I remember when DBX IPOed and there were a large number of HNers who said proudly they were going to buy the stock and sit on it.. I was always concerned about where Dropbox (and Box.com) goes from here? Network storage always seemed more like a feature than a company, a different flavor of photo storage like Flickr. Didn't Google try and buy them initially?

So I wouldn't say it's the market per se. It's just that network storage has become commoditized. Storage tied to Google, Microsoft or Apple is always going to have a market advantage.