Frostwire allows its users to trade files over a peer-to-peer platform. Unlike a Windows-based PC, Macs typically don't get viruses from file sharing for music or video files, so the possibility of damaging your computer is extremely low. The program itself is also harmless and can easily be erased.
It is illegal to trade copyrighted material over the Internet without permission, and several industry watchdog groups have been working with Internet Service Providers to monitor for unauthorized file sharing. If you are caught illegally sharing copyrighted material, you can be sued, have your Internet service shut off, and in some extreme cases, be criminally prosecuted under Federal and local laws.
Frostwire won't do any long term damage to your computer, but it could damage your reputation and your wallet. While you won't get any viruses from using Frostwire, you could get slapped with a costly lawsuit or fine.
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