Its a good idea, but that would be alot of work on Bungie's end to remake legendary versions of every blue piece of gear.
Perhaps instead, Bungie could make it so Etheric Light can be traded with The Speaker for motes or with Xur for strange coins. Maybe 5-10 per Etheric Light.
Maybe they could be traded with vendors (Other than Banshee and the Cryptarch) in the tower for reputation.
Or, they can be used to infuse a piece of legendary or exotic gear. An item can only be infused once, and will give that gear a +10 in attack/defence regardless of its current value. This will be limited by the level cap of course.
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It wouldn't be much work at all...they have glue to turn rare masks into legendary, they have drives to turn rare sparrows legendary. They've already done it in other aspects of the game.
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They would have to literally double all the rare guns and armour in the game because rares and legendaries are separate items. There probably isnt enough space for it but the idea is excellent
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Well I don't know anything about programming really but couldn't they like have things organized in groups and whatever they throw in that group is automatically classified as "rare" or "legendary" so all it would take is a copy paste from the rare group to the legendary? But yes, it's quite a good idea, would allow a lot more variety.
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I agree with your ideas, I've had a couple etheric lights just sitting in my inventory from previous trials.
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Good ideas here too.