Are you absolutely sure about this? Just went in to legacy to restart my account, panicked, and chickened out
As Rat Catcher said, everybody with at least one commander in Elite either had it duplicated in such a way that their assets and playthrough would continue as normal in "legacy" mode and also continue separately in "live" mode, assuming they had a PC powerful enough to play Elite version 4.0 could play the new content straight away, or had the option to any!....
While if they don't yet, the copy is sitting waiting for the time that they possibly do and can play it...
For those of us on consoles it worked a little differently - indeed technically Frontier gave us free copies of Elite to claim on PC if we wish to, to make up for cancelling console development, however our progress didn't automatically and instantly copy over...
We had a very short window in which to choose the point at which our progress was possibly copied over, however that process was suspended when the new patch went live, while a new more limited copy process has yet to start being offered again...
So as it is, as a console commander, I have kept playing Elite in "legacy" mode as normal since the split happened, while even though I don't really play games on PC and have no intention to start playing Elite on PC, "for science" I copied my account on the last night that the full copy was possible and it's sitting there waiting for me, just in case I ever "turn to the dark side"!
So in closing, if you're an "old" Elite Dangerous player, we all have our progress sitting safe and sound in "legacy " mode and if you're a PC commander have the same progress copied up to the point the two versions of the game were a thing, while if you're a console commander, you might have your basically* full commander copied over to PC, in both "legacy" