I know about that but transliteration can never be entirely accurate, especially if there is no equivalent in the second alphabet. Is there a letter for the "th" sound in the latin alphabet?
Things like pitch or vowel length probably couldn't be successfully transcribed either. Omikron (ο) and omega (ω) actually mean little o and big o, so there must have been a big difference in how they sounded. Do you know what that difference is supposed to be? Is omega louder? Longer? In modern greek they sound exactly the same and their use depends entirely on grammar.
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