At the beginning, there was no encryption. I think in the original client anyone was able to open the Bitcoin-qt client and just see your funds and use them which is insane.
Then the encryption we know nowadays was added.
But why was it choose to not fully encrypt it? I mean, you can see your funds, your sending and receiving addresses etc... by just opening the client. I don't like this.
Why not add full encryption like Electrum? maybe with 2 different password, one to open it, and then the current one to confirm transactions, so you don't have to enter the pass that actually allows you to transact each time you want to open the wallet... even tho it shouldn't matter if it's cold storage.
