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Remember a tire is not just rubber but a Steel/Fiberglass/Kevlar reinforced Rubber. When you have a cut in a tire, you have a cut in the Steel/Fiberglass/Kevlar belt. That weakens the WHOLE tire. It is an accident waiting to happen.
If you remember the Firestone 500 car tire problem of the 1990s, the problem with the tires was that the tires BELTS would break causing the tire to fail. Firestone left these defective tires be sold and it lead to a huge number of accidents do to the weak belts. The same with bicycle tires, once the one of the belts are broken, it weakens the whole tire and can lead to catastrophe.
Now if the break was on the Thread, I would be less worried, for tires are designed to wear out as to the threads. Those types of holes can be patched (at least on a car). The belts are reinforced under the thread and thus less chance of a catastrophic failure, but unless it is some sort of high end tire I would still replace the tire rather then run the risk of it failing WHEN I LEAST NEED IT TO.
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