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The kicker for me is that I do get asked fairly frequently "how do I email a book to a friend?" Sometimes it is in reference to my own books and other times it's just because I have a book blog. Sometimes it's on a forum. The point being, a lot of people don't realize they aren't supposed to do it. So there are inadvertent copies being emailed when people don't stop to think. They feel they own it and decide to give it to a friend. Same as they used to do with a paperback. Only they aren't going to remember 6 months from now that they already gave it away once. So they can end up doing it multiple times and it's all just inadvertent unless someone points out they aren't supposed to do it (or it has DRM and it then requires more than drag and drop).
Shrug. I have no idea if DRM has helped or hurt my sales. None. I kind of suspect that it doesn't matter to most people for exactly the reasons you state. Those who care get rid of it. Those who don't know about it, don't care about it.
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