That is correct, and it gets worse as that is just one of the many flaws.
Keys were not rotated,
Compound stake was not fixed,
Stake rates are all 100% compounding,
No single prime protection was developed,
there is no "soft fork" or easy way to disable one or more primes,
What else is there?
Don't be giving Crestington ideas. He will be posting potential fixes for this shit. We want Paycoin dead not fixed by Crestington.