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Of course it has reason to be censored. Just as much reason as any other word that's censored. I mean, let's be serious.
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No, there isn't. You can't "hack" on Graal with a jailbroken device, all you can do is replace clientside files-- which isn't harmful, and you can use dozens of other programs to do it anyway.
Maybe in 2011 it'd make sense to censor the word jailbreak, but not now. There is no reason for jailbreak to be censored.