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from what i think,gold is exotic,which drop off specific boss's/areas and purple are baiscly the legendary and can drop anywere (borderlands type thing),the thunder LMG drops off that boss everytime and thats an exotic (the first gameplay vid they released im sure iheard that) as an example
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from what ive gathered in my research, ive noticed that the gist seems to be legendary items apear in specific areas, im sure if you go to these areas you will eventually find one
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We've yet to find out :o
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Anyone from the alpha have any answers or edumacated guesses?