsize at 12pt
fonts           > math: unset for global bodyfont modern-designsize at 12pt
fonts           > 'fallback modern rm 12pt' is loaded
fonts           > math: unset for global bodyfont modern-designsize at 12pt
fonts           > math: unset for global bodyfont modern-designsize at 12pt
backend         > xmp > using file
'/opt/context/tex/texmf-context/tex/context/base/lpdf-pdx.xml'
pages           > flushing realpage 1, userpage 1

fonts           > !! No bodyfont has been defined and no defaults have been
fonts           > !! loaded (maybe due to a missing \starttext).

 ) )

mkiv lua stats  > used config file: selfautoparent:/texmf/web2c/texmfcnf.lua
mkiv lua stats  > used cache path:
/opt/context/tex/texmf-cache/luatex-cache/context/5fe67e0bfe781ce0dde776fb1556f32e
mkiv lua stats  > resource resolver: loadtime 0.004 seconds, 0 scans with
scantime 0.000 seconds, 0 shared scans, 8 found files, scanned paths: <none>
mkiv lua stats  > stored bytecode data: 347 modules (0.150 sec), 69 tables
(0.000 sec), 416 chunks (0.150 sec)
mkiv lua stats  > running in nuts mode: yes
mkiv lua stats  > cleaned up reserved nodes: 42 nodes, 443 lists of 442
mkiv lua stats  > node memory usage: 2 glue, 2 penalty, 9 attribute, 25
glue_spec, 3 attribute_list, 2 temp
mkiv lua stats  > node list callback tasks: 6 unique task lists, 5
instances (re)created, 39 calls
mkiv lua stats  > used backend: pdf (backend for directly generating pdf
output)
mkiv lua stats  > loaded patterns: en::2, load time: 0.000
mkiv lua stats  > jobdata time: 0.001 seconds saving, 0.000 seconds loading
mkiv lua stats  > callbacks: 133 direct, 180 indirect, 313 total
mkiv lua stats  > result saved in file: foo.pdf, compresslevel 3,
objectcompreslevel 3
mkiv lua stats  > used platform: linux-64, type: unix, binary subtree:
texmf-linux-64, symbol mask: utf (τεχ)
mkiv lua stats  > luatex banner: this is luatex, version beta-0.78.2 (tex
live 2014/dev) (rev 4746)
mkiv lua stats  > control sequences: 38226 of 65536 + 100000
mkiv lua stats  > current memory usage: 30 MB (ctx: 30 MB)
mkiv lua stats  > runtime: 0.210 seconds, 1 processed pages, 1 shipped
pages, 4.762 pages/second

mtx-context     | run 1: luatex
--fmt="/opt/context/tex/texmf-cache/luatex-cache/context/5fe67e0bfe781ce0dde776fb1556f32e/formats/luatex/cont-en"
--jobname="foo"
--lua="/opt/context/tex/texmf-cache/luatex-cache/context/5fe67e0bfe781ce0dde776fb1556f32e/formats/luatex/cont-en.lui"
--no-parse-first-line --c:currentrun=2 --c:fulljobname="./foo.tex"
--c:input="./foo.tex" --c:kindofrun=2 --c:maxnofruns=8 "cont-yes.mkiv"
This is LuaTeX, Version beta-0.78.2 (TeX Live 2014/dev) (rev 4746)
 \write18 enabled.
(/opt/context/tex/texmf-context/tex/context/base/cont-yes.mkiv

