Though this will get downvoted out of existence by the obvious cloak pumping shills all over this, the guy pumping the fuck out of this on here, cocainesomething, admitted to owning 3% of all 4.5m coins in existence (maybe he's #3 on thier richlist http://cloak.blockexplorer.cc/richlist/). Its a POS coin so its all instamined (they get around this technicality by having it POW for the first 7 days, but rest assured the whales got fat quick on this one), which at current cloak to btc to USD prices checks out to $105,000. He probably got it during the instamine, but as theres not enough liquidity or cap right now to actually get that much out they are on a pump and dump campaign such as the deepdot ad they put out.
Obvious pump and dump aside, this coins "whitepapers" are more of a wishlist than any technical explaination of whats going on, its whole anonymity theory is just that, a theory thats never been tested or shown to provide real anonymity. It follows a similar trick as tor does, by using multiple hops to pass information along it can "cloak" the source or destination. Given the scale of altcoins dont quite stack up to that of Tor (which itself is increasingly threatened) it wouldnt be a stretch that sybil attacks could easily deanonymize this, or timing attacks, or volume correlation attacks, etc..... The issues surrounding coinjoin wasnt the protocol persay, it was the lack of anonymizing features that decouple the movement of coins from one address to another.
As far as the built in market feature it relies on nashx, which requires both parties to put up twice the value of the item, its not a bad idea but for most it will be a hard pill to swallow. Also it has a groupthink censorship mechanism, once again a good idea in the context of weeding out the darker stuff but its a slippery slope, if enough whiteknights and straightedgers run nodes they can effectively start wiping out the drug markets. Openbazaar has the right idea, anything goes, censorship will be the only morally correct form of censorship, self-censorship.
As for the p2p exchange feature it runs through bittrex via their api, no one yet has a working solution to the problem of creating a decentralized exchange.
At this point anyone who buys into this coin is in effect lining the pockets of these whales who happened to be running their mining rigs for the week this coin was being instamined.
What I fail to see is all these alt-coins fail to address the fundamental question, how can vendors convert them to otherwise more widely accepted fiat?
For those of you unaware, changing bitcoins to nationally recognized fiat is just one of the many key obstacles for successful vendors and by accepting alt coins, vendors are faced with an even greater challenge of converting a lesser demand alt coin into usable fiat.
TLDR: For any alt coin to truly challenge the dominance of bitcoin in darknet markets, it not only has to address the shortcomings of bitcoin but overcome the challenges that not even bitcoin has been able to.