“But above all, make sure not to confuse a "pirated copy" with a "lost sale". In 99% of cases, the Venn diagram of those has very little overlapping area.”

I’m seeing many comments saying this, but it’s simply not true for commercial/industrial software. Outside of the US, even in large swathes of Europe, it’s extremely common to lose significant revenue to piracy, and if you make it too hard to pirate they will pay.

Companies (the customers in this case) that are happy to exploit workers in sweatshops? Also completely happy to use your software without paying for it.