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TCP/IP over serial

Kernel

You need "Network device support -> SLIP (serial line) support" (CONFIG_SLIP) enabled.
/etc/network/interfaces

On machine 1, add the following lines:

iface sl0 inet static
address 192.168.0.1
netmask 255.255.255.255
pointopoint 192.168.0.2


On the other box, the lines look like:

iface sl0 inet static
address 192.168.0.2
netmask 255.255.255.255
pointopoint 192.168.0.1


Notice the absence of a second (third) t in pointopoint!
slattach

Now it's time to run slattach -s -p slip , e.g. slattach -s 115200 -p slip /dev/ttyS0 on both machines