Only thing they could really do is knock the RoF and/or stability. If it takes 3 shots for a kill, the DoT will pretty much serve no purpose in crucible.
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Suppressing regen for a good amount of time and allowing you to see enemy positions through walls via damage numbers would still be very useful. Couple that with the best handcannon range and rof second only to last word and you'll still have an excellent weapon even if the DoT dealt just 1 damage per tick.
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If it was only one damage, I think they should extend the duration by spreading out the damage tics a little bit. If a major function of the DoT is to suppress shield it should go a bit longer IMO.
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I must concede all points are valid. I wouldn't mind, I'm a hawkmoon kind of guy anyway ;)
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It serves a purpose of delaying regen.