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CC wasn't per-token either? Nor is Codex?

From my simple checks - and from Microsoft's own blog - per token pricing isn't going to be realistic for agentic coding either.

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Claude Code is definitely token based, its been discussed extensively on Hacker News and the related Github threads. A large context cache miss can take half your usage easily in just one request... "max" just means more reasoning tokens. I've also run out of usage during a single request in CoWork. Its definitely token based.

They don't show your usage in tokens for Claude Code and Codex subscriptions, but that is how they are doing the accounting.

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