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Why does every webpage not encode its images as base64 data?

Because web browsers support hyperlinking there is no need to embed everything into one big html file

And markdown does also support hyperlinks, like HTML. So it makes sense to use that feature.

But the comment above asked for support for a feature that allows to embed images inside markdown, hence my reply

load times… much easier to deliver a small html page quickly, then allow progressive downloads on images.