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gabzjmm23 said:
even if we own the disc or not, that is how the term piracy was built upon. duplicating the disc illegally.

console emulation may or may not pursued by any business (Sony, MS or Nintendo), it is somewhat illegal. Imagine after a few weeks of a console launch, a group of people able to emulate it properly 100% working fine, then I'm sure the big three would pursue these culprits.

Console emulation is 100% legal in the United States as long as it doesn't distribute proprietary software (like a bios.)  Nintendo recently took down YouTube videos of a fan-made Twilight Princess HD texture pack/mod. Trust me, if they could get rid of Dolphin (and a plethora of other emulators) they would. Also, it is perfectly legal to copy a disc for archival purposes, and it is almost impossible to prove that the copy isn't being used for archival purposes (as one can always say their disc broke and they're playing their backup.) 

Piracy originally meant theft (old time pirates were on ships stealing from mercantile corporations.) Copying something you purchased is not theft.