Wrong product and wrong application mechanism. Latex paint doesn't just "dry", it polymerizes. When you apply it, the molecules in the paint start to oxidize and crosslink as part of the "drying" process. This causes an increase in the molecular weight and a decrease in the water solubility of the paint. Once the process has gone to completion, the paint is no longer water soluble but it also isn't anything like the paint that came out of the can.

This lubricant, on the other hand, doesn't undergo polymerization...at least I hope not. If it did, it would be impossible to remove from the chain without some really nasty chemicals. Breaking down polymers is difficult.

Additionally, one of the selling points of this chain lube is that it can be removed easily with water. Stop and think about that for a while. If the lubricant can be removed easily with water so that clean up is simpler , why would it have any resistance to rain? How would it know the difference between rain and water from a hose?

And that brings us to the "simpler" and even the "cleaner" part. People on chain cleaning threads are always going on about using "green" products to clean their chains where they use a whole lot of water and a degreaser to remove a little bit of oil and then use a whole lot of water to remove the whole lot of water and degreaser. If they were smart about it, they would chase the water off with a fast drying solvent like ethanol or acetone.

In industry, a "hazardous" waste is defined as all of the waste that has touched the hazardous material. A laboratory would have to dispose of the contaminated degreaser used to remove the oil and the water used to remove the dirty degreaser. This could run to a several gallons of waste depending on how many times the chain was rinsed. To my laboratory trained mind, generating gallons of waste isn't "environmentally friendly".

I use mineral spirits to clean my chains. I have a jar with about a cup of the liquid in it. I wash the chain by dropping it into the jar, shaking it, removing the chain and letting the solvent drip off with small amounts evaporating over time. I cap the jar after use and I can use the same solvent to clean close to a dozen chains.

So which is worse for the environment: using a small amount of a solvent with a slight toxicity or contaminating gallons of water with something with a slight toxicity?