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I like it as in, I approve, and its possible.
On the other hand, it is not that realistic. Game freak was always extremely careful with what they put out and how it will be perceived. Pokemon dont die for all kids should know, so they cant just kill a Raticate.
Also, if Gary/Blue's Pokemon died every time Ash/Red had beaten his Pokemon, all of his Pokemon would have been dead multiple times by now.
Still, I really do like this theory cos it gives us a look on how things would be if the games were as the real word is.