Why would the code not be open sourced? That's a bit scary. Any reasonable explanation as to why they would choose this path?
So that its not copied before they're sure of their implementation and have gained a significant lead. Not reasonable in my opinion but its the argument of the closed source coin backers of which I am not one.
Three reasons to go open source on a delayed timeline:
- the community will still benefit from our work
- we'd reduce the incentive for developers to flood the marketplace with clones that lack a long term future
- we'd avoid causing clones, which reduce the trustworthiness of the altcoin phenomenon