ConTeXt  ver: 2014.02.14 17:07 MKIV beta  fmt: 2014.2.15  int:
english/english

system          > 'cont-new.mkiv' loaded
(/opt/context/tex/texmf-context/tex/context/base/cont-new.mkiv)
system          > files > jobname 'foo', input './foo', result 'foo'
fonts           > latin modern fonts are not preloaded
languages       > language 'en' is active
(/home/thenders/tmp/foo.tex{/opt/context/tex/texmf-context/fonts/map/pdftex/context/mkiv-base.map}
fonts           > preloading latin modern fonts (second stage)
fonts           > defining > font with asked name 'lmroman12-regular' is
not found using lookup 'file'
fonts           > defining > unknown font 'lmroman12-regular', loading
aborted
fonts           > defining > unable to define 'lmroman12-regular' as
'modern-designsize-12pt-rm-tf-0--0'
fonts           > defining > forced type 'otf' of
'latinmodern-math-regular' not found
fonts           > defining > font with asked name
'latinmodern-math-regular' is not found using lookup 'file'
fonts           > defining > unknown font 'latinmodern-math-regular',
loading aborted
fonts           > defining > unable to define
'latinmodern-math-regular.otf' as 'modern-designsize-12pt-mm-mr--3'
fonts           > defining > forced type 'otf' of
'latinmodern-math-regular' not found
fonts           > defining > font with asked name
'latinmodern-math-regular' is not found using lookup 'file'
fonts           > defining > unknown font 'latinmodern-math-regular',
loading aborted
fonts           > defining > unable to define
'latinmodern-math-regular.otf' as 'modern-designsize-12pt-mm-mr--2'
fonts           > defining > forced type 'otf' of
'latinmodern-math-regular' not found
fonts           > defining > font with asked name
'latinmodern-math-regular' is not found using lookup 'file'
fonts           > defining > unknown font 'latinmodern-math-regular',
loading aborted
fonts           > defining > unable to define
'latinmodern-math-regular.otf' as 'modern-designsize-12pt-mm-mr--1'
fonts           > defining > forced type 'otf' of
'latinmodern-math-regular' not found
fonts           > defining > font with asked name
'latinmodern-math-regular' is not found using lookup 'file'
fonts           > defining > unknown font 'latinmodern-math-regular',
loading aborted
fonts           > defining > unable to define
'latinmodern-math-regular.otf' as 'modern-designsize-12pt-mm-mb--3'
fonts           > defining > forced type 'otf' of
'latinmodern-math-regular' not found
fonts           > defining > font with asked name
'latinmodern-math-regular' is not found using lookup 'file'
fonts           > defining > unknown font 'latinmodern-math-regular',
loading aborted
fonts           > defining > unable to define
'latinmodern-math-regular.otf' as 'modern-designsize-12pt-mm-mb--2'
fonts           > defining > forced type 'otf' of
'latinmodern-math-regular' not found
fonts           > defining > font with asked name
'latinmodern-math-regular' is not found using lookup 'file'
fonts           > defining > unknown font 'latinmodern-math-regular',
loading aborted
fonts           > defining > unable to define
'latinmodern-math-regular.otf' as 'modern-designsize-12pt-mm-mb--1'
fonts           > math: unset for global bodyfont modern-designsize at 12pt
fonts           > math: unset for global bodyfont modern-designsize at 12pt
fonts           > 'fallback modern rm 12pt' is loaded
fonts           > math: unset for global bodyfont modern-designsize at 12pt
fonts           > math: unset for global bodyfont modern-designsize at 12pt
backend         > xmp > using file
'/opt/context/tex/texmf-context/tex/context/base/lpdf-pdx.xml'
pages           > flushing realpage 1, userpage 1

fonts           > !! No bodyfont has been defined and no defaults have been
fonts           > !! loaded (maybe due to a missing \starttext).

 ) )

