The problem with most POS coins is that they have no intrinsic value.
In Cloak's case there is also inflation with no incentive to secure the network. POS3, if implemented, should go some way to resolving this issue.
At least with POW coins the minimum value of the coins is linked to the energy cost associated with mining them.
I like Cloak but it won't take much effort for a better established, better funded PoW coin to clone Enigma and leave Cloak without a unique value proposition.
I hope this doesn't happen but I feel it is inevitable. Cloak will eventually become a victim of having good technology but being too small and slow to implement.
Well, afraid I can't agree with you. Check the following coins that are already POS or, moving to POS in the near future:
Lisk
ARK
NEO
Decred
OKCash
ADA Cardano
OMG
Stratis
Etherium
Most of these are top 100 coins. POW is slowy dying. The energy needed to mine is becoming a problem in these environmentally challenging times. You will see more and more coin projects going POS in the near future. And remember, POS staking IS work and some coins pay out rather well which keeps wallets open and the chain moving forward.
Don't discount POS, it is the future in all it's many forms...