Not true, unfortunately. At least not in the near term. As it stands now, some business out there will be responsible for managing your (and my) data. If that business goes away, so could the data stored in the cloud.
It's not a matter of reliability vs. unreliability. Certainly redundancies will exist that protect the information against catastrophic loss -- of course, there is no guarantee that the redundancies will be foolproof, or that a cyber attack wouldn't circumvent them altogether.
There's no way to be absolutely sure.
But even if your portion of the cloud is never attacked and there is never a hardware malfunction that results in catastrophic failure ...
... there's always the possibility that whomever you're paying to store your data goes out of business.
What guarantees would you have that you would get your data back? What company would make that guarantee?
I don't think any company would. Liability would be astronomical. Just think of the lawsuits if data was lost.
The cloud will be great for running software that I don't want cluttering my hard drive. Instead, I'll clutter my hard drive (and my local backup systems) with all the data I consider most important -- my own stuff. If I were to count movies along with music, as it stands now I have around a terabyte or so.
I'm glad external hard drives are getting so inexpensive! And storage technology is always progressing. External hard drives will be so
antiquated in the blink of an eye.