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Give the U.S. government the power to censor the entire internet
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Blocking access to sites which are flagrant pirate sites is not something new. British courts already have (and use) the power to order ISPs to block access to such sites. Eg, the "Newzbin" site, which collates links to pirated content on Usenet newsgroups, is blocked by several major British ISPs. Blocking criminal sites is not censorship; it's justice.
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Stifle innovation, scaring off new startups without the resources to monitor everything posted on their sites.
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Translation: Sites which openly host copyright infringing material under a "disclaimer" that "we aren't responsible for what our wicked users do" should be allowed to continue getting away with it. Sorry: your site; your responsibility. MR doesn't try to hide behind such a blanket disclaimer.
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Clamp down on Americans' free speech rights, subjecting them to criminal prosecution for posting film clips or covers of famous songs on YouTube
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Translation: We think that people should be able to flout copyright law with impunity?