Here, I put my points into FAQ format, because I'm too tired right now to do it any other way:
Q: What's wrong with a five-computer activation limit? I mean, are you really going to go through five computers any time soon?
A: Well, I might, being a computer enthusiast, but every time you modify any part of your hardware, such as your video card, CPU, etc., there's a chance that SecuROM may see you as having a "new" computer, and count that as one activation. If you get a virus and have to reinstall your OS, that counts as an activation. If your hard drive fails, you reinstall your OS, that's one activation. They stack up real fast, when you get down to it. Also, I like to keep games around. I still have my old Genesis games from my childhood that I like to go back and play every now and again. Steam seems like it's pretty much going to be the future of PC gaming, and I can expect them to stick around for years to come, so I think it's safe to say that at least another decade down the road, I'll be able to play through Half-Life 2 again.
Q: But when you run out of activations, then you can just call the company up, and they'll refresh your activation count if you can prove you paid for the software!
A: Okay, so what the fuck is the point of having it to begin with? If you're a pirate, either you get a copy that you can't run at all because it's copy-protected, or you get a cracked copy that you can do whatever the hell you want with. If you're a consumer who paid for the application, you have to fuck around with this bullshit "x number of activations per y" system, and you have to call them when you run out, or whatever the particular DRM scheme happens to be. It's a slap in the face to paying customers, and the pirates get off free. Also, what if the company goes out of business, or they are unable to confirm my purchase? I would be fucked. Also, in order to make all this devilry work, they have to install shitware into my computer, which can make the usage of certain applications (or merely their existence on your hard drive) prevent your SecuROM-protected game from working at all. I don't know about you, but I don't want anything like that on my hard drive.
Q: So you clearly have a problem with SecuROM, but is it really that different from Steam's DRM?
A: Fuck yes it is. See, I'm the kind of guy who likes to have possessions. I like having things. I like downloading tons of semi-useless freeware applications just because it's cool to have them. I like having tons of music because I liked that band at one point in time. Hell, I like purchasing things on Steam when they're on sale just because, at some point, I may want to play that game.
Q: But owning something on Steam isn't the same thing as owning a physical object, idiot.
A: Yes, but this is my point. Steam is an incredibly convenient service. You just download one tiny program onto any computer, and you have instant access to every game you have purchased on their service, as well as access to their community, friends list, etc. If my computer dies, or I buy a new one (as I am about to any day now), I can just re-download Steam, leave it on overnight while it downloads all my games again, and, holy fuck, it's like the transition never even happened. (Sure, you lose your save data, etc., but Steam Cloud is looking to fix that.) So yes, I am willing to forfeit some slight rights if the benefits outweigh the lost rights. In this case, I am basically trusting Valve to keep my games for me, in exchange of having incredibly easy access to them, with integrated friends, achievements, server browsers, chat, and all that. However, I am not willing to have to jump through silly SecuROM-imposed hoops such as activation limits, just to play their game, with no benefit to me. Steam is a symbiotic service; it helps the developers and publishers of the game, the end users, and Valve. SecuROM helps the publisher, and... that's about it.
This is getting really ranty, because it's six in the morning and I haven't slept, but I hope I'm being coherent enough in my points. Yes, I could live with SecuROM if I really wanted to, but the thing is, I don't want to. My desire to oppose even the most fundamental ideals of the system far outweighs my desire to play the game. I kind of wanted to pick up Crysis at some point, maybe after I upgrade my computer next, just to see it, but I was telling this whole story to a friend on Steam today, and he said "oh yeah, Crysis has that same thing." Yeah, there's another game I'm not getting.
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