It’s meant to be done over the course of the DLC, not all at once. Where they defeated themselves on this is locking weapon catalysts behind this event, and locking it to 1 per account
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1 account is good. That way your pledge actually matters. Pledging to all 3 at once makes you look like a traitor; also greedy.
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Matter to whom? Factions have absolutely no purpose in this game. At least in D1 you could get weapons and exotic class items.
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Traitor to whom exactly? My characters all represent different factions.