Notice all this extra weight being shed in the conversion to a single speed? Of course you still need pedals and cranks, as well as a chainring in the front and sprocket on the back, but say bye-bye to the front and rear derailleurs, shifters and cables, and all the lubrication and cleaning they require.
Parts Taken Off the Bike
From David Fiedler, About.com
Time for a rummage sale. All these parts were removed: pedals, crank arms, front and rear derailleurs, shifters, cables, front chainrings and rear sprockets.
(c) David Fiedler
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