Let's say I downloaded a copy of Super Mario 3D All-Stars today. How does that deprive Nintendo of money, if they're literally refusing to sell it?

Or what if I downloaded one of the thousands of PC games made by defunct companies, where the rights were never purchased or re-released?

Or what if I DID buy a copy of a Japanese-exclusive RPG, couldn't read Japanese, and decided to run an emulated version with a translation patch. In that case, I'd still be giving the same amount of money as usual.

Hell, what if I owned a copy of Pokemon Red and a Game Boy, but didn't feel like spending 20 hours on a new game, so I just ran an emulated version running at a higher speed?

Or what if my GBA's battery is dead, and I emulate the platform instead of buying replacement parts from a company that is not Nintendo (since Nintendo doesn't fix those anymore).

The idea that emulating a game leads to a loss in sales and revenue is only true in a relative handful of situations.

It hurts the industry like: