I want to be visible so yes flashing white in front and flashing red in back. The difference in visibility is huge.
I also drive with my lights on (not just DRL) at all times
I can see for myself the how much easier it see cyclist with lights and cars even in bright son with lights and on gray days bikes disappear
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Life is too short not to ride the best bike you have, as much as you can
(looking for Torpado Super light frame/fork or for Raleigh International frame fork 58cm)