With the 1.1.1(ake the Heavy Ammo patch) Bungie 'rebalanced' a lot of weapons. Shotguns were receiving a 100% damage boost to PvE. They were also getting a range nerf overall. No shotguns were mentioned specifically in the patch notes, but The 4th Horseman was was absolutely nuked. Originally, using Accurized Ballistics with Speed Reload was the best setup. It gave you the best balance between range, stability, and reload speed. But the fire rate was what made The 4th Horseman stand out. But that is no more. Now, there is absolutely NO stability, lower range, and the fire rate is less than half its original glory. I am so sick of weapons being turned to shit because of people complaining in PvP. Its a -blam!-ing exotic! Its supposed to be OP. Everyone complains about the Titans' Shoulder Charge, and the Warlocks' Flame Shield, and even the Hunters' Blink, even though Warlocks have it too, but Bungie doesn't do shit. Why does a weapon that doesn't have a guaranteed drop, take precedence of a core skill that any player can get.
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I don't know man. Mine is only upgraded to the third perk but it 2 shots the Blade of Crota on the lvl30 mission. I think i actually like it for PVE. Same impact as Fellwinter's Lie but with faster fire rate and reload speed but lower range.