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The steady blinking lights you sometimes see (moving in a straight line) are satellites rotating and reflecting light back. They spin some satellites to keep them stable and aligned properly. Some satellites spin slow, and some spin fast. If a shiny surface catches the light right it would probably look like a bright flashing light.
I've seen some weird stuff myself, but as much as my imagination can create something extraordinary out of it, there is an equally plausible but most boring explanation for the phenomenon.
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