Join Date: Jun 2004
Location: Northern Nevada
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In my experience (which admittedly isn't recent), any kind of coloring either wears off fairly quickly or is so hard it affects braking performance. There may have been changes in the technology, though--I haven't tried them since the '80s.
There's a fairly active low-rider show-bike culture here, and the kids who build those bikes dye their rims all kinds of colors with all kinds of substances, from paint to homemade anodizing solutions to things like mercurochrome (an old, hot-pink antiseptic). But those bikes are only displayed, not ridden.
Some cruiser riders here paint their rims, too, and because they have coaster brakes, that lasts pretty well. wouldn't work with rim brakes.