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Downloading music from IOMOIO

So a mate gets all his choons from a Russian site called IOMOIO. It has a huge catalogue, including lots of rare stuff, and all tracks are $0.16 each - so around a pound per album.

A quick google suggests it's all legit - but is it? How can it be legal? Will I go on some kind of INTERNET POLICE LIST if I start using it? Will I go to INTERNET HELL for robbing bands of their rightful income?

What's the story?

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