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> if you can already execute code, I'd say you're quite privileged.

I always interpreted "privileged" to mean "superuser". I.e. unrestricted. Or possibly the case of one user and another user. Having a program that can determine the URL you are visiting in the browser from memory when running as the same user is a different class than something that can do the same when run as any non-root user on the system. There's a reason it's common to "drop privileges" in a daemon after any initial setup that requires those privileges (such as binding to a low port).

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