Both. You'll survive a Golden Gun shot if you have maxed armor speced and a armor piece. One of those missing you'll die to it because it literally leaves you with .5 HP. Sniper a Titan can survive unless it's the spear or Black spindle with max armor and no chest piece.
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.5 HP is alive though, isn't it? It's not quite 0.
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One thing changed in the tree or a different piece of armor and you're dead. Sunbreaker shouldn't survive a Golden Gun shot. That is not something I agree with. Which I'm pretty sure I said.