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How so? The memory model and address space aren't something defined. Pointers aren't inherently limited to addressing only the space reflected by their size. In practice, that call cannot succeed, but those semantics aren't what is standardized or implemented by compilers at all.
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By deciding they can remove malloc(4), they've decided that the side effects or potential for failure don't need to be treated as observable. It's not that much further for them to then decide to use a virtual definition of it where it can be treated as potentially succeeding.
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There are a lot of things that are explicitly undefined in the standard specifically to permit odd implementations of C with (mostly) precise garbage collection, etc. Pointers aren't really defined as addresses either and int conversions / arithmetic are very constrained by that.
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Convert a pointer to an integer. Write the integer to a pipe, read it from the other end of the pipe and convert it back to a pointer. Dereferencing that pointer or even just doing any arithmetic on it is undefined and will even be broken by Clang / GCC optimization in practice.
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You're trying to reason about it as a logical system providing native semantics which it isn't. The compilers have knowledge about standard library functions and they don't simply act the way they're defined in the library. My example is just something they consider undefined.
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A very easy example to demonstrate is strdup. It's considered to have __attribute__((malloc)) (whether or not the libc marks it as such like glibc does) which includes guaranteeing: > no pointers to valid objects occur in any storage addressed by P. which can clearly happen.
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Clearly __attribute__((__malloc__)) is wrong for strdup - the pointed-to memory is initialized with something other than all 0 bytes, controlled by the caller, and thus could contain valid pointers to objects (in practice, only possible on 32-bit archs).
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It's logically wrong, but it's not wrong based on how they define pointers as working in their model. It's not allowed to convert a pointer to some other representation and then back to a pointer in a way that doesn't fit some vague rules about provenance.
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