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I suspect it isn't legal, and make no representations whether it's ethically right or not, but I do strip DRM, so I can back up my books. I don't share, but I also don't trust the holders of the files to make my files available to me if I need to download them again. Corporations shift formats, or they die, or are bought and absorbed. I've read too many stories about people losing their books when things like that happen. I do re-read, and I do format-shift, and so I strip the DRM.
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