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I think so long as there is no way to purchase the game in a way that supports the developer, than it's ok. So arcade games are one way, mobile games that aren't available anymore, or older and more obscure games that don't show up on any of the current consoles arcade/virtual console selections.

Just for personal opinion, I don't think any games from the current or past generation should be emulated since those consoles are still in play and if a massive amount of people didn't buy the games even if it was just off the secondary markets, it would have an impact on the developers and the people that buy games new and sell them after they beat them.