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A related question would be, is this their minimally viable product. And how secure does a minimally viable product need to be?

I think a little more security is needed for this to be any sort of "viable"... So I suppose I'd argue that this definitely is not MVP.

OTOH, they themselves seemed to have said it's not MVP either, so I think that's okay.

I'm still concerned about the longer-term viability using the reasoning of "This many basic mistakes doesn't bode well", but time will tell.

I wish them the best of luck.