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To share copies, or otherwise spread or make use of use somebody else’s copyrighted work, should never be prohibited if it is done non-commercially and without a profit motive.
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Much of today’s entertainment industry is built on the commercial exclusivity on copyrighted works. This, we want to preserve.
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No, the majority of today's entertainment industry is built on the exclusivity of the ability to distribute their copyrighted works, not just commercial operations. If it's legal for individuals to share with everyone in the world via P2P, there's no incentive to ever buy another CD or DVD again.