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According to Urban Dictionary, it is "any protracted sullen standoff between people". In other words, that means that a person ignores another, not communicating to each other, or have any liaison. This happens most of time time, when people get into an argument without any conclusion.
For example, person A argues with person B. They argue until there is nothing left to say. With "argh", they walk off. The thing is that, the course of the argument is still not solved. So when both of them meet each other again, the anger is still there, and they ignore each other.
There can be two consequences as a result of this Cold War.
Firstly, the relationship between the two people can get better, in the long run. When people get into Cold War, the period of ignoring each other allows both parties to cool down, and reflect. Maybe one will realise that he or she is in the wrong, and the anger will then disappear.... When both parties cool down, they can get together along again, and the friendship will get better.
For example, after a period of Cold War, both friends have long cooled down, and by chance or fate, they got together for group work or something like that. Due to that period of standoff, they have forgotten about their argument and all the unhappiness. During the course of group work, their friendship would be renewed, like getting to know a new friend all over again. They would realise a lot of good things among themselves. In time to come, their friendship would get even better than , as there is no unhappiness between both parties. And that's why, a Cold War between two people can result in a better relationship.
But on the other hand, a Cold War might cause the relationship between two people to deteriorate. This might result in two people who were close friends, to become to people with no friendship to talk about. This can be due to both parties who are not willing to admit one's own mistake and continue thinking that one is right, the other is wrong. Over a period of time, even thought the anger might have disappeared, both parties will not be as close, due to misgivings to each other.
But, if not for the Cold War, they might have continued arguing and not only will the anger disspitate, it will soon be boiling. They will then be enemies, with not even a word to say to each other.
Behind each other's back, they might be cursing and swearing. With the Cold War, there wouldn't be any real enmity, they would just be normal acquaintance. Thefore, cold war might not be a bad thing, at least both parties won't be enemies.
So is Cold War good or bad? You decide.
Signing off,
Namefulless