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What MS does has NOTHING to do with piracy. They practically put a chain on every user. Pirates are pirating because games are not worth that much for them. Or because they simply can't afford it. They wont start selling 60 Million Cods now and MS knows that. Its about controlling the experience of people willing and able to spent money on games.

If the system will be hacked you can do everthing with it. Just the Online stuff won't work that great. But if MS banned your account and you lost your entire collection maybe a hack will one day be able to restore your Xbone.