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Who backs up my backups?

Secure Online Backup and Archiving for Gmail, Facebook, Twitter, and Wordpress | Backupify

So the basic premise of a service such as this, is that, whilst we all might believe that our online social media hosts will be around forever, one can never be too sure, right?

And if we can all agree that there is at least a theoretical risk that we might loose vast chunks of our documented lives should any of them fail, then a service such as backupify makes perfect sense.

But it does beg the question: is it not subject to the same data loss hypothesis as my other social media hosts? And if so, where do I back up my backup? Or is it a case of having at least one layer of redundancy being better than none?

Most importantly though: is the relative risk worth the subscription - insurance is invariably a grudge purchase.