It's the first time I've heard of this happening. 'It's' is a contraction of 'it is', so the apostrophe is needed. You've finished hearing about something, but you're talking about the state of having heard about something, and that state still persists, so you should use the present-perfect tense: 'I have'.
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Futurist
I know what it's like being scared: scared because you don't know if you're going to live to see tomorrow.
English 1b3So with anadiplosis, the repeated word can be part of a new dependent clause, a new main clause, or a new phrase. SO we have to puntuate it accordingly, right? That is, if it is the repeated word is modified by a dependent clause (as in with the original case you provided), we need a dash, colon or comma...Yes, that's right.