Public = anyone can see the content.
Private (self) = Only owner can see the content.
Private (anyone with the link) = Only if you have the link you can see the content.
Private (password) = Only those who knows the link and the password can see the content.
I know how the settings work, but if I have a link to the album and I'm a guest I shouldn't be able to see a private album and all the content in the album.
Ok, all this time I guess I didn't understand the private settings but I think I do now. I always thought if you put it in private (self) you wouldn't be able to link out the image but I guess I was wrong.