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 threadThe 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.
