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I can't imagine using a graphical browser without an address bar. Regarding the possible benefits, I think phishing would become a lot easier, if users don't see the URL any more, anyone can still link to phishing pages.

phishing should actually be harder - the only thing now shown is the domain - the important part, without the whole path to add noise

I think that a better way to do it would be to make the domain bold and the rest of the URL lighter.

Chrome already sort of does that. I guess it could be emphasized further.

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