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The real trouble is that when you link to a hashified URL, you are actually embedding in your web page (an encoding of) the content of the page you are linking to. Think matryoshka.

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Right. Even without link cycles, any link would have to contain (nearly) the whole internet.

Not to mention that makes link cycles impossible.

Nah! I am pretty sure that a quine can be made using this! http://en.wikipedia.org/wiki/Quine_(computing)

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