It is theft plain and simple. We seek to justify why theft is ok all the time but that doesn't change what it is or the morality behind it. The fact that we justify it is why theft is so rampant. The fact that you pat your self on the back because you ended up buying the game doesn't change the general situation that the vast majority of 'stolen' games are not later purchased.
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I will be the first to admit that many 'laws' are stupid (beyond stupid). However I think this one is quite straight forward. So ask yourself while you did pay for this game - how many games did you download over torent; play, enjoyoed and then found a reason to not buy at full price.