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This cephalopod does not use ink to defend against predators as other octopi do. Instead, it uses its blanket to intimidate predators with its size. It has also been observed to display another defense mechanism. These particular octopi are immune to the deadly sting of the Portuguese Man 'o War jelly. The males and young females who lack the enormous blanket instead rip off the poisonous tentacles of a man 'o war and use them as a weapon against their would-be attacker.
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Below is a short, albeit cheezy, video showing the fascinating beauty of a female unfurling her blanket.
This second video shows another octopus calmly cruising the depths. Watch closely around 1:40 where it appears one of her banners disconnects. I could find no explanation for this, but she appears to continue on unfazed.
To see a picture of a male blanket octopus go to :
[1] Pickrell, John (Aug. 12, 2003)."Walnut-Size" Male Octopus Seen Alive for First Time. National Geographic News.
[2] Norman, M.D.; Paul, D.; Finn, J.; and Tregenza, T. (2002). First encounter with a live male blanket octopus: the world's most sexually size-dimorphic large animal. New Zealand Journal of Marine and Freshwater Research 36: 733-736.