Although I have briefly mentioned Cloakcoin previously in my blog I feel it is high time for a more detailed post. At the start of July, I said “Cloak is another one which has caught my eye as potentially could be huge, unlike darkcoin and some others which use coinjoin transaction mixing technology, Cloak aims for a different method of anonymous transaction which may end up becoming completely decentralised”
Since I wrote that I only began to like Cloak more and more. Unlike my hasty assessment of Darkcoin, perhaps Cloak will be the real deal.
Heres a nice article from deepdotweb which explains some of Cloakcoins ambitious aims.
Cloakcoin is a new coin ecosystem designed to replace deep web marketplaces and CoinJoin applications. Cloakcoin is superior to previous attempts at anonymity because it offers comprehensive, trustless decentralized anonymity to cryptocurrency users. The three-pronged Cloakcoin ecosystem includes anonymous transactions using Proof of Stake Anonymity (CloakSend 2.0), a secure wallet with a built-in currency exchange, and a decentralized marketplace.
Full article here cloakcoin promises holy grail cryptocurrency anonymity
When I first heard about built in marketplace I was slightly skeptical thinking it sounds a bit like an unnecessary frill, however on further reflection it could be a bit of a game changer. There is no single point to ‘attack’ unlike, for example, the silk road market.
Since my own mention of Cloakcoin, here, it has proceeded to quadruple in value relative to bitcoin, rising from around 0.0003 to about 0.0015 where it stands now. (Which in a way I am spewing about as I haven’t followed my own advice and remained holding Darkcoin, which is still falling).
I was intending to post a chart showing Cloak on Mintpal using Bitcoin Wisdom website for the chart but encounterd a few difficulties so here instead is the link for the live chart.
There is a lot I like about Cloakcoin, it appears to be very undervalued, flying under the radar so far. Unlike first mover Darkcoin, cloak has received little publicity. Although more scarce than darkcoin is still nearly 10x cheaper. But bear in mind these pearly drops of wisdom I have learned to my cost. As with all new alt-coins there is a LOT of volatility, the competition is fierce and many new coins have their moment being pumped only to then fade away. Having said that Cloakcoin looks very promising and I dont see much risk in getting hold of a few at these cheap prices then simply hold onto them long term. As with any risky investment, which goes for bitcoin too, only invest what you are willing to lose.
Managed to upload the chart I referred to earlier, here with 12 hour candles