I would be a lot happier with this if there was an "export your address book and then upload that to us" version as well as/instead of a "give us your username and password for your email and we promise we won't be evil" version.
Even if 95% of people end up using the version where they give us their password, I think having the other version exist is an excellent good-faith gesture. Sort of something along the lines of "This option is easier and simpler, but we totally understand if you're reticent even with all the promises we're making and the precautions we have in place, so if you don't want to use it, that's cool too, have a version which is more work for you but will let you keep your piece of mind".
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Even if 95% of people end up using the version where they give us their password, I think having the other version exist is an excellent good-faith gesture. Sort of something along the lines of "This option is easier and simpler, but we totally understand if you're reticent even with all the promises we're making and the precautions we have in place, so if you don't want to use it, that's cool too, have a version which is more work for you but will let you keep your piece of mind".