Currently we have situation where only user with correct combination of email address and invitation code is able to register (of course when 'only invited' option is enabled). Here we are sure that registered member was really invited, and inviter is marked as referrer.
If we enable registration with correct code but any email address, then this feature becomes completely useless, as it's easy to share the code. I can get it and register on your forums, but was never invited. Also noone will be marked as referrer. Then we can enable registration without the code, and make it all easier for new registrants.
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