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All programs have to be copied into RAM before they can
run. This is true for any PC/embedded system out there.

If you even look through some of the documents on
MirageOS, it talks about how it has to copy the programs
from the archive to your RAM before it can execute them.

If you want a bit more technical explanation: The CPU can
only execute instructions that are within it's memory
address space. This includes data in the calculator's
EEPROM and RAM. All USB devices are accessed via IO
ports. This means that in order to use data on a Mass
Storage Device, the software/driver has to read from the
IO port, then transfer it into the calculator's RAM before
it can be executed. This means that there is no direct
way to execute your programs directly from the MSD.

If anyone sees any mistakes I made along the way...let me
know. I primarily program assembly on the Intel platform,
but I know for a fact that running program directly off
the MSD without copying it to RAM first is impossible.