It's odd that I still find it offensive, but logically I see it as nothing. Vibrations in the air. Pixels on a screen. Ink on a page. Separating 'us' from 'them' is the issue behind it, first stage of the eight stages of genocide, but by that standard neither party should be able to use the word. It's a word whose meaning should be condemned to the history books, either as a memory of what it meant or warning of what should not happen again.

Use it as you will, a word has different meanings to all, but we should only find it offensive if the person SAYING it sees it as offensive.