So, it seems all of our hard work during the beta has been reset, according to the Weekly Update from Bungie. We don't get to keep any of our progress/equipment from the beta. This is massively disappointing, because I spent longer on that beta than I spend on many full retail games. But hopefully, it will be worth it in the long run. So long...
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Late to the party! Half a dozen threads on this :P And yeah, it was 100% expected by most of the gaming population.