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A phenomenon resulting from an attempt to pass off a fallacious story as factual, only to subsequently have the story proven wrong, resulting in exhibited defensiveness, bitterness and embarrassment on the part of the teller of said false story.

Synonym: PWNT
The term was derived from the following thread (created by a poster names "nerdster") on the NC State message boards:

Note the weak attempts at insulting those who are laughing at the expense of him having "nerdstered" himself throughout the thread.
by The Herlihy Boy September 05, 2008