You would need to have the base game beforehand, so I suppose you can rent a Destiny, get a character to lvl 30, return it, then but the legendary edition and still get the loyalty rewards.
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If you pre-order the digital version, you get Destiny and both expansions now and wait for The Taken King. My issue isn't with the 'bonus' items. My issue is that those of us that paid for everything so far, are paying far more for the same content than someone who is just now getting into the game.
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That's just the harsh reality. Thankfully for me, I plan on upgrading to next gen. So I'd have had to buy everything anyways.