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Exactly what's happening now, but with Year Two gear.
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And thus, I see no point in playing as much in Y2 as in Y1, if being part of Y2 is even worth it. If my progress and everything I have done is this game, gets taken away every year, what's the point? Might as well come back in Y4 with the Destiny Ultra edition and all dlcs included for 60€.
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LOL! I love it. But yeah, this is like the major issue that some folks still aren't seeing. No ascending means absolutely no real progression system.