> TrueCrypt IS Open-Source. You can read the source.

No, open source means a lot more than "the source is visible".

http://jordi.inversethought.com/blog/5-things-we-have-forgot...

Edit: before you knee-jerk downvote, please read my link. Open source is a term coined by OSI as a replacement synonym for free software. We have somehow culturally forgotten this. We keep repeating some other version of the facts for some reason and have forgotten what "open source" really means.