In this text, Peter says believers have been redeemed from a futile (or worthless) way of life inherited from their forefathers. Unbelievers live a worthless life which they receive as "normal" from their parents and forefathers. Those of us who have been redeemed have been freed from a useless way of living. And we have been freed by the precious blood of Christ. Only His shed blood could redeem us from the stupid way we were living.
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