If you're telling me that I can pour 1,500 hours of gameplay into year 1, only to have all of my personal progress taken away by making everything obsolete, then why will I play 1,500 hours of year 2?
I know for a fact that if you don't allow my year 1 collector legendaries that I love to use be able to progress in damage/armor then I see no reason I should form an attachment or obsession that I had for obtaining every single Prison gear, Iron Banner gear, Queen's gear, Trials of Osiris gear, Vault of Glass gear, Crota's End gear, Exotic gear, and so much more when you're just going to shoot me down at year 3. I simply won't play your game to get the gear anymore. I'll play it to beat the new content, and then I'll play Minecraft or Titanfall because those games will now be more interesting. Then your new DLC will come out, and I simply won't care to get it because I'll know that everything that I will WANT to earn won't be worth it in the end.
You keep talking about your fans in a way that year 1 players will have unique loot that's not available to newcomers like it's a privilege, but in reality it's becoming a burden.
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It'll kinda be nice having something to hunt for again. But at the same time I do love some of them. So I'm on the fence.