Suppose you foolishly route your chain so that it goes on the wrong side of the guide between the two derailleur pulleys (significant additional drivetrain friction) Then you ride around and do a bunch of Chung tests with it like that. Does power loss show up:
1) On a crank-based powermeter (SRM)
2) A chainring powermeter (Powertap C)
3) A hub powermeter (Powertap)
4) None of the above -- Only your legs notice and you told them to shut up.
I think I know the answer. But I'm just checking. And yes, I was stupid enough to do what I described. That's the amazing thing about a waxed chain, you actually don't notice that much.
My latest book: "Out of the Melting Pot, Into the Fire" is on sale on Amazon and at other online and local booksellers