I like the idea a lot, but the security implications of this are scary. May as well just do a cloud based key stroke recorder.
should you do this? no.. but people do, all the time.. take for example this MySQL bug report with many complaints that the command now issues a warning when you specify a password on the command line: https://bugs.mysql.com/bug.php?id=66546
Also from your FAQ what the hell is "strong level encryption", can you not name it? Can you go into the extreme technical details of what encryption you are using, how data is protected in memory and at rest?