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The black waxy is a combination of the wet lap (the binder that holds the abrasives), the protectant, the abrasive, and the metal/rust(also a great abrasive) caking on the blade and is actually good....

I use them unless i am doing a final polish. And I can press pretty hard. When it comes out splotchy or dull it is usually a cutting compount. a white polishing compound is a good polish but...