I wouldn't say it's useless. In a proper encryption scheme it is assumed that your enemy has full knowledge of the implimentation. I have seen Javascript implimentations of public key systems, which are perfectly secure as long as the private key is secure. Someone looking at the code would still not be able to decipher the transmission unless he somehow got the private key.
But in this case, using SSL (which is a public key system!) seems sufficient.
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