> B) this is "at least as long as I could possibly care about" storage. If I need to retain say financial records for seven years, and then later the government retroactively increases that to 20 years, there's no need to re-archive it all onto new media.

In many countries this "maximum (6 or) 7 years" for financial records is only if the local IRS decides that you're not potentially committing fraud. If they decide you've potentially committed fraud at any time in the past, there's no limit as to how far they can go. Even in the US stuff like (some of the) funds stolen by the Enron scam have been successfully clawed back more than two decades after the fact.

At least that's the case in several EU countries: there's literally no limit if the country's IRS equivalent decides you're potentially committing fraud (or if you did in the past).

Which is insane and totally arbitrary but that's how it is.

In addition to that under a great many KYC/AML excuses, there are banks out there that shall have zero issue asking you to justify the "source of funds" and at times I've had to provide info dating from way more than seven years in the past. I've heard --and I'm not shitting you-- from someone proving he bought for about 5 K EUR of something that went up more than 100x (think Bitcoin or some exceptionally successful stock), that his bank answered something like: "OK, but now that you've proven you actually made 100x, prove us the source of the 5 K EUR in 2013!".

That's what happens to a society when you give too much power to petty people.

There are literally collaborationists out there that are going to fill SARs (Suspicious Activity Reports) when someone can prove he turned 5 K into 500 K not on the 500 K (which are impossible to dispute) but on the 5 K that were used in the first place. That's how jealous and incompetent some people are in this world.

Things became so bad that I now have a Git versioned repo (and backups everywhere) where I keep track of, among other, every single wire transfer above 10 K EUR. I've got stuff dating back to 2001 when I bought my first apartment etc.

Don't underestimate how pathetic and bitter some of the people you'll have to deal with (be it from your local IRS or a bank) are going to be.

Microsoft team creates data-storage system that lasts for millennia