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Only a few TGP's or Link Lists ban via isp, and those of them I have dealt with have all been a******s (which is understandable, because you either have to be thick or a cheater to ban an entire IP because one of it's users is bad). So if you do get blacklisted by these, your friend has done you a favour by getting you banned.
However if you are worried, get him to set up his own IPs on your box, that way there is no problem, and it is a hell of a lot cheaper than renting his own box.
BTW $200 seems excessive for a dedicated server, you can get it for half that. Also any newbie reading this I would strongly advise you NOT to start dedicated. Unless you got a good friend who will let you go on their machine, get a virtual host. You are never going to need that much in your first year. Paying for one is like going to the end of the garden each month, taking nearly $100 out of your wallet, and burning it. When you need it, moving from virtual to dedicated is as easy as a couple of emails to your host if you have a good one (and if you have a bad one, you definitely don't want to pay for a dedicated box with them, also going virtual first is also a good way of testing the host out). remember, a good beginners package can be got for $4.99
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