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Welcome to True Vault Hunter Mode. You will have a better chance at rare loot (No you won't) but the enemies will be harder (Everybody in the game that is not you is suddenly the product of Superman and Rambo having a baby). Oh, and by the way, all that work you did leveling up is now useless because the enemies can kill you with like 2 hits even if they are 3 or 4 levels under you.