lossy text compression engine - e.g. SMSpeak TwitSpeak

Essentially this grabs a sentence and compress it to look like SMS messages. And also have the capability to do the reverse.

The idea is to be mostly readable in as few characters as possible.

E.g. no --> n ; yes --> y or 'ja' ; you --> u ; mate --> m8

Now... what what the bible in SMS speak look like, and how lossy would such compression be.

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Could compress commonly recognized phrase:

As far as I know --> AFAIK

Away from keyboard --> AFK

The lossy part could be that it may still match sentences that is similar enough. E.g. "I am away from the computer" will still match AFK.

But how to deal with actual acronyms? Well maybe "\" e.g. "\AFK" could indicate not to decompress the acronyms.

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Could be useful for twitter.