mkiv lua stats  > used config file: selfautoparent:/texmf/web2c/texmfcnf.lua
mkiv lua stats  > used cache path:
/opt/context/tex/texmf-cache/luatex-cache/context/5fe67e0bfe781ce0dde776fb1556f32e
mkiv lua stats  > resource resolver: loadtime 0.004 seconds, 0 scans with
scantime 0.000 seconds, 0 shared scans, 8 found files, scanned paths: <none>
mkiv lua stats  > stored bytecode data: 347 modules (0.150 sec), 69 tables
(0.000 sec), 416 chunks (0.150 sec)
mkiv lua stats  > running in nuts mode: yes
mkiv lua stats  > cleaned up reserved nodes: 42 nodes, 443 lists of 442
mkiv lua stats  > node memory usage: 2 glue, 2 penalty, 9 attribute, 25
glue_spec, 3 attribute_list, 2 temp
mkiv lua stats  > node list callback tasks: 6 unique task lists, 5
instances (re)created, 39 calls
mkiv lua stats  > used backend: pdf (backend for directly generating pdf
output)
mkiv lua stats  > loaded patterns: en::2, load time: 0.000
mkiv lua stats  > jobdata time: 0.001 seconds saving, 0.001 seconds loading
mkiv lua stats  > callbacks: 133 direct, 180 indirect, 313 total
mkiv lua stats  > randomizer: initialized with value 0.91948446813947
mkiv lua stats  > result saved in file: foo.pdf, compresslevel 3,
objectcompreslevel 3
mkiv lua stats  > used platform: linux-64, type: unix, binary subtree:
texmf-linux-64, symbol mask: utf (τεχ)
mkiv lua stats  > luatex banner: this is luatex, version beta-0.78.2 (tex
live 2014/dev) (rev 4746)
mkiv lua stats  > control sequences: 38225 of 65536 + 100000
mkiv lua stats  > current memory usage: 31 MB (ctx: 30 MB)
mkiv lua stats  > runtime: 0.219 seconds, 1 processed pages, 1 shipped
pages, 4.566 pages/second

mtx-context     | run 1: luatex
--fmt="/opt/context/tex/texmf-cache/luatex-cache/context/5fe67e0bfe781ce0dde776fb1556f32e/formats/luatex/cont-en"
--jobname="foo"
--lua="/opt/context/tex/texmf-cache/luatex-cache/context/5fe67e0bfe781ce0dde776fb1556f32e/formats/luatex/cont-en.lui"
--no-parse-first-line --c:currentrun=3 --c:fulljobname="./foo.tex"
--c:input="./foo.tex" --c:kindofrun=2 --c:maxnofruns=8 "cont-yes.mkiv"
This is LuaTeX, Version beta-0.78.2 (TeX Live 2014/dev) (rev 4746)
 \write18 enabled.
(/opt/context/tex/texmf-context/tex/context/base/cont-yes.mkiv

ConTeXt  ver: 2014.02.14 17:07 MKIV beta  fmt: 2014.2.15  int:
english/english

system          > 'cont-new.mkiv' loaded
(/opt/context/tex/texmf-context/tex/context/base/cont-new.mkiv)
system          > files > jobname 'foo', input './foo', result 'foo'
fonts           > latin modern fonts are not preloaded
languages       > language 'en' is active
(/home/thenders/tmp/foo.tex{/opt/context/tex/texmf-context/fonts/map/pdftex/context/mkiv-base.map}
fonts           > preloading latin modern fonts (second stage)
fonts           > defining > font with asked name 'lmroman12-regular' is
not found using lookup 'file'
fonts           > defining > unknown font 'lmroman12-regular', loading
aborted
fonts           > defining > unable to define 'lmroman12-regular' as
'modern-designsize-12pt-rm-tf-0--0'
fonts           > defining > forced type 'otf' of
'latinmodern-math-regular' not found
fonts           > defining > font with asked name
'latinmodern-math-regular' is not found using lookup 'file'
fonts           > defining > unknown font 'latinmodern-math-regular',
loading aborted
fonts           > defining > unable to define
'latinmodern-math-regular.otf' as 'modern-designsize-12pt-mm-mr--3'
fonts           > defining > forced type 'otf' of
'latinmodern-math-regular' not found
fonts           > defining > font with asked name
'latinmodern-math-regular' is not found using lookup 'file'
fonts           > defining > unknown font 'latinmodern-math-regular',
loading aborted
fonts           > defining > unable to define
'latinmodern-math-regular.otf' as 'modern-designsize-12pt-mm-mr--2'
fonts           > defining > forced type 'otf' of
'latinmodern-math-regular' not found
fonts           > defining > font with asked name
'latinmodern-math-regular' is not found using lookup 'file'
fonts           > defining > unknown font 'latinmodern-math-regular',
loading aborted
fonts           > defining > unable to define
'latinmodern-math-regular.otf' as 'modern-designsize-12pt-mm-mr--1'
fonts           > defining > forced type 'otf' of
'latinmodern-math-regular' not found
fonts           > defining > font with asked name
'latinmodern-math-regular' is not found using lookup 'file'
fonts           > defining > unknown font 'latinmodern-math-regular',
loading aborted
fonts           > defining > unable to define
'latinmodern-math-regular.otf' as 'modern-designsize-12pt-mm-mb--3'
fonts           > defining > forced type 'otf' of
'latinmodern-math-regular' not found
fonts           > defining > font with asked name
'latinmodern-math-regular' is not found using lookup 'file'
fonts           > defining > unknown font 'latinmodern-math-regular',
loading aborted
fonts           > defining > unable to define
'latinmodern-math-regular.otf' as 'modern-designsize-12pt-mm-mb--2'
fonts           > defining > forced type 'otf' of
'latinmodern-math-regular' not found
fonts           > defining > font with asked name
'latinmodern-math-regular' is not found using lookup 'file'
fonts           > defining > unknown font 'latinmodern-math-regular',
loading aborted
fonts           > defining > unable to define
'latinmodern-math-regular.otf' as 'modern-designsize-12pt-mm-mb--1'
fonts           > math: unset for global bodyfont modern-designsize at 12pt
fonts           > math: unset for global bodyfont modern-designsize at 12pt
fonts           > 'fallback modern rm 12pt' is loaded
fonts           > math: unset for global bodyfont modern-designsize at 12pt
fonts           > math: unset for global bodyfont modern-designsize at 12pt
backend         > xmp > using file
'/opt/context/tex/texmf-context/tex/context/base/lpdf-pdx.xml'
pages           > flushing realpage 1, userpage 1

fonts           > !! No bodyfont has been defined and no defaults have been
fonts           > !! loaded (maybe due to a missing \starttext).

 ) )

mkiv lua stats  > used config file: selfautoparent:/texmf/web2c/texmfcnf.lua
mkiv lua stats  > used cache path:
/opt/context/tex/texmf-cache/luatex-cache/context/5fe67e0bfe781ce0dde776fb1556f32e
mkiv lua stats  > resource resolver: loadtime 0.004 seconds, 0 scans with
scantime 0.000 seconds, 0 shared scans, 8 found files, scanned paths: <none>
mkiv lua stats  > stored bytecode data: 347 modules (0.150 sec), 69 tables
(0.000 sec), 416 chunks (0.150 sec)
mkiv lua stats  > running in nuts mode: yes
mkiv lua stats  > cleaned up reserved nodes: 42 nodes, 443 lists of 442
mkiv lua stats  > node memory usage: 2 glue, 2 penalty, 9 attribute, 25
glue_spec, 3 attribute_list, 2 temp
mkiv lua stats  > node list callback tasks: 6 unique task lists, 5
instances (re)created, 39 calls
mkiv lua stats  > used backend: pdf (backend for directly generating pdf
output)
mkiv lua stats  > loaded patterns: en::2, load time: 0.000
mkiv lua stats  > jobdata time: 0.001 seconds saving, 0.001 seconds loading
mkiv lua stats  > callbacks: 133 direct, 180 indirect, 313 total
mkiv lua stats  > randomizer: resumed with value 0.91948446813947
mkiv lua stats  > result saved in file: foo.pdf, compresslevel 3,
objectcompreslevel 3
mkiv lua stats  > used platform: linux-64, type: unix, binary subtree:
texmf-linux-64, symbol mask: utf (τεχ)
mkiv lua stats  > luatex banner: this is luatex, version beta-0.78.2 (tex
live 2014/dev) (rev 4746)
mkiv lua stats  > control sequences: 38226 of 65536 + 100000
mkiv lua stats  > current memory usage: 31 MB (ctx: 31 MB)
mkiv lua stats  > runtime: 0.215 seconds, 1 processed pages, 1 shipped
pages, 4.651 pages/second

system          | total runtime: 1.379 seconds