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But. One great problem regarding the waves ability to fully extend to its potential as a collaborative idea-tool is the question that the title spells out. I know that I am not alone in worries of what will happen to potentially valuable ideas once they are spelled out in (private sessions in) the wave. If the wave succeeds in maintaining an aura of trust in the regard of letting people have their ideas to themselves, it has a potential of attracting some of the greatest ideas and thinkers of the world. If so, would Google be able to keep themselves from taking a peak on that which the user groups would rather have for themselves?
In any case, it is what they would be able to do and what people expect them to be doing that would matter in this regard. If you are unable to trust google with your ideas, you will not use google wave to it's fullest potential. The problem might not be solved by creating an alternative wave server/service. The problem might run deeper than that. There is always someone in the center of things, hosting the service. Can you trust them with that information? If I would be the CEO in a large company, I wouldn't. I would set up my own, internal service. If I would be an entrepreneur filled with ideas in need of development, but with no capital. Probably I would weigh the risk of having someone reading my stuff (and my trusted friends stuff) over my shoulder. Maybe I would take that risk, maybe not."