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Comment by abdullahkhalids

This is an equivalent of a company producing security software, open sourcing their code, and then claiming that since no one has found any serious bugs, their software is secure.

No. The way to build confidence that your software is well made, you do a proper external security audit and obtain the requisite certificate from a proper auditing firm.

It's also incorrect to think peer review in mathematics is low quality (like it is in some other fields). Certainly, when major results are in place, editors ensure that high quality peer reviewers are recruited and do their job properly. Like all human processes this fails sometimes, but not enough to not do it.

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