There is this one aspect of whiteboard interviews that is really interesting and is: logical thinking. You should be able to formulate a possible solution in pseudocode without it having to be correct. The problem relies on what the companies made out of it.
For example, implementing a well known algorithm in a whiteboard is kind of bullshit, trying to give a possible solution for some short problems like "is this word a palindrome"? Or that kind, I think is really important.
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