That seems very weak to me.
EDIT: According to them it is technically correct to say the veins appear blue because of low oxygen content. I do not for one second think that the blood contained in these veins is blue, however, a quick Wiki reveals "Vein color is determined in large part by the color of venous blood, which is usually dark red as a result of its low oxygen content." So yes whilst this absorbing low frequency light theory is correct, it ultimately results because of the low oxygen content in the blood. This explains why peoples lips turn blue, blue fingers / lips is a major sign of hypoxia.
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