At this point Exotic DOES NOT MEAN powerful
What Exotic really means is gimmicky
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Very true
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Exotic never meant powerful though.
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Uhh... What? It definitely did mean powerful. But that changed overtime due to A) Making exotics for the sake of making exotics and mot adding something meaningful to the game and B) Nerfs nerfs nerfs Have you said hello to Pre-Nerf Vex Mythoclast, G-Horn, Mida Multi-Tool, Raze-Lighter, Zhalo, Sleeper, Pre-Nerf Whisper? They had their gimmicks but had the power to back it up.
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They don't have to be powerful. Powerful exotics can be really fun though. Last word and sunshot are cool. Sunshot has its explosives, Last Word has its memento mori and firefly. Sweet business is a gattling gun. Riskrunner can generate infinite ammo. Gjallarhorn was powerful and extremely rare. It might still be as powerful as it was in ye olden dayes, or not. I don't know of many other d1 exotics.
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By bungies definition and literal definition of the word exotic. Exotics were never meant to be the end all be all that they became. They were niche weapons And mind you everything you listed is still exceptional.
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Ever seen coil and truth in the crucible?
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He still has a point though. Most of the pinnacle weapons can out gun/damage exotics of the same archetype.