My personal opinion, as someone who's gone through the copy protection wars, is that it's a waste of time.

The simple truth is "Thieves don't buy", if they can't steal it, they won't use it. So all copy protection does is annoy your legitimate users, the ones that might send you some money.

The "give out the restricted version" idea doesn't work because as soon as one copy of the unrestricted one leaks, you're back to square one.

IMHO the real solution is making it as painless as possible for your legit customers to pay you. And provide tech support (other than bug fixes) only to the real customers.
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