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The only thing I know about public key encryption in PHP is that it sounds like a terrible idea. Am I wrong?

It isn't necessarily a terrible idea. Where it becomes bad is when unskilled developers implement it.

That sounds like the exact same two statements I hear over and over when it comes to PHP

"Doing X in PHP is a bad idea"

"Well it's only a bad idea if done by unskilled developers"

I'm disgusted that the words encryption and PHP were even used in the same sentence. I need to go shower.