I have bought "No place to Hide" by Grenn Greenwald as epub and while it was stored locally, I couldn't read it without being online (which wasn't possible when/where I wanted to read it).
Normally I explicitly check whether there is DRM on it and if so, I just don't buy it (but can opt for the physical book). In this case I had assumed there was no DRM.
I did try to crack that epub, but failed.
I'm fine with watermarking, but I will never (again) buy a DRM infected file/epub.
Also note that there are people who publishes their book online free of DRM. Recently I recommended a DRM-free book here - https://fosstodon.org/@futureisfoss/106103281070781945
Everything on their website https://tromsite.com is DRM-free as well.
The thing is, these kind of DRM-free books don't get the same kind of traction a mainstream book gets. They're underrated af, so please share them if you can.
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