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Definitely Latin for thus, as in Sic Transit Gloria Mundi (Thus passes the glory of the world). Used (as many have pointed out) to denote an intentional error whilst quoting another source. Is NOT an abbreviation for anything else. As most of us are aware Latin words and abbreviations are very coomon in written English (ad hoc, ad inf., QED, etc.)
That said "Said In Context" or "Spelling Is Correct" are not terribly bad memory aids...
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