Or the other option.
Use the Etheric Light to ascend old gear to the 365 tier from House of Wolves, and then use a new component to upgrade said ascended gear into this new system which puts them on equal footing with the new stuff. End result? More things to do and keep people playing, and more items added to the pool for people to use.
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There are so many things wrong with that. That isn't a realistic option. It would also cause balancing of weapons to be a lot more difficult. In any game ever, your starting weapon will never be as strong as your ending weapon.