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I read that post and I agree partly with that. My scenario is I want easy to remember password for basic confidentiality of documents on local PC. Another crytographically strong password (16-32 characters in length), I keep for documents stored on cloud storage. Easy to remember passwords are not strong. Therefore I created a cryptographically strong password and only this password resides in my password manager. I have noted it down in NotePad and kept one copy in a TrueCrypt volume as well.
Coming back to one password policy implemented in AxCrypt version 2. Suppose my password gets stolen and I have to immediately change it, I will have to login to AxCrypt site and change it. But what about old files which were previously encrypted with compromised password.
Now I will have to keep track of all files which were encrypted with compromised password. Later if I find even a single file located somewhere on my system and want to decrypt it, this will not work. I suppose I will have to again change the password on AxCrypt site to get this file decrypted.
This might be a mess. Even if I agree with one password policy of AxCrypt, I want to change it once in a year.
There is no doubt password manager comes handy here.