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In only the narrowest sense.

- Since the content-as-property itself is intangible, you do not deprive anyone else of its use by downloading, hence you have not "stolen" anything.

- Since you did not legally purchase a license to the content, you are not bound to uphold its terms with the distributor.

HOWEVER,

- Your possession of licensed content without a license may constitute evidence of a criminal conspiracy, on your part and the part of the uploader, to defraud the distributor.

- If the material was only distributed in a form protected by DRM, then your possession of unprotected content may constitute evidence of circumvention, which is a crime under the DMCA.

Also, from an ethical standpoint, since somebody has to upload it, you're relying on someone else to take the risk of paying fines or going to jail in order for you to circumvent the intent (if not the effect) of the law.



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