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Thanks that seems to be correct.

From a first glance it seems to be a bunch of random torrents, pdfs, mp4s I'd rather not have on my hd ;)

Is that actually what it was, or did people just start using it after a guess that it was that? As far as I can tell, BitTorrent Sync basically accepts any arbitrary string of decent length as a key.

No, that has been refuted to death (on reddit, mostly) - the BitTorrent Sync folder was created much later by random people making the same faulty assumption.

Ok so if it was not intended to be that - what is it?

It's 64 chars and likely AES as this is the name of the picture?

http://www.reddit.com/r/thepiratebay/comments/2q23mm/the_key...