This boogie man you speak of, isn't he the one that scares small children after bedtime? How does he get time to do that and use a computer? Only joking ! A new version of Peer Guardian is out (v.1.99) hopefully this will sort some of the old problems out. As for your question I'm going for #2, just because I'd like to see which IP's are being blocked. But I do agree with you a lot of IP's are named wrong. My advice is to just tread carefully and only empty your shared folder if you get a legal warning to do so.
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