I guess there are certain properties essential in brake fluid that other
oil-based fluids don't have. A brake fluid needs to be particularly
incompressible. It needs a very high boiling point. I suspect the fact
that it can absorb water is important, so any water that makes it to the
caliper doesn't boil either (although silicon brake fluid doesn't absorb
water, I understand).
There may well be other properties that I haven't thought of. BTW, this
is not the statement of an expert on the subject, just the musings of a
vaguely-informed engineer!
Richard
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