Sorry to hear it. Maybe you'll pick it up later after watching the next two Twitch steams. The stuff they've shown so far is just Update 2.0 mostly.
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Just bummed out, not happy about losing fatebringer or voc but accepted the change, then last night find out some exotics aren't going forward (gjallarhorn and ice breaker), thought ok, they'll still be strong, it'll be fine, I'll find new ones... Then chatting to my friends this morning and finding out all armour is being replaced... THIS IS WHAT GETS TO ME THE MOST, I spent since how getting my 3 guardians just right lookwise (still working on my Titan, gear won't drop), and for what ??, nothing...
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All armor is not being replaced. Not sure where you are getting your info
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I'd just hold out till after the streams. Maybe something will pop up and pull you in. If not, there will be plenty of time left to cancel, and go grab something like Fallout 4, or whatever game tickles your fancy.
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I'm getting the disc version so I can go look in the tower, see what I like then decide if I want to open the disc or not, very interested to see if we're getting vog/crota/poe/too blueprints. Nice speaking with you even though we have different opinions