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Longman Dictionary of Contemporary English
snake oil
noun
EXAMPLES FROM CORPUS
▪ For all his odd and scary views, Buchanan has played the fear card like a snake oil salesman hawking eternal life.
▪ Perhaps, when the shouting from snake oil salesmen subsides, our leaders will find a way to forge a bipartisan solution.
Douglas Harper's Etymology Dictionary
snake oil

1927 as "phony remedy," American English, from the use of oil derived from the fat of snakes (especially the rattlesnake) as a folk remedy in the rural regions of the U.S. Snake oil in this sense is attested by 1858. It was a folk remedy for rheumatism and gout in Georgia, but a cure for deafness in rural Pennsylvania. Professional pharmacy journals began to condemn it early 20c., not because it was quackery but because products sold under the name had no real snake oil in them.\n\nWhat is known as snake oil is usually a combination which is handed out by the dealer to satisfy the demand of some credulous customer. A genuine oil of course is that which is obtained by "trying out" the fat of a snake, usually the rattlesnake, and to preserve their faces druggists sometimes employ a small proportion of such oil in preparing the weird mixtures dispensed by them.

["The Practical Druggist," July 1912]

Wiktionary
snake oil

n. 1 A traditional Chinese medicine used to treat joint pain. 2 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 ailment . 3 (context idiomatic English) A fraudulent, ineffective potion or nostrum; panace

  1. 4 (context idiomatic English) Any product with exaggerated marketing but questionable or unverifiable quality. v

  2. (cx slang English) To dupe or con.

WordNet
snake oil
  1. n. (medicine) any of various liquids sold as medicine (as by a travelling medicine show) but medically worthless

  2. communication (writen or spoken) intended to deceive [syn: humbug]

Wikipedia
Snake oil

Snake oil, originally a fraudulent liniment without snake extract, has come to refer to any product with questionable or unverifiable quality or benefit. By extension, a snake oil salesman is someone who knowingly sells fraudulent goods or who is themselves a fraud, quack, or charlatan.

The use of snake oil long predates the 19th century, and it was never confined to the Americas. In Europe, viper oil had been commonly recommended for many afflictions, including the ones for which rattlesnake oil was subsequently favored (e.g., rheumatism and skin diseases).

Snake oil (cryptography)

In cryptography, snake oil is any cryptographic method or product considered to be bogus or fraudulent. The name derives from snake oil, one type of patent medicine widely available in 19th century United States.

Distinguishing secure cryptography from insecure cryptography can be difficult from the viewpoint of a user. Many cryptographers, such as Bruce Schneier and Phil Zimmermann, undertake to educate the public in how secure cryptography is done, as well as highlighting the misleading marketing of some cryptographic products.

The Snake Oil FAQ describes itself as, "a compilation of common habits of snake oil vendors. It cannot be the sole method of rating a security product, since there can be exceptions to most of these rules. [...] But if you're looking at something that exhibits several warning signs, you're probably dealing with snake oil."

Usage examples of "snake oil".

Wealthier shopkeepers sold everything from rugs to rambutan, silver to snake oil, fish to fine filigree work.

I looked to see if he was smiling but his face was deadly serious and his voice was pure snake oil.

It seemed to buck Jonathan up a bit actually, because he immediately wondered whether Selznak was selfconscious about his bald spot and whether, like Mayor Bastable, Selznak drank vinegar and rubbed snake oil onto his scalp in an effort to restore his hair.

Can be squeezed to produce snake oil, a vaunted but mostly ineffective cure-all.

You belong under a tent, along with the jugglers, the fire-eaters, and the bottlers of snake oil.