i'm potentially going to invest in cloak, but can someone address some of these concerns that i've seen on reddit?
1
-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.
2
-The client is nothing more than Bitcoin-QT with integrated API trading. No stealth transaction functionality.
3
-The dev(s) are completely anonymous.
4
-Users on Bitcointalk have complained about critical posts deleted in the CloakCoin announcement thread
5
-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.
6
-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.
7
-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.
8
and these technical questions as well:
- how do you prevent blockchain bloat if nodes are sending dust to each other all the time?
- if staking coins are spent to mix/forward txs to recipients, then how can you trust the nodes won't steal coins instead of forwarding them?
- if new addresses are mined to anonymise transactions, then how do you avoid losing transactions due to orphaned blocks?
- alternatively if you wait for the blocks to mature, then how do you avoid long transaction times?
thanks
Hey Montreal,
The person who posted this is a FUDpacker and is no doubt one of the competing currency's cultists.
1
-The current whitepaper gives a general overview of the PoSA process. The anon implementation is an extension to the proof-of-stake protocol; Hence why it is called PoSA. If a wallet is open and staking it is contributing to the PoSA protocol. Think of PoSA staking as a similar concept to turning on your tor browser. An in-depth technical whitepaper is on the way.
2
-There is an anonymity protocol in CloakSend 1.0. The developers discovered a unique approach to anon that blew anything they thought of originally out of the water with CloakSend 2.0 (PoSA - Proof-of-Stake Anon)
3
-Yes, the devs are anonymous. This is an anonymous currency. The respect for individual privacy is a core foundation of Cloakcoin. Our holders should have the same respect for privacy that Cloakcoin provides them financially. Besides the most successful crypto currency is from an anonymous developer (Satoshi)
4
-No critical post get deleted. The posts that are erased from the world are ones that don't contribute to the development of a privacy focused cryptocurrency. Fear, Unproven, Doubt (FUD) are baseless accusations made by individuals and sometimes groups of individuals with the sole purpose to discredit/degrade a coin developers efforts; Furthermore, these accusations usually have a financial agenda driving them. The FUDpackers mission is to create a panic sale so that the price of the coin can drop to a level that's affordable for them to enter the market. Healthy criticism is always welcome in the Cloak community and is usually a precursor to technical debate.
5
-The coin was pre-announced and this gave miners plenty of time to point their rigs at mining pools. The was no pre-mine and nobody is paying these developers to develop this currency. If people didn't believe in mining the coin at launch then that's their own fault. Using the coin's development team as scapegoats for their ignorance in making an investment call is piss poor. Short PoW periods are meant to save overall energy costs by moving the coin as quickly as possible into the PoS scheme. The majority of the features of this coin are PoS related so it would make sense that there would be a shorter period vs a longer one so the devs could begin working on the new features.
6
-Of course this is a Bitcoin fork. What you are seeing is the initial commit of the 1st Cloakcoin source release. We are keeping the innovative features closed source for a time to protect the investors of the coin. In this space there are too many copycat operations stealing innovation. The source will be opened in the future and we are currently looking for a qualified candidate to audit PoSA. We will post an independent audit when we have found an acceptable candidate.
7
-I would suggest going through the website and downloading the whitepapers. They are meant for the general public to understand the direction the coin is heading. The OneMarket paper is technical and you're more than welcome to study it so you can get a better idea of what Cloak can offer you as a holder.
http://www.cloakcoin.com/onemarket.pdf. As stated in answer 1 a technical paper is coming that will put any of these FUDpackers to rest.
8
The XC PR guy was in here earlier asking similar questions. We are not at liberty to release this information at this time. I would suggest you wait for the technical whitepaper as it will answer your questions and offer an in-depth comparison of the other approaches to anon.
