Bitcoin Forum

Hey folks, just want to share my thoughts about CloakCoin. Initially I was very excited but some red flags were raised.
No proof of technical details. The whitepapers are very vague and contain no groundbreaking details. Details that would be potentially groundbreaking, like how PoSA works or how the OneMarket protocol works are glossed over. The FAQ gives half-assed answers.
with integrated API trading. No stealth transaction functionality.
The dev(s) are completely anonymous.
Users on Bitcointalk have complained about critical posts deleted in the CloakCoin announcement thread
The PoW stage lasted 7 days, which means the dev(s) could have mined a large portion of the total coins. Some miners reported seeing 20 GH/s on the network immediately. This is effectively a premine dump.
I can't find much original code in the Github repo. It seems like it's all code copied from Bitcoin-qt and related repos with minor modifications. Certainly no code for the alleged groundbreaking algos in CloakCoin.
The site is all talk and no show. The vague whitepapers, the snazzy meaningless graphics, the pointless youtube videos under "development," and the lack of technical discussion in the community.
Putting all these together makes it seem like an elaborate scam. If this thread is deleted (which would then be found in /r/undelete), that would be even more reason to suspect. Buyer beware...

source:

http://www.reddit.com/r/CLOAK/comments/2b1ier/cloakcoin_scam_warning/ (http://www.reddit.com/r/CLOAK/comments/2b1ier/cloakcoin_scam_warning/)

Name:    truedev
Posts:    1
Activity:    0
Position:    Brand new
Date Registered:    Today at 11:55:41 AM
Last Active:    Today at 12:03:04 PM


Fudders gonna FUD.

What you believe is up to you

source:

http://www.reddit.com/r/CLOAK/comments/2b1ier/cloakcoin_scam_warning/ (http://www.reddit.com/r/CLOAK/comments/2b1ier/cloakcoin_scam_warning/)

I believe that you just started a new account to FUD all over CLOAK.

That is the only truth here.

What you believe is up to you

source:

http://www.reddit.com/r/CLOAK/comments/2b1ier/cloakcoin_scam_warning/

Sure, that's the way you guys resolve everything. 

I agree with all of this.

Proof-of-Scam?  Check.
Long on hype, short on published code?  Check.
Pumped by new accounts?  Check.
Convoluted whitepapers radiating bogons?  Check.
New blue-sky features announced before fulfilling previous ones?  Check and double-check.

The Cloak team is very good at telling us what we want to hear, I'll give them that.  And their logo is fantastic too.

But where is the beef?  Put it on github or go home.

The only cryptographically proven means of anonymity at the moment is Cryptonote's ring signature based approach.

When the Cloak/XC/Dark/Black kids claim to have a system with equivalent security, just laugh at them and hlod Monero.

I'm just given the facts you don't have to believe anything I post


here the source:


http://www.reddit.com/r/CLOAK/comments/2b1ier/cloakcoin_scam_warning/ (http://www.reddit.com/r/CLOAK/comments/2b1ier/cloakcoin_scam_warning/)

Ad hominem deluxe.

Telling.

What surprises me is the lack of well organized scams in the anon field, given how easy it would be to make a bundle. I've seen a few short term scams, like concealcoin, but the real money would be the long con.  I'd be wary of anything without a discussion of how their technology works.

Because there already exists multiple threads for you to spam on - and seems like you've been very active in using them as well!

hereeeee isssss theeeee sourceeeeeee:


http://www.reddit.com/r/CLOAK/comments/2b1ier/cloakcoin_scam_warning/ (http://www.reddit.com/r/CLOAK/comments/2b1ier/cloakcoin_scam_warning/)

Imitation is the most sincere form of flattery; when others copy/fork your project that a Good Thing.  To ensure fairness and security, code should be released when the testnet launches, not at some vague point in the future (Soon^TM).

Bitcoin, Litecoin, Namecoin, Peercoin, Primecoin, and Monero don't hoard their secret code, because they are legitimate coins.

XC, Dark, and Cloak do hoard their secret code, because they are not legitimate.

Trusting unreviewed secret code to keep you anon is a noob move.

lol  :D

Are the Darkcoin devs completely anonymous.?  hummmmmm

https://darkcointalk.org/threads/rc4-testing.1830/page-48

This is a link to a 48 page thread detailing the testing of Darkcoin's latest version. You have to be a moron to say that Darkcoin is vaporware or a scam. The information that shows otherwise is there, you need but take a look. The reality is that development takes time. You have no idea what you're talking about if you criticize Darkcoin for taking 6 months to get to this point. If 6 months is long for you, I wouldn't recommend Monero. These things take time. Years.

Americans engaging into scam and defending the same until this (https://bitcointalk.org/index.php?topic=457575.msg5302833#msg5302833) happens.

No use banging your head against Americans.

Im not convinced by the arguments thereby presented here.

No one is trying to convince anybody. Just do your analyze and do what you think is best.  ;)

Well it's simple, they are morons.
You'd be surprised at the number of people here who are ignorant, or have 'low intelligence (q)'.
DRK is becoming anonymous is becoming reality very soon (http://www.wowwiki.com/Soon).
About the OP, you as a newbie shouldn't be giving out scam warnings.

An extremely obvious +1

I agree. Its actually funny when people say DRK is a scam. Then i instantly know who doesn't have a clue what they are talking about. I have been following the development for months.

Now you guys must feel like total ass holes : D

Rub it in some more!

Who? What do you mean?

Look at Cloak price now and compare it to 10 days ago.

Super secret private audit failure.

http://cloaktalk.org/t/private-audit-cloakcoin-posa/243

How about DRK? 900k -> 470k in 3 days and still on it's way down. It's like someone (or a few) are getting out of anon coins all together.