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Those rims are good for one thing only... going in straight lines. I've built a few of these up now and the depth of the sidewall combined with the low quality build/alloy, makes the sidewall ripple under tension. Especially on a radial laced wheel.

Oh and fail on the cranks too... non branded, cheap (£8) made in Taiwan crap-ness.

BLB are gonna make a lot of money on this one!

never one to argue with superior knowledge andy, but freya mentioned this very problem to me on sunday and apparently 1 in every bunch is just like that, she said, people seem to think they are rippling with the tensioning exactly as you said. I love that bike though, really lovely, steep price though.