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When those measures are circumvented, Nintendo and third-party game developers suffer tremendous harm because, for example, individuals can then use the emulator to play pirated games.
Those pesky pirates are playing games available exclusively on the second-hand market on consoles we’re not selling anymore!
Edit: Word order to make it less confusing.
Valve has made some incredible games and hardware, but it doesn’t mean they aren’t tricky bastards.
Does this count as being a “tricky bastard”? They saw something that looked questionably legal and their legal team wanted to cover their asses.