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There's also the question of the legality of geo-hopping.
Piracy is bad because it deprives the rights-holder of the income due to them.
Geo-hopping does that too in most cases. Just because one pays the rights-holder in a different country doesn't mean that they aren't depriving the rights-holder in their country from their income. From the point of view of the local rights-holder, the geo-hopper is equivalent to a pirate.
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