Everyone also knows that if lolis make your dick hard & you masturbate to them, you're a pedo.

You might be a pedo. There's obviously some overlap, especially when the loli is more realistic, but they are different visual fetishes. I also think the "conversion" mostly goes in one direction. Loli is "close enough" to be sub-standard wank fodder for pedos, but manga is non-human enough that doesn't naturally lead to a fetish for real children. (it could happen though)

Agreed that it isn't/shouldn't be socially acceptable.