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First off, No... I do not hate the idea of alchemy on Gaia. I just hate the way Gaia implemented it and decided to make it a feature that only the best of the best users can use.
The staff working on the feature (whoever the hell they might be, as the finger keeps being pointed at other people and no one is really stepping up to take the blame) did not communicate with its users and get opinions other than "Oh, alchemy sounds fun!" and "Sounds like it will be a pretty decent gold/item sink".
So, Gaia's first mistake was releasing a new feature with vague details, expecting everyone to approve. The users mostly are upset over the fact that many, many items need to be sacrificed to get other just as nice items. Other people are upset that some of the lower leveled alchemy items still require tons of work just to create a hardly decent item.
There is no balance in the quality either. There are simple items that require literally dozens, if not hundreds of items just to craft a level 1 item. Formulas seem to just be random items thrown together. Users were thinking that formulas would make a bit more sense..
All Alchemy levels you need epic amounts of gold to reach. Level 1 formulas cost somewhere between 5,000 to 25,000 to craft a single items. Level 2 and 3 cost 50,000 to 200,000 to craft, I have been told.