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Exactly.
Even on a smaller scale ... say, a mere 1000-book torrent. Would the person who downloaded that (probably to read one or two books in it, if not just to hoard them) have spent $15,000 on those books otherwise? Hell, we don't spend $15k a year on books -- probably not even $1500 -- and they're the primary source of entertainment for two people. It might possibly (or maybe not) be a lost sale for a handful of the books in question, but the publishers count it as a loss for each and every one of them, completely ignoring the fact that most people neither want nor could afford the whole lot.
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