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We are still working on this, we haven't tested this or gotten a feel for it. This is the goal.
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This equivalence really does depend on your skill level, it effects the level of the loot you get.
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We'd love to have people say "Why don't we run this one more time" to have a chance at a better item.
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Of course, there is a fine line to avoid total RNG; this is what the harder CM levels are for.