I worked out for 4+ years without a barbell, just a set of powerblocks (ajustable dumbbells). Pretty much every barbell exercise can be done with a pair of dumbbells, but it gets harder and harder as you get heavier. NROLfW is what finally pushed me over the edge into getting a bar, mostly because I didn't have dumbbells heavy enough to squat/deadlift, etc at high enough weights. If you're still working up to heavy stuff, though, dumbbells might be an ok substitute until you get stronger.
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