[Nursie]

So to me a 'cryptosystem' is the way the elements are combined.

Block ciphers are used in a selection of modes and when combined into a protocol with integrity and authentication catered for, we have a cryptosystem.

Constructing these is hard, even with well-known algorithms, and is the source of many sneaky attack vectors. The fact that they have effectively invented their own mode is suspect, and the cryptosystem as a whole is not really well-validated either.

Their "$300,000 if you break it" contest is seen as a trust-gimmick as it provides no cryptographical or mathematical guarantees, it simply shows that nobody has yet broken it for whom 300k is more important than access to the data.

[SideburnsOfDoom]

You're right; that was poor wording. At the link they talk the "crypto algorithms" not cryptosystems that they combine.