I see you are from Minnesota
we talk normal, I can't figure out what language you guys down there mumble..
A power flicker here wiped out my response so I'll try again.
greaseless compound is kinda old school buff compound that has largely been replaced by belts and dry/wax based buff compound. It is a thick, sticky compound that is applied to a buffing wheel in a thick coat (1/8" to 3/16") and then allowed to dry. Once it dries, the buffing wheel acts like a semi-flexible round grinding stone or polishing stone depending on the grit used. (I used to sell this stuff years ago and dropped it, I will need to pick it back up I think.)
The "head" on the buffing wheel wears out and has to be freshened up after a few hours or so depending on how hard you use it. Most everyone has a buff rake they don't use. These rakes are used to clean off the old bits of hard compound that is dried onto the buff for applying a new coat.
Bark River Knives puts out 25,000+ knives a year and uses this stuff on nearly every knife. They have a row of 5 buffers set up and use three different compounds on them. They will move from buffer to buffer progressively to put a finer finish on the blade. They keep a small refrigerator in the buffing area filled up with the compound.
The downside to this stuff is, it has a shelf life of about a year, less when opened. It goes sour/bad. Once it is opened it needs to be refrigerated. The wheels have to be redressed often and occasionally cleaned out entirely with that buff rake you have been dying to use.
The Upside is the stuff comes in several grits and applies to a sewn cotton buff wheel and acts like a "soft" grinding or polishing stone. It is quick and works well and in a production type environment where time is really money, it gets used more than wax based compound.