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What does snake oil mean?

Looking for the meaning or definition of the word snake oil? Here's what it means.

Noun
  1. (idiomatic) A fraudulent, ineffective potion or nostrum; panacea.
  2. A traditional Chinese medicine used to treat joint pain.
  3. A type of 19th-century patent medicine sold in the United States that claimed to contain snake fat, supposedly a Native American remedy for various ailments.
  4. (idiomatic) Any product with exaggerated marketing but questionable or unverifiable quality.
Verb
  1. (slang) To dupe or con.
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