I set the default placeholder text.

I click the "Source" button. For some reason an empty paragraph tag, line break, and space appear.

I click the "Source" button again to switch back and now have garbage in the editor.

Another issue is if I do use the placeholder and than type some text inside of the editor, my text gets wrapped inside of a paragraph tag. I explicitly defined not to use paragraph tags inside my config file.

I set the default placeholder text.
I click the "Source" button. For some reason an empty paragraph tag, line break, and space appear.
I click the "Source" button again to switch back and now have garbage in the editor.
Another issue is if I do use the placeholder and than type some text inside of the editor, my text gets wrapped inside of a paragraph tag. I explicitly defined not to use paragraph tags inside my config file.