It's not really about piracy in general, it's mostly about What.CD.

Equivalent of what.cd today is RED.

But, TBH, most of the pirated music today is on YouTube anyway.

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It also had a sense of community that was never quite replicated on RED. The freeleech events were fun. I remember there was a release request for Kirk Van Houten's "Can I Borrow a Feeling?".