best way to paint over Drylock basement.

I want to paint my basement walls, which currently have several coats of old pealing Drylock.
I would like any recommendations on the proper way to prep the walls and paint. Do I need to scrape off the existing paint? Prep with muriatic acid or bleach? What kind of paint do you recommend?
I do not plan to finish the basement. I just want it to look clean, bright and dry.
A few issues: 1. At one time, the basement had water problems, and there is efflorescence on the walls. But the previous owner installed an interior french drain system and sump about 3 years ago, and I just finished extending all the downspouts and sloping the exterior grade around the outside foundation. And we run a dehumidifier in the summer. So the basement is now dry and no mold.
2. There are also some horizontal cracks in the foundation. I consulted a structural engineer when we first bought the house,. He said they are due to frost heave and are common in are area. Because they are not too big I did not need to worry, unless they grow. I've been monitoring and they are not growing.
I'm hoping I can just fill the cracks with caulking or hydro cement before painting.
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Fill cracks clean efforscence and bleach if theres any mold/ A pressure washer is what I used.
Then any good exterior paint which will be a little more durable
Or recoat with drylock, although I prefer semi gloss paint
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In my own basement I fixed all the cracks and then repainted with drylock.
I wouldn't put carpet on the floor because the temp and thus dew point will be much lower at the floor and would be a great stimulus for mold.
http://www.buildingscience.com/resources/homeowner.htm

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