You described the situation quite well, and I agree that it will help. Unfortunately, the solution of a password is secure at first but fails immediately once the password gets out.
I am working on connecting my site to vB.org to provide a casual authentication system, This way, the discussion can take place in its own forum, or whole set of forums (hell, maybe the existing forums currently only for customers), and still be restricted to vBulletin license holders.
Several fraudulent purchases of vBMS were made (stolen credit card, hacked PayPal account, etc.). I've also seen literally hundreds of pirated vBulletin forum installations. Finally, vBMS, or at least its concept of providing administration-free web mail to forum users, is popular and often-requested. I have no doubt that it is the correct decision to insist that only those most likely to own vBulletin licenses can access the product. As you note, the only problem is balancing this need of protecting both vBMS and vBulletin while still making it easy for as many people as possible to collaborate on the project.
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