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And since my existing folder had the same name it wants to use, I get an error when it tries to create it. If I remember right it only asked me where I wanted the dropbox folder to go, which means the parent folder. The problem I've had in the past, is on the new computer Dropbox didn't let me choose an existing folder as my Dropbox folder. I'm swapping over to a new Mac, and my Dropbox folder is on an external drive already, that will be attached to the new Mac as well. I'm going to jump in here as I have a similar (same?) question.
