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1.
1. Positive statement referring to a strange or innovative programming or technical task, project or idea.

2. Technical wonder; remarkable technical achievement.

3. Negative statement referring to an un-optimized, lazy or otherwise ignorant method of programming that somehow (or sometimes) gets the job done (eventually).
Positive: "The spyware code Joe Snuffy created was hacktastic!"

Negative: "This code is hacktastic. It either returns the correct data or crashes the client. Please fix it."
by jwh_1997 January 26, 2006