Q:

Is graphite grease suitable for bicycle bearings?

The Wikipedia article doesn't explicitly list the applications of graphite grease. Would it be suitable for bicycle bearings and threads?
Furthermore, I went ahead and purchased a single package (the same price as the lithium grease). It says (translated):

Water-resistant calcium anti-frictional grease. Contains 10% powdered graphite. Intended for lubricating sliding parts (like springs, chains, ropes), which are susceptible to quick wear, contamination etc. at temperatures from -20C to 65C."

A:

Daniel R Hicks's answer-as-a-comment:

As it says, it's intended for lubricating sliding parts. Not ideal for ball bearings. –  Daniel R Hicks 2015-06-23 11:48:24Z
"Dry lubricants" are not a good choice for ball bearings, as they do not exclude water. The #1 role of bicycle bearing grease is to keep water out. –  Daniel R Hicks 2015-06-25 12:05:18Z

