i bet you that the fate of all fools is actually the strangers rifle.
in the new dlc, eris has items that turn blues into legendaries, and then to exotics.
after the upgrade, the name changes.
so in the new dlc, you might get a the change to upgrade the strangers rifle into an exotic.
Strangers rifle(rare) -->_______________(legendary) --> the fate of all fools(exotic)
as such, the name "fate of all fools" makes sense. the fool is the person who saw no value in the strangers rifle and discarded it, and thus, their fate is that they cant get the weapon.
edit-1: ofr anyone still commenting how wrong i am, please look at the posted date, its december 5, way before anyone know anything about how the FOAF would be recieved. i know this info is wrong. its and old thread.
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Forget fate of all fools. NO TIME TI EXPLAIIIIIIIIIIN!