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Sorry Ubisoft
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The old way was that you owned a disc or cartridge (or cassette tape) with an instance of the program on it. That's going to need a new definition that everyone can agree on.
Yeah a disc or cartridge with a license attached to it. So if you sold the disc you also sold the license. With digital distribution if you sell the files and transfer it to someone you technically made a copy. Which is not allowed since you don’t own the copyright.
...sort of. If your disc got scratched that somehow destroyed your license, and you had to buy another one.