FreeD - Have you seen the plinths on kitchen units when the water has got into the unsealed bootom edge - they blow out to double their normal size and disintergrate.
So if you tile directly onto chipboard which is screwed into the joists and moisture from below or from the surface will make the edges swell first and possibly deflect in between the joists.
Any movement in this material will be shown on the joins between each sheet at either 600mm or 1200mm spaces and this movement will transfer through to the surface of the tile!
As suggested use the Hardie 6mm backer boards (Doug)to overboard accross the joints to eliminated this movement in the suface - but only again as suggested if there is no deflection (Grumpy) in the present chipboard flooring.
Got no idea about any wax in chipboard as i have never tiled directly onto it!.
Hope you may find this info Good - just off now to limbo up to bed

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Timeless John.