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My guess is that the octopus would be defenseless. That is, unless the octopus is taking advantage of a process where the infrared and 'visible' spectrum were dealt with similarly; i.e. if the visual cortex was agnostic to absolute wavelength. -I doubt the octopus can modulate it's heat signature as it does its reflection. But heat radiates pretty poorly in water anyway. :)
Many fish use electroreception. I have to wonder if the octopus can't create some sort of similar electrical field camoflauge as well.