This is definitely not true. If you're looking for stuff that's popular here and now, you'll do fine (especially if you're a fan of Hollywood blockbusters). But as soon as you start looking for back catalogue stuff, you're in a mess of dead torrents and broken links.
Want to find a mostly-forgotten science fiction movie from the mid-90s (in my case, Strange Days)? Two hours of hunting for a way of downloading it led me to buying it through a VoD service instead.
Want to find a mostly-forgotten science fiction movie from the mid-90s (in my case, Strange Days)? Two hours of hunting for a way of downloading it led me to buying it through a VoD service instead.