Let's start by saying that I'm a big far of the cloud. I used to use it every day. Now with that said let's get into detail:

Pros:

1. Accessibility: You take your files everywhere with you :)
2. You can share your documents and collaborate together.
3. Use it for cloud business.

Cons:

1. It's another bill little or not that comes to me
2. You have no idea what's going on with your data (take for instance Dropbox)
   • One example of no security
   • One example of no privacy
   • If you password gets stolen, what a joke no? All your info there...
3. You have something else to worry (consciously or unconsciously).

Why I stopped using it:

To me I feel like the pros are not strong enough, the balance is way too heavy on the cons to overlook it. I which we had really secure storages that we knew what's going on, but even if they are encrypted, what goes in the cloud... stays in the cloud and is never completely secured. I choose Offline storage with an external Hard-Drive :)

Let me know what you guys think about online storage in the comments below.