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Truecrypt license troubles

Currently I use truecrypt to encrypt private data. Reading the section on truecrypt spawns many questions. The main two issues are:

  1. What is wrong with the license?
    • Maybe a pointer to the discussion or a summary of the discussion is in order
  1. What alternatives could (easily) replace truecrypt?
    • Would it be possible to spawn a new truecrypt and have a different license?
    • For instance could someone change it to being GPL-ed?
    • Or is that one of the problems?
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