No. This will just cause another fatebringer incident. All people used was fatebringer because it had arc damage and amazing perks. Bungie and a few people in the community don't want people to rely on one gun again and switch it up every time they play.
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Arc Burn=Zhalo Supercell. The only reason i dont see people running around with Zhalo on Arc Burns is because they either don't have it, or are using something like Bad Juju. And, as you can see, Zhalo is not an extremely overused weapon in either PvE or PvP. So why would Fatebringer be so overused?