1. Wax has water in it, which will accelerate corrosion of the chain
2. You should not mix lubricants, and chains are assembled with a petroleum-based grease. Mixing your water-bearing wax and that grease will produce less than optimum results and is not recommended by the manufacturer (for good reasons)
3. All that wax will wear off onto the rest of your drivetrain, and the wax on everything will attract dirt and grime, which will accelerate wear of your entire drivetrain
4. All that wax on your drivetrain will also inhibit proper shifting (then you'll complain about how manufacturers make low-quality shit, when it's really your own fault)
5. Wax is too thick and translates to extra friction when you pedal. You're wasting power overcoming the wax, power that could be going to the rear wheel.
You guys seem to think you're smarter than the mechanical engineers that design drivetrains and who specify what procedures and lubricants are appropriate for drivetrains, but what you're really doing is outsmarting *yourselves*, making things more difficult than they have to be, spending more money and time than you have to, and getting less optimal results for your trouble.
* Use a *non-water-based* solvent to clean chains, one that evaporates completely
* Use a recommended chain lube to lube your chains; you only need a *half drop* per link (don't drench the whole chain)
* Wait 10 minutes for the carrier in the lube to evaporate, then wipe down your chain one more time with a clean cloth
* Done; you now have a clean, quiet, efficient chain, and you spent maybe half an hour at most doing it
Got more time on your hands for Preventative Maintenance?
* Wipe down your chainrings
* Pull your cassette and wipe down the cogs
* Wipe down the rear derailleur pulleys
* Wipe down the front derailleur cage
* Check your shift cables for wear (at the shifter, that's where they break)
* Check your shift cable housings for wear
* Check rear derailleur shift performance