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So, Lets get this started, Hi I'm Alchemy from the Nao server, Alchemy is situationally good, but probably one of the most expensive things you can do in game.
The major flaws in alchemy is that is essentially requires an Erg 50 cylinder to use effectively. At erg 50 the cool down of chain cylinder is reduced to 0 seconds. This allows you to infinite chain cast water cannon or flame burst. You combine this with the future addition of the lvl 75 ego cylinder buff (-1s Water cannon animation lock) and you can blast out WC faster than firebolt. Flame burst with the flame burst duration increase can hit 8 times (hat reforge level 15) or up to 9 times (echostones level 20). This a flame burst some of the best AOE dps in game as it can do 8 tics of damage in 4 seconds at Erg level 50.
The problem is, getting to Erg level 50 is very hard and very expensive. So expensive that you'd realistically want to do it on a best in slot cylinder, that being the Perseus or the Revenant. You can get away with a revenant to avoid getting two kraken hearts, but it's still a very costly subject matter. What it really comes down to is that for the amount of money it would take to get alchemy to being useful, you could use that equal amount of gold elsewhere and get more out of it.
I reluctantly bought it only cause it was limited. If it wasn't limited I'd probably have waited for a better time. This item has a permanent effect on your in game inventory and thus should be a permanent item in the shop, that's really my only problem with it.