Alchemy: Transmute - complicated, in a bad way.
'Mute team to the rescue!
Transmute is actually really simple and amazingly cute, its problem is its awful cost (being terminal also doesn't help much).
For me, alchemy's worst is probably Philosopher stone. It's kind of slow to play, has a whacky cost (anything from 3P upwards is very swingy, in particular in a BM setting, which is where you want phil stone), is hardly ever worth its Potion, and ultimately pretty dull.
I think that if it topdecked itself on gain, it would be a much better card (Essentially bypassing the potion cost).
Now I'll go back to the Variants subforum, promise.