> This is a pretty puzzling idea to me.

That's because you're responding to an entirely different issue. "Hotlinking" isn't linking to something, it's including a resource that is hosted elsewhere. It's putting <img src="https://concordDance.whatever/images/big_image.jpg"> on my website without asking you. Now if my site ends up on the front page of HN, that could cause a lot of traffic to your site, potentially overwhelming your server or increasing your hosting bill. It's not nice, and rightfully frowned upon.

But from a loss and gain perspective it seems equivalent.

In both cases the site loses bandwidth for no gain due to your actions.

> causing a large number of people to click through and download the page using large amounts of bandwidth (for no monetary gain to the site)

The difference here is that while a lot of users use adblock, there are some that don't. These users can still see the ads. Additionally even though it's a small website, it may lead to new readers that stick around or the content itself may even be sponsored.

The equivilent to hot linking a picture would be like taking the content of a blog post without really linking to the source, because there's no chance of conversions there. If you're linking to the site itself then there's a reasonable chance that users can convert.

So I suggest that it's theft just because the chances of readers being converted is nil while you're using their bandwidth.

Let's say I own a restaurant. Someone comes in and wants a panini. I don't have a panini press, but the restaurant next door does.

If I tell the customer they can go next door to get a panini, I'm not stealing anything. Maybe that restaurant is packed right now and they'ed rather not have an extra customer, but there is a reasonable expectation that they would generally want customers or at least have a means of turning away unwanted customers otherwise.

On the other hand if I break into my neighbor's restaurant, make a panini, then bring it back to my restaurant to serve and make money off of, all without permission from the neighbor, I am most definitely stealing. Even if I doubt the neighbor will mind because he let me come over and make myself a panini once, I can't unilaterally act off that assumption.

Is adblock a form of theft?