Waterstone, without water.

[taffy]

If you dont use water, will it still cut, if so, faster/slower, or ruin your blade?

 

[SliceOfLife]

Depends on the stone. Some old barbers hones bragged about being "dry hones". I've heard that some people prefer using the Spyderco's dry.

I like water. Dry seems to leave a very harsh edge compared to what you get with water.

 

[danjared]

Some water stones will actually start abrading (abrading the stone, not the razor) if used dry.

 

[DESkydiver]

My understanding with the water stones is; you want them watered so the pores become saturated and do not collect the fine metal pieces that occur during the sharpening. If you do not water them, the honing can fill the pores of the stone with metal filings, hence limiting the life span and quality of the stone.