My approach is to use a tool called Always Sync. I do a one way sync. from my calibre library (stored in C:\Users\Peter\Documents\Peter's Library) to my local Dropbox (c:\users\Peter\DropBox\CalibreLibrary) and then let DropBox do what it wants.
Because the replication is one way only from my calibre library, if any errors were to happen with DropBox they would not be replicated back to my live library.
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