Lessons from the Megaupload episode

Often i wonder what would happen to my data should a cloud service provider such as dropbox or Facebook close shop. After all we saw megaupload forced to shut down. Is that a way of saying the good old hardware storage device is still an option?

References:
http://www.extremetech.com/computing/114803-megauploads-demise-what-happens-to-your-files-when-a-cloud-service-dies

http://www.techdirt.com/blog/innovation/articles/20120216/03595717776/how-megaupload-shutdown-has-put-cloud-computing-business-plans-risk.shtml

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