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As we all know, red loctite makes it so that bolts are impossible to remove without the application of heat. To do so otherwise you risk the likelihood of rounding off the corners or even twisting the head of the bolt right off.
The purpose of anaerobic threadlockers is to prevent fasteners from loosening themselves through vibration or shock, and to a lesser extent, protect threads from corrosion and galling. That being said, are there any real situations where red must be used over the blue? I can't really think of any. I have a bottle of red that I only ever used to attach the ball to the hitch of my truck, and that's more to discourage potential thieves than anything else.