Pivot — the ladder
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The pivot that is not the eye
A camera bolted to a tripod turns about the screw under its baseplate, and the light crosses somewhere else. Every ray of the panorama that results passes the pivot by e sin γ — the offset times the sine of how far off its own frame's axis the ray points — so the picture has a radius where a projection would have a point.
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The parallax you cannot shoot away
A stitched panorama's parallax has two halves and they do not behave alike. The one across the seam falls as the sine of half a frame spacing, so more frames buy it off; the one up the frame is the sine of half the frame's own height, and no quantity of shooting touches it. They cross at π over β, which has no pivot error in it at all.
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The camera that is a cylinder
A swing-lens camera turns its lens about its own entrance pupil and sweeps a slit across film bent into a circle concentric with it. Compute where the light lands, unroll the film, undo the pinhole's inversion, and the result is not similar to the cylindrical picture surface — it is the same map, to the arithmetic floor. What it pays instead is detail, and a shear on anything that moves.