The first time (purple path) we pass through ~ it's a no-op. The / reflects the IP into the North-West diagonal. The grey path now reads a character and multiplies it'sits character code by -1. This turns the EOF (-1) into a truthy (positive) value and all valid characters into falsy (non-positive) values. In the case of EOF, the IP takes the red path and the code terminates. In the case of a valid character, the IP takes the green path, where ~ undoes negation and ; prints the character. Repeat.