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I still think watermarking would be the way to go. Sure, this could be removed, too. But you can't stop those pirates. And they will never pay, period. So it makes sense just to write them off. Pirates don't matter in this equation.
However, to the general public, if you buy a watermarked file you are responsible. It can be traced back to the original buyer. So you will only give it to those you consider responsible, too.
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