It lacks the most basic, fundamental property of a secure system: A demonstration (actual proof can wait!) that it can be trusted without handwavium.

I don't care if it's the dog's bollocks or the bee's knees. If I can't trust it, it's useless for secure communication. I don't give the tiniest shit how many hours some twat on the internet, or well-paid collection of highly-trained twats, has poured into its creation if they can't even be arsed to give a basic description of its most fundamental property. And that moniker can remain until they do.