Emulation has never in a court of law been piracy.
That is sort of the difference between the courts and what companies want.
The laws say outright that you can make a copy of ANYTHING you have for personal use. This is why when companies sued CD-Burners they lost (IIRC).
It is why I am waiting for the courts to rule that you cannot sabotage your own product... like Apple does.
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HECK the EULA kind of shows how broken the image of how companies view their media is and how they just bend logic over backwards (Intentionally mind you. It is just a "We want all the money and all the power" bid)
For example if you read it properly you are not buying an actual physical product so to speak. Rather you are buying a license to said product that is still technically owned by the parent company.
Yet if you, say, break your physical copy and then give proof of purchase to the parent company. They will not provide you a second copy, even for manufacturing price. So you ARE buying a physical copy and not a license, even though that is what they insist.
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Suffice it to say... Nintendo is sufficiently scummy when it comes to their views on copyright, piracy, and stealing. Not the worst out there... But daang are they hypocritical.
Though AT LEAST to my knowledge Nintendo hasn't waged war with the grey market (AKA: Reselling). THAT is the sign of true scumbaggery... EA... (And I'd say Microsoft... but they were scared out of it IIRC)