I have been on Sia since the 0.51 beta. I bought in much earlier, Im not saying that to make you feel bad, but I think the reality was that the price stayed low for a long time. As soon as the release date came close then it got pumped and overpriced a little bit, to the extent that by shortly before the 28th, there really wasnt enough support for it to go anywhere but down. However I think this project is massive impact wise and holding your SC for a while will give you a return.
Re the legal issues, I too have called for a statement or 'comfort letter' from Nebulous. However my belief is you dont store a whole file, the files are broken into parts and then encrypted. So you arent storing a porn image for example, you are storing part of a data set that on its own cannot be reconstructed. Please have someone technical confirm, but thats my understanding.