Obenauf's is not even close to beeswax for waterproofness or for longevity... not within an order of magnitude.
Beeswax make leather waterproof and that eliminates any breathability however. Keeping your feet dry with antiperspirant and fresh socks beats gore-tex every time.
Waxed leather lasts far longer than any other treatment plan, also. Sno-Seal absolutely sucks compared to Obenauf's, also... Which gives a relative picture of how it compares to beeswax.
I have destroyed brand new leather boots on single sheep hunt in sharp shale. I have boots that have spent months in the same stuff and are still doing just fine.
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