Bungie! Let us turn our current sapphire wire, plasteel plating and hardronic essence into the new armor materials. This isn't an unfair thing to ask of you. We put in the time to collect those materials to make our armor stronger not to trade them in for faction reputation.
EDIT: apparently they are letting us exchange on the 15th. Hopefully!
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BUMP Faction rewards end up giving garbage its such a scam