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One point I would like to make..... the goal of this type of DRM should be to pacify publishers to the point that they would consider using it as opposed to current methods. Will it "stop" piracy of ebooks? No. Does the current DRM system? No.
But, if this method makes sense to the publishers (placate their fears about piracy), than I am all for it as a interim step to removing all DRM.
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