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The result is hideous. White mascara simply makes you look sick. No matter how white the whites of your eyes are, white mascara will always be lighter and brighter. This immediately gives your eyes a tired, bloodshot look. Fine for Halloween perhaps, but for heaven's sake don't try this for real life.
Brave ladies, you can purchase white mascara at most goth shops, or try Vincent Longo's Vibrant Eye mascara in Bianco.