In today's world of ad blockers, I wonder if there's a up-to-date hosts file out there anymore. It works because operating systems have a hierarchy of sources for a DNS lookup; that's the action that turns
www.omegaforums.net into 52.117.236.83. One of the first things that it examines is the hosts file, which is usually empty or just has comments. The protocol is ipaddr(whitespace)url less the parens.
So as ad slinging infiltrated the early internet, various people would identify the source url, which was [almost] always different than the page you were visiting. The file contained as many urls as the community could identify but the ipaddr for each was set to 127.0.0.1, the local box. Since your local box doesn't serve ads, nothing would show up in the space reserved for the ads.
I find Adblock Plus to be an effective alternative except on my iDevices. Oh, it looks like it's available in the apple store now so that's even better.
If you really want a hosts file, you can probably find one and I have installed them on a modern version of windows but I remember it's a bit of a permissions nightmare and an adblocker does pretty much the same thing. I'd only consider going down that path on a box that doesn't support an adblocker (maybe some old professional versions of Unix). But it's just a file in the correct place in the filesystem, nothing more complicated.
The advantage to using an adblocker is that someone else maintains the blocking list. In the bad old days it was a game of cat and mouse, seeing an ad show up and examining the logs to see where it came from.
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