[darawk]

It is a virtual certainty that Numerai is lying about using homomorphic encryption. The only known algorithms for FHM encryption require specialized algorithms to perform computations on the encrypted data. You can't just run a standard neural net over some homomorphically encrypted data and expect an interpretable result. Yet, Numerai claims that this is exactly what's possible with their data. This is clearly false. They are probably obfuscating their private signals in some extremely trivial way.

[madrafi]

There's also the unlikely possibility of discovering a truly homomorphic encryption scheme with no constraints on operations

[tzahola]

About as likely as discovering Fermat's purported proof.