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A [exclamation] [originally] mocking people that don't know that "pwn" is pronounced "own" and not "poan" - hence "ponies". (See [definition] of "pwn".) Doubly funny now that many of the people who eagerly proclaim "ponies!" are the same people that are being mocked and, yet again, they have no idea what they are saying. Lately, the expression has taken on a life of it's own and is used interchangeably with "PWNED!"
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