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If purchasing isn’t owning, then piracy isn’t stealing
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If I were to steal cable, I would be using the cable company's resources to deliver content to my house without paying for it. If I were to set up an inductor under a power line to steal power, I would be depriving the power company of power they could have sold to somebody else without giving them anything in return.
When I torrent something, I don't even put any additional load on Netflix's servers. With their current monetization scheme I don't even make the show's producers any less money.
And when you subscribe to 1 or 2 rotating streaming services and only torrent for personal archiving purposes, you aren't even depriving the streaming services of any revenue.
When you steal cable, you don't deprive the cable company of anything.
It was clear from context what was meant, i.e. torrenting copyrighted content. Let's not be disingenuous about this.