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The rifle and the 408 Cheytac round were very promising, but for some reason it never really took a foot hold.
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When SOCOM tested the 408 Cheytac against the 50 BMG they found that the bullets on both lost stability around 1,400 meters. The testing was done out in the high desert of California, so it isn't like the conditions were unfavorable for long range shooting.
So it wasn't the cartridge, but the bullet design not handling the transonic range very well.
Jimro