How would that affect losing items and crap?

Getting onto a server that is being reset can mean conflicting communication data between PSN servers and destiny servers, making it think it is a previous time and maybe even thinking you are someone else. Since the save data is not local to your machine this can cause you all kinds of issues. This is why some people after doing this have found themselves loading u a beta build of the game and being locked out of a lot of content and or having lost characters and items.