No, that's the mistake a lot of people are making.
Here's the rules-
If you get an exotic, pop another one.
If you don't get an exotic, don't pop a one.
English
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Wow I've wasted so many..and u did this and it is confirmed that this is how it works? So say I have 30 of the 3 of coins I should technically get 30 exotics out of it..
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Yes. It may take a while, but if you use it the correct way, you should eventually get 30 exotic engrams. The only problem is that if you use the mission exploit, several people have lost the buff even if they don't get an engram. So be wary of that.
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So I should just do strikes then for it? The buff symbol stays there on the character page?
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It should. That's how it worked for me, and several others I've spoken to.