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Simple. It is there to provide a preferential place for lightning to strike, thereby offering some protection, by avoidance of strikes, to other structures nearby.
Next.
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I thought the purpose of the lightning arrester was to shunt a large surge current (such as might occur with a lightning strike) to earth, with the goal of reducing damage to the line and equipment attached thereto.
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To me the description you have provided fits what I would call a 'lightning rod'.
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