There's a difference between bibs and the Speedo... Bibs cover a much greater area. Sure, they're still form fitting, but there's much more of ya covered with a pair of bibs than with a Speedo.
I've never felt any immodesty issues when wearing my bibs. If people wanna stare at my junk, fine for them.
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"I feel like my world was classier before I found cyclocross."
- Mandi M.