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baud: /bawd/ [simplified from its technical meaning] n. Bits per
   second.  Hence kilobaud or Kbaud, thousands of bits per second.
   The technical meaning is `level transitions per second'; this
   coincides with bps only for two-level modulation with no framing or
   stop bits.  Most hackers are aware of these nuances but blithely
   ignore them.

Historical note: `baud' was originally a unit of telegraph signalling speed, set at one pulse per second. It was proposed at the International Telegraph Conference of 1927, and named after J.M.E. Baudot (1845--1903), the French engineer who constructed the first successful teleprinter.