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Author Topic: CloakCoin scam warning  (Read 2693 times)
truedev
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August 03, 2014, 05:03:04 PM
 #1

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/
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August 03, 2014, 05:04:41 PM
 #2

Name:    truedev
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Fudders gonna FUD.
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August 03, 2014, 05:09:43 PM
 #3

Name:    truedev
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Fudders gonna FUD.

What you believe is up to you

source:

http://www.reddit.com/r/CLOAK/comments/2b1ier/cloakcoin_scam_warning/
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August 03, 2014, 05:14:43 PM
 #4

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

That is the only truth here.

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August 03, 2014, 05:16:02 PM
 #5

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/
truedev
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August 03, 2014, 05:22:41 PM
 #6

Thread marked for deletion please stop posting .

Sure, that's the way you guys resolve everything. 
iCEBREAKER
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August 03, 2014, 05:25:57 PM
 #7

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/

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.


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Monero
"The difference between bad and well-developed digital cash will determine
whether we have a dictatorship or a real democracy." 
David Chaum 1996
"Fungibility provides privacy as a side effect."  Adam Back 2014
Buy and sell XMR near you
P2P Exchange Network
Buy XMR with fiat
Is Dash a scam?
truedev
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August 03, 2014, 05:29:12 PM
 #8

We all know that you are just a Darkcoin Troll, it is because now everyone knows that Darkcoin will end like quarkcoin did.

You spam the whole forum with your nonsense and you think people will start believe this ?

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/
illodin
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August 03, 2014, 05:33:24 PM
 #9

Name:    truedev
Posts:    1
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Date Registered:    Today at 11:55:41 AM
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Fudders gonna FUD.

Ad hominem deluxe.

Telling.
Brilliantrocket
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August 03, 2014, 05:34:08 PM
 #10

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.
illodin
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August 03, 2014, 05:34:42 PM
 #11

Why don't we talk why darkcoin

Because there already exists multiple threads for you to spam on - and seems like you've been very active in using them as well!
truedev
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August 03, 2014, 05:35:54 PM
 #12

Name:    truedev
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Fudders gonna FUD.

Ad hominem deluxe.

Telling.

hereeeee isssss theeeee sourceeeeeee:


http://www.reddit.com/r/CLOAK/comments/2b1ier/cloakcoin_scam_warning/
iCEBREAKER
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August 03, 2014, 05:39:43 PM
 #13

You know how many coins already cloned Cloaks github ? Its in beta stage and it gets copied by every newbie dev inside the cryptoscence this should tell you that open source in the development phase is not always a good idea.

Why don't we talk why darkcoin darksend is not so open right now ? Seems like people tend to forget about that, Cloakcoin is ONLY 3 months old max ! While Darkcoin is already out for 6 months and they can't get out a open source of that ? Should you tell everything you need about them.

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 (SoonTM).

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.


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█████████████████████████
██████████████████████
█████████████████
██████████

Monero
"The difference between bad and well-developed digital cash will determine
whether we have a dictatorship or a real democracy." 
David Chaum 1996
"Fungibility provides privacy as a side effect."  Adam Back 2014
Buy and sell XMR near you
P2P Exchange Network
Buy XMR with fiat
Is Dash a scam?
illodin
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August 03, 2014, 05:43:09 PM
 #14

Why don't we talk why darkcoin

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

I don't know what your agenda is but supporting a coin with a 50% a premine is a disgrace you seems not to notice what happened with Auracoin.
You think i will just watch while people get ripped off by these devs ?

You folks always play like you are the good ones but in real you are just for the big monies here and don't even care about the Evolution of the bitcoin community. This alone should tell you what character you are.

lol  Cheesy
truedev
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August 03, 2014, 05:45:04 PM
 #15

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/

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.

You know how many coins already cloned Cloaks github ? Its in beta stage and it gets copied by every newbie dev inside the cryptoscence this should tell you that open source in the development phase is not always a good idea.

Why don't we talk why darkcoin darksend is not so open right now ? Seems like people tend to forget about that, Cloakcoin is ONLY 3 months old max ! While Darkcoin is already out for 6 months and they can't get out a open source of that ? Should you tell everything you need about them.

Are the Darkcoin devs completely anonymous.?  hummmmmm
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August 03, 2014, 05:50:18 PM
 #16

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.
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August 03, 2014, 05:58:01 PM
 #17

Why don't we talk why darkcoin

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

I don't know what your agenda is but supporting a coin with a 50% a premine is a disgrace you seems not to notice what happened with Auracoin.
You think i will just watch while people get ripped off by these devs ?

You folks always play like you are the good ones but in real you are just for the big monies here and don't even care about the Evolution of the bitcoin community. This alone should tell you what character you are.

lol  Cheesy

Right reaction as i knew would come form a person like you.

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August 03, 2014, 06:03:21 PM
 #18

Why don't we talk why darkcoin

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

I don't know what your agenda is but supporting a coin with a 50% a premine is a disgrace you seems not to notice what happened with Auracoin.
You think i will just watch while people get ripped off by these devs ?

You folks always play like you are the good ones but in real you are just for the big monies here and don't even care about the Evolution of the bitcoin community. This alone should tell you what character you are.

lol  Cheesy

Right reaction as i knew would come form a person like you.



Thats a real conversation with you wow !! Keep going as people will like to follow this even more now.

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August 03, 2014, 06:11:21 PM
 #19

Americans engaging into scam and defending the same until this happens.

No use banging your head against Americans.

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August 03, 2014, 06:19:29 PM
 #20

Im not convinced by the arguments thereby presented here.
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