I don't, although I have to admit to considering it from time to time. Currently I'm not really good enough for someone to want to steal my photographs. The gallery site I use lets me prevent people from down loading the original file and it specifically states that the photographs' rights all below to the photographer.
I've seen some people up some truely invasive watermarks on otherwise lackluster photographs. There are also people have nice unobtrusive watermarks on spectacular photographs. The best way to protect your photographs is to be careful where you post them.
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