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Ok guys, some of you got it right and some are way off.
Yes vale tudo means that it is "anything goes" or no rules. When the Gracie first started promoting their form of JJ, instead of having a list of rules, they simply said "vale tudo." This attacted some of Brazils best fighters, which to people curious about this Brazilian Jiu-Jitsu were amazed at how effective it was. This only promoted their art and fighting skills. One of the Gracie's first ad's in the paper said something simular to "If you want your ass kicked or bones broken come to ..."
Vale Tudo is not a style, only a term used in Brazil. Whoever has a black belt in vale tudo is obviously a crook.
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