Many crafters see recipes on the net/in books stating beeswax, on it's own, without borax is an effective emulsifier, however, chemists and microbiologists state that it is not. (The acid in the beeswax needs to react with the borax to create an emulsifier). It would not pass a stability test (eg freeze/thaw cycles).
Swiftcraftymonkey tried to deal with this misconception in some of her posts eg -
Now that there are so many "natural" options for stable o/w emulsifiers, this lessens the need for the old fashioned w/o beeswax/borax emulsion. I'm wondering what chemists experience of this.