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I find the piracy = theft argument pretty lacking. Still I believe it should be illegal, because it is damage to someone's property. Piracy is not theft, though. Theft requires the separation of the owner from his/her property. We don't say something is theft if a person goes to somebody's house and breaks their television. We call that property damage. Piracy is the same. It is not theft, but it is property damage. The original owner still has control over the property and is not separated from it. He/she just isn't the sole controller over the property and the property is damaged in the process.