Hmm not this kind of a topic again... lol.
I'm not going to go into much detail unless needed to later.
Chaingrabbing can be 'cheap'. There is no solid definition of cheap. Even if its cheap or not cheap, there's nothing wrong with using it. It's a fighting game, and if you know/find/learn and use a 'cheap' tactic, then you should be able to use it. Use anything that will help you win. That's what makes it competetive.
Now, I'm not saying that I support chaingrabs and believe that including it into the game is the fairest thing to do, but I'm just saying that it's not wrong to chaingrab.
Of course, if you believe in 'less punishable' techniques and dont like techniques like chaingrabbing that could deal lots of dmg or kill you for a small mistake you did, then sure you can make/join a tourny where CGing is either limited or banned. (Limited as in, lets say, after the 2nd grab you have to stop, etc).
If anything's confusing... then sorry
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And, Chaingrabbing does require skill. You need to time it, and in many situations, if you have to grab them within a few frames only, with barely any leeway. You can occasionally mess up your CG, and you could be punished (even if its not a heavy punish, a few % can effect the player in the end). And about the argument: Don't get grabbed. Yeah, it's not THAT easy, but you just got to play smart and learn to avoid them. Learn to space, mindgames, projectiles, etc... Remember, except may be for ICs and DDD, you only need to avoid CGing until you're at about 40% dmg, because after that, most CGers can't CG later than that (of course it depends on ur char's heaviness and fall speed and size, but let's just look at the average chars). For some, like Falco, you may need to stay safe until 70%.
So, there are some reasons as to why CGs aren't so bad.
As a note: in the previous examples, I did not include factors of Infinite Chain Grabbing, the above opinions are only about Normal Chain Grabbing. Also, Chaingrabbing/ICGing to stall, is 'unfair' i guess since it's stalling. But there is that rule by the SWF where you can't CG past 300%, so if you get grabbed at let's say 100%, there's an average of about 2 seconds before you escape, so if a grab does average 5% (its 5% because of decay), that means he can grab you 40 times, so 40 grabs*2 seconds = 1 minute 20 seconds. And with the 8 minute time limit... well, you should still have a lot of time. And if they do suceed in stalling... well, i guess you just have to say, good job for them.