The "bit" is probably stored in system preferences. Otherwise, it wouldn't need to be re-keyed when you move it to a new device. The bit may even be a hash itself, but I am not familiar enough with the eReader DRM method.
Anyhow, it is really not that big of deal. Why would someone have my coded eBook? There is no point in sharing them across the net. Only my immediate family shares them. So, its not like the world would know my credit card number even if someone managed to reverse-hash an eReader book.
The eReader will get hacked not by extracting the credit-card number, but by extracting the text once it is keyed. I am sure there are macros that take snapshots as each page is displayed on the desktop, and then sends the very clean "scans" to an OCR program. Heck, you could just dump the screenshots to Adobe for a PDF document if you like (not suitable for Palm reading, though).
It won't be long until eReader has to update their DRM scheme as well. That's just how it is in the digital society.
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