There's been a lot of talk about this, but I feel like no one has really mentioned the big reason. Bungie needs control over their game. If they let you hang onto things, you're getting in the way. If they wipe everything clean, they can tweak and even remove things without worrying about the effects it may have on current players. One example of this would be a change in weapon rarity. If it had a 25% chance to drop in the beta, but they change it to .5%, their rare weapon is not nearly as rare as they're attempting to make it.
That's just one example, but you should understand what I'm talking about without any at all.
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But how will they know what needs to be changed. I can understand for gear upto level8. But after that they can't tell cause we can't use it. I have a legendary hand cannon that I can't use cause it's level 20. If we can't use it how can we beta test it. If we can't test it how can they determine if it needs to be changed.
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In a realistic world, it gets wiped. It's usually the 2nd or 3rd versions of a beta, that allow more people to play, when a company says; "Right, whatever you do and whatever you make, you have it after release". I also think that it's been made easier to get rare guns and the like for the beta, just to tease us.
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It should be a totally clean slate going into the release of the game and i fully expect it to be .
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But ask the real reason it is... It's on our bungie.net accounts
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This is why DeeJ stated that whether or not Beta progress transfers is dependent on how the Beta goes. For instance, if something gear affecting (as you've described) needs to be changed, we'll have a wipe. If nothing regarding gear needs to be altered, no wipe. Though character progression and gear are two separate fields in these terms.