It's pretty good as a 4-mana counter that can be free for the same cost as Force of Will, save for no loss of life and with a more limited target range
Then I did some searching and saw Ebony Horse in Arabian Nights , and even Shapeshifter in Antiquities
What, then, is the point of the Urza deck
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Our opponent cracking a fetchland or dealing combat damage suddenly enables Rakdos without any work on our part
It does a lot of what you get from red - the ability to easily kill off small annoying critters