[Nextgrid]

The cloud is not going to replace local storage until low-latency, high-bandwidth internet connections become widespread and you can do iSCSI or similar with your cloud service. This is not going to happen anytime soon.

Until then, clouds operate on a best-effort basis, some of which rely on hacks or break common use-cases (I can't put a Git repo in iCloud for example, and it doesn't perform well with lots of small files, and accessing the iCloud folder from the terminal apparently has problems). Why is iCloud still not a supported target for Time Machine, Apple's official backup solution for macOS?