The Pain of Cryptography

You invent your own cryptographic algorithm, you set up a company to
market it, you get it analysed by an independent expert, you apply for
a patent, and you publish it

http://eprint.iacr.org/2003/249/ 

... and 48 hours later some-one breaks it 

http://eprint.iacr.org/2003/250/


Mike Scott