I agree completely, although I do take comfort in someone claiming they cannot access my data. I wouldn't store any confidential data there in any event, but at

I agree completely, although I do take comfort in someone claiming they cannot access my data. I wouldn't store any confidential data there in any event, but at least if they are trying to design it so that even they cannot access that data, it seems there is a slightly lower chance of it being leaked to the internet. Dropbox already had one case where you could log in without a password. That could never happen if they actually needed the password to decrypt the data.