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1.
hating ones self for missing the opportunity to score
Person1 : AAh! i hate myself for not getting with that chick.

Person2 : dude...stop masterhating
by bob_da_builda October 13, 2010
 
2.
Thoroughly enjoy criticizing something, also deliberately seeking things to critize.
"Have you watched Epic Movie lately?"
"That's such a bad movie! It's great for Masterhating though."
by JaredZ May 21, 2007