I use all latex paints. The quality has become so good, that the messy cleanup and long dry times of oil paints make them much less desirable for me. When I want a slower drying time (for painted effects such as marbling) I use an extender. I finish my floorcloths with 4 coats of semigloss Poly and a final coat of Satin finish, to dull it down. Wax would not be enough to protect the painted surface from damage. Before polyurethane was invented, shellacs and varnishes were used. These tended to crack and yellowed over time.