Yes, absolutely it could be that, but most people go with the fact that they see four enlarged dots as the number of letters in the password. And Merner seemed to be very big on family love and says 'If you figured out the password, your a hopeless romantic yourself'. Love is a pretty romantic word, lol. Also Merner wasn't sure how he was going to get the file (if it ended up being mailed, he would have no name to go off of). Then again the dots could be the cycling sequence being shown, but I feel he wouldn't be so surprised if it was Kai. I wonder if Shoowa ever discussed it in a blog or website? It would be fun to have a definitive answer! :)
What is the password???!!! Noo!!!! Dont leave me hanging!!! (╯°Д °)╯╧╧