Absolutely not. I have been using red death since vanilla. He was my first exotic and I will never abandon him. I almost did back when thorn and TLW were a thing. The game is finally balanced, as balanced and a game like destiny can be. I love it. Can't wait for Trials.
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It just seems balanced because your using one of the best weapons in the game
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But I get killed with other weapons. It seems balanced because it takes effort to outshoot someone.