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* increased speed for clients
true...
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* distriubtion of data is more efficient. In the hypothetical ideal case a file needs to be uploaded just once and is then available for all clients of this ISP (i.e. ISP avoids multiple uploads of the same file)
this is definitely not true because the last implementation only allowed 5 downloads.
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* ISP avoids traffic to and from other ISPs which needs to be paid.
the answer to this is actually the most important bit, while it is true that the ISP saves inter-ISP traffic he does have to pay for the proxy servers. Webcache is basically hijacking resources that are available for a different purpose. so using Webcache is not just hijacking resources but also creating additional costs that are not part of the calculation of the ISP. this is why the majority of ISPs stopped supporting Webcache with their proxies.
in turn, many users went even further and hijacked proxy servers unrelated to their ISP to use Webcache, which basically drives the whole concept of WC ad absurdum.
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* Since Webcache uses the already existing proxy infrastructure of ISPs, there are no legal risks involved.
first of all, WC does not actually use existing proxy infrastructure, it hijacks it. since the purpose of the available proxies is clearly not supporting WC - even if they do support WC from a technical POV which, as pointed out above, is seldom - any hijacking can be considered a breach of the terms of use of the proxy servers. besides, legal risks are involved because the ISPs proxies will hold information about clients distributing all sorts of material.
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* webcache blocks are encrypted, so ISPs cannot be blamed for knowingly distributing copyrightes material
well, so at least the hijacked ISP resources can't be considered the cause of all bad? this is not really a pro.
to sum it up, you have not read the thread attentively and probably have no idea on the discussions going on some 4 years ago. well, i was there and let me tell you this, WC was removed not because of any anti-P2P-measures but because the feature was either rendered useless (ISPs no longer allowing to store blocks on their proxies) and was abused by a majority of users.
please refrain from raping this long forgotten corpse because you have no idea about the technicals and reasoning at the time. i can tell you a number of very useful applications for pesticides, still wouldn't suggest to use it in your garden if i have no idea about your garden and who lives in it.