Mink oil is neatsfoot oil which is the synovial fluid in cow hooves. It is the slightly sticky, clear liquid in the joint in horses, deer and other hooved animals. It is pretty much odorless.
Lots of people do not need or want truly waterproof leather. If they do, there is nothing to match beeswax. Further, the leather lasts far, far longer.
Also, water-soaked leather boots get loose and sloppy and in many cases they are dangerous to walk in.
