Generating potions is solid, but there's a fine band between decks which are strong enough that their Potion Belt can be full and doesn't need to be used in most fights anyway and decks which are weak enough that drawing a card which ultimately has somewhat low and inconsistent output is too dangerous to want to take this. When your deck is right in that band, Alchemize can be a run-winning card, but the rest of the time it's out of place.
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