There's a saying about the cloud, and it goes something like this: The cloud is just somebody else's computer. While the cloud is actually more complex than that (it's a lot of computers), there's a lot of truth to the sentiment. When you move to the cloud, you're moving data and services and computing power to an entity you don't own or fully control. On the one hand, this frees you from having to perform administrative tasks you don't want to do, but, on the other hand, it could mean you no longer control your own computer.
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