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It proves that it has adequate carbon in it to make at least an adequate knife. As mystery metal you will still be left to divine the proper heat treating which will probably involve making and testing more than one knife (as in probably several) by which time your bar of re-bar will be used up and you will have to start over on another bar. Much better to start out with a known steel that you can at least look up the data sheet to give you a starting point.
Doiug
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If you're not making mistakes then you're not trying hard enough
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