If there is a "secret formula" (exploit) then that is a flaw in the system that should be addressed, it will be discovered by the sufficiently motivated attacke

If there is a "secret formula" (exploit) then that is a flaw in the system that should be addressed, it will be discovered by the sufficiently motivated attackers, as it already is regularly. This is equivalent to security through obscurity, and it clearly is not working as you point out. You assert that more eyes on the flaws would make the issue worse rather than better, but i disagree.