Security and privacy are not the same thing - and how the files are stored on disk is irrelevant. Obviously the files are also encrypted in transit as well. The

Security and privacy are not the same thing - and how the files are stored on disk is irrelevant. Obviously the files are also encrypted in transit as well. The bottom line is Dropbox holds the keys on their end and has unencrypted access to the files on while on their servers. They can read the files at will. That is not an architecture that is focused on privacy - which is fine, but it shouldn't claim to be otherwise.