I think Dropbox claim they can't see the files you stored unless you share it with someone else or copy it into the public folder. I think the rest is encrypte

I think Dropbox claim they can't see the files you stored unless you share it with someone else or copy it into the public folder. I think the rest is encrypted using a key generated against your password and they only store the hashed version of your password, which couldn't be used to generate the key.