The Gjallarhorn is the embodiment of imbalance in Destiny, a single gun that beats all others, one that has denied many a run through a raid or end game PVE activity. The same stands with Ice Breaker, but not to quite the same extent. I'd take balance over one bigoted, super powered, bum slappy, Christ on a bike, kill-em-all death machine.
-Snow
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The Gjallarhorn was nerfed. Now it's not game breakingly OP, it's just slightly OP (as an exotic should be).