Unfortunately, after reading through the replies you will still be confused because there are so many dang wrong answers. Easiest way to explain it is impact is base damage a weapon does, it is by definition the impact each bullet has on its target. Impact is not comparable to other weapon types. To whoever disagrees compare snipers impact to auto rifle and try to tell me one auto rifle bullet does similar damage as one sniper bullet. Attack is a modifier or boost to damage, it is not considered in crucible. Like many people have said 331 attack is best for level 33 bad guys. 200 -331 will be same thing against level 20 bad guys. Basically a 300 attack weapon will not do 100% of it's potential damage when shooting a level 31 or higher, the higher the bad guy the worse the dropoff to damage. Also for the record is somebody mentioned fire rate ignore their comment. Fire rate affects time to kill or damage per second, neither of which you asked about so it's just adding confusion. No offense to people who mentioned it but obviously by reading these replies you can tell impact/attack is still the biggest source of confusion in the game why make an explanation even more confusing.
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[i]"Basically a 300 attack weapon will not do 100% of it's potential damage when shooting a level 31 or higher, the higher the bad guy the worse the dropoff to damage."[/i] This is not true, take your fatebringer and shoot lvl 31 thrall at the bridge. You will do 1505 precision hit even with the 300 weapon (YOU need to be lvl31 or higher).
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I believe he's right. Don't quote me but I think Bungie said at one point around the Vault of Glass release that it was the Guardian's level that affected damage dropoff, not weapon. I want to say they said that if you are 1 level lower than the enemy, you do 30% less damage. 2 levels would be 60%, 3 would be 90%. Which would explain why you see nothing but scary question marks if you are 4 levels or more lower than an enemy. That dropoff rate would exceed 100%, therefore you couldn't do any damage. I always just look at it as a 300 weapon will do roughly close to 10% less damage per round than the same weapon at 331.
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Yes I agree we are also nerfed based off our level compared to level of ad we are shooting. But guns are also nerfed. That's why everybody upgraded their weapons from 300 to 331. If it didn't make a difference nobody would pay 7000+ glimmer and an exotic shard to upgrade old exotics. I didn't mention the nerf we get cause I didn't want to add confusion. That and to give a thorough description would just take so damn much typing. Thanks Bungie for making it so difficult.