Not overpowered, but good. It is great for taking down adds, because a kill basically reloads the gun. Kill-kill-kill-kill just like that.
DO NOT ruin this weapon's PvE capabilities for the sake of your PvP.
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I dont know how to explain this better than bungie already did. But ill try. PvP = dmg bug . PvE= no dmg bug. In PvP it hits 3 x per bullet.