Quote Originally Posted by Monk View Post
The CD key would still be tied to that one steam account, which if Steam discovered was being used to pirate and distribute the game they would ban it pretty quick. Steam is pretty diligent about banning CD keys that are compromised.
But an infinite number of 'pirates' can play ETW offline, so the whole "online activation on install" is useless. Furthermore it prevents possible customer from purchasing ETW. (e.g. me)