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You can use this approach, and some people swear by it for sharpening the blades of hand tools. You need to make sure the paper is stuck down well, and of course you need to replace the paper quite often as it wears out. Diamond stones are a abetter bet if you don't want the faff, but they're nowhere near as nice to use as waterstones, and they don't go down to super fine polishing grits.
So why not just use wet or dry on a piece of modern glass or mirror, have used this technique to make well worn knives sharp again as I didn't have a stone available. So would it make an easier sharpening with out worrying about stones going concave. Or am I missing something?