You’ll notice that DROPBOXD_PATH is incorrect due to PARENT_DIR pointing to an invalid dropbox installation location. Now all you have to is to point PARENT_DIR to the correct place. Since my dropbox installation is in ~/.dropbox-dist/ and I am the only user in the system using dropbox, I edited the entry as follows. Edit the entry as it suits for you.
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Now save the file and try running the dropbox start -i using your user account (not root). It will work without any problems.