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It's probably fallen for the same reason a lot of paid emulators do, which is the fact that a search for 'NO$GBA' on The Pirate Bay right now gives five different torrents all offering the latest version.
Really, as far as ways of making money go, programming emulators is a bad one.
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Er, by this logic wouldn't you also say "as far as ways of making money go, selling software is a bad one"?
Or for that matter anything digital...