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Nothing wrong with it. As long as you are good with 500gig. Supports usb3 for speed. Seagated external drives also usually do not use proprietary connections internally. Meaning if for some reason you have issues with the external drive you can take it apart and mount the drive as you normally would for data recovery. With ones like Western Digital you are SOL
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I had it before and it worked fine for me. I am not using it anymore though.
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Thank Tim, Bri and Salt for your advice, will check ebuyer out for a good deal