🕵️♀️ Cloakcoin (CLOAK) - 45% up when everything is going down - Another privacy coin?? What the hell is it, and should you care? - Researching Crypto so you don't have to 🔍
cryptocurrency·@pandorasbox·
0.000 HBD🕵️♀️ Cloakcoin (CLOAK) - 45% up when everything is going down - Another privacy coin?? What the hell is it, and should you care? - Researching Crypto so you don't have to 🔍
<center></center> **If you're like me, you've noticed Cloakcoin is making excellent gains in a time when the entire market is down. Of course, during downturns there are often one or two coins that perform exceptionally well, usually because everybody is jumping on the bandwagon to avoid losses in other markets.** Sometimes, however, there is actual merit to these Bitcoin-dip-defiant coins. Right now Cloakcoin is showing a hefty 45% gain in the last 24 hours. Not wanting to miss out on excellent opportunities, I decided to look into what Cloakcoin is and wether it's an interesting product or not. <center></center> <br> **WHAT IS CLOAKCOIN?** Cloakcoin appears to be yet another privacy-oriented coin, but it's been around since 2014 and has gone some evolution since then. The current features that set Cloakcoin apart are: * Fast transactions (+/- 1 minute block generation time) * Very high degree of Privacy/anonymity through _TOR routing, ENIGMA off-chain mixing_. Claims 100% trustless. * User friendly (they say) * PoS rewards with a 6% ROI When looking for information regarding Cloakcoin, I noticed it was not always a PoS staking coin with rewards. Considering the current hype and interest in masternode and other rewarding cryptocurrencies, it makes sense to consider this to be one of the reasons why Cloakcoin is moving up. Another reason is the focus Cloakcoin has on privacy features. Although I am no expert on these matters, from what I can tell Cloakcoin is making a serious effort in providing top privacy features that, in today's privacy-oriented market, should not be easily dismissed. The combination of these two features make Cloakcoin potentially an interesting coin to hold. As of this moment, as far as I know (again I am no expert on privacy coins), only Dash and PivX are the only competing coins that offer both rewards as well as privacy. Dash's privacy feature is much less powerful, and PivX requires people to stake an entire (costly!) masternode in order to receive rewards. Cloakcoin seems to be unique in the fact that it offers both a very high degree of privacy, as well as allowing anybody to stake any amount of coins. For Cloakcoin, _every_ wallet acts as a masternode regardless of the amount of coins being staked. Even a raspberry pi is able to run such a masternode, and thus earn staking rewards. Cloakcoin is also notable because it has a very low circulating supply of coins, only 5,093,143 CLOAK exist, for a total market cap of about $50 million. **ENIGMA? BIG DEAL PERHAPS?** Whilst googling for information, I came upon [this news article on cryptocoinsnews.com](https://www.cryptocoinsnews.com/sleeping-giant-crypto-space/), which interestingly mentions at the bottom that the ENIGMA source code will be made open source sometime this month, so the community can investigate the technology behind it as an anonymizing feature. It is yet to be seen wether or not ENIGMA is superior technology than what other privacy coins such as Monero or ZCash use. Judging from the tone, it does show confidence. The announced release of this technology is likely part of the reason why Cloakcoin is going up at this time. <center></center> **SHOULD YOU BUY?** At first when I looked into this coin I wanted to dismiss it as 'just another coin' and use it as an example of risky and bad coins to invest in. However, after doing my research I am starting to change my mind. Privacy coins are a very hot thing right now, with good reason, and a rewarding staking feature that allows _everybody_ to participate instead of just whales, means this coin is potentially interesting to _everybody_. At a $50 million market cap, it does feel a little undervalued compared to the $200 million market cap of PivX (which, some say, is by itself also undervalued). If you couldn't tell yet, I am especially a fan of this coin's lenience in allowing any amount of coins to be staked, no matter if you have 1 or 10000, you are rewarded the same percentage. One of the few other coins that rewards any amount of coins and doesn't require a minimum, is NEO. The difference is that for getting NEO rewards you do not need to keep a wallet online, but for Cloakcoin you _are_ required to run a node by staking. Interestingly [on reddit](https://www.reddit.com/r/Cloak_Coin/) you will find both fans as well as people claiming this is a scam coin. For this reason, you should consider Cloakcoin to be a _high risk_ investment (!!). In Cloakcoin's defense, it is not entirely uncommon for privacy-oriented projects to be a little bit shady and for it's creators to remain unknown. If you are interested in investing, I would advise against jumping on the train right now during these highs, but perhaps we should not dismiss this coin as a crapcoin per se. If you are a believer in privacy coins, this may be one to keep an eye out during the dips. I myself am not big on privacy coins, so I will stay away personally. If I was a fan of privacy coins, however, I'd be looking into this one some more, as a low market cap is indicative of a high growth potential and the core ideas do sound interesting, with ENIGMA _potentially_ outcompeting rivaling crypto's. **LINKS** Here are some handy links so you can continue your research, if you're interested in knowing more: * https://www.cloakcoin.com/ * [Cloakcoin on coinmarketcap](https://coinmarketcap.com/currencies/cloakcoin/) * [You can download the Whitepaper here](https://www.cloakcoin.com/en/learn-more.html) * [Cloakcoin Reddit](https://www.reddit.com/r/Cloak_Coin/) <br> <center>_If you think this is worthwhile content, please consider Upvoting, Following or Resteeming! I'm a struggling and honest minnow, and really appreciate your help!_</center>