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And indeed, that is how TCC http://bellard.org/tcc/ began its life http://bellard.org/otcc/
The IOCCC is more about writing the least amount of code in the most cryptic way.

For example, my entry http://www.ioccc.org/2012/tromp/hint.html is a 25 line "BLC in 7 functions".

Similar to C4, but completely unmaintainable, it compiles Binary Lambda Calculus to bytecode which is then interpreted by a virtual machine.