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The way I understand it Chris Baty and a bunch of his friends decided to challenge themselves to write a book and came up with the 50k word count as a reachable goal. Over time the challenge has grown into what we now know as NaNoWriMo. Some have actually gone on to publish the works that they wrote for the challenge. While not every book written for NaNoWriMo is likely to be publishable I don't see the harm in doing it. And having others trying for the same goal as yourself does help in reaching that goal.
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