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Despite the wrong execution on the process of rolling out the changes, the 1TB free is real.

So, can Flickr be considered as a reliable backup solution for my photographs?

The 1TB is definitely real. They had unlimited storage before for pro users. The fine print was confusing (i.e. max 300mb uploads per month). But I guess consumers now favour an actual measurable number (1TB) than unlimited. Flickr is a social community, not sure how reliable it is a backup solution. Good question though. Recently in the news they accidentally had some user's private photos as public :S

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