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What is leather and lace?
refers to persons whom consider themselves to be bisexual and find the terms 'bi' and 'bisexual' to be degrating and dirty.
Joe: hey, I heard susie q was a lesbian. Is that true?
Brett: no dude, she likes leather and lace
Diana: michael asked me out but I'm not sure if it's a good idea to go with him
Heather: why? he's cute...
Diana: he likes leather and lace, so he's probably gay but doesn't want to admit it