If you HAPPEN to catch a group so it spawns a bunch of bolts. Otherwise it pretty much is just a lame waste of a grenade that won't kill anyone.
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Its not meant to kill someone out right. Its a means to finish off or hurt them before you you fire your weapons at them.
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It's meant to disperse a crowd with the threat of damage. Most people just outrun the bolts.
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My kills with the bolt might not be impressive but I don't see a lot of people out running mine. Often its behind them when they are in cover or behind a wall they just turned. Heck a lot of the time I use it to strip shields because of how well they track then finish off with a AR. Yeah I know, its a cheap tactic but it works for me.
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But you gain a grenade everytime you spawn so you have more than enough chances to catch a group and if you can't catch a group in PvE you're doing it wrong
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I'm not saying it's without advantages. But comparativly speaking, warlocks get the shit end of the loot stick. Which is what OP was talking about.