Originally Posted by cyccommute

No, it didn't. Take some wax, put it in a jar of a water and come back 6 months later. Remove the wax, dry it and weigh it. You'll find that there is no decrease in weight. Or take a brick of wax and put it under running water. Waste a whole reservoir of water on it and you'll still find the same weight as you started out. Wax is water insoluble. That's why it is used to seal stuff...from water infiltration.

What people think is wax "washing off" is what I've posted above in more then one post. The wax gets shoved off the pressure points but can't really flow back. Some metal gets exposed and the surface can rust which leads to a squeak. Is that bad? Maybe but oil is doing the same because the water sits on the metal...since the oil separates from the water and the water is on the bottom. The water is doing the same thing it does with the wax but the "squeak" is being masked by the oil since it flows. The same damage is being done which can easily be seen by the fact that it makes little difference what lubricant you use in terms of mileage.