Yeah, the problem is this coin got sucker punched by a "wanna be" whale who didn't actually have enough BTC to really pump it. 340k or wherever the top was was nothing for this coin, but the guy obviously didn't have enough BTC to push it. I remember watching the action, and there was a small 2 or 3 btc sell that he never pushed through. That's why you saw him turn around and try offering a "subscription", so he could get some foot soldiers to put up BTC for him. Then he doesn't have to use his own BTC to pump it, and can dump on his groupies. Like a wanna-be wolong.
BC unfortunately followed the exact same pattern in the charts, but it was able to have a mega-pump much higher because there were a group of actual whales with actual BTC behind it.
I do wish the trolls were more effective...their action hasn't really pushed the price down much. We bottomed in the 30s and now I guess it will be slow decline over the next month, depending on what dev news releases do. I wouldn't mind loading up in the 10s but we may not get that opportunity.
I hope people don't take this as fud, but this is just how I see things.
The coin was always fishy from the start. At first, I bypassed it, as that whole 'anonymity on the exchange' thing just felt like yet another dev trying to cash in on the anonymity craze.
I then considered it because of DCM, strangely enough. DCM had devs who bailed with the IPO money, and our friend Bob was part of the problem there, not surprisingly. But he kept pushing Cloak. And Cloak kept going up (was around the 15-80K timeframe). It fell back into the 50s, and I had a brief discussion with Bob about DCM, and I'm not sure if it was meant as an olive branch, or Bob just wanted to keep pumping Cloak, but he mentioned whales were still on it (which could translate to he was still in it), and it'd makeup for DCM by putting some money into Cloak ... but he also stressed
don't be too greedy.
So we have yet another anonymity coin, with a moderated thread, initially with a countdown for releases (great for price manipulation), pushed by a known, how should I say this... let's say somewhat shady character. Folks go on fud wars, cheer Bob as he trolls other coins, which then brings trolls from said coins over here. I never saw a community so obsessed over other coins than their own -- I learned more about Drk in this thread than I did for Cloak. I mean, really, who didn't see all of the red flags?
People blamed trolls/fud for a lot of the damage here, but it was sort of minimal to the background stuff whales were pulling. When Bob decided to take a 'vacation' from Cloak, it should have set off warning bells to get out then, assuming you hadn't already.
Anyway, for those who still hold, I wouldn't tell them to sell, as at these prices what is the point? Might as well ride it out and hope for the best. But I wouldn't sink money into this unless it hits true rock bottom, and even then I'd be cautious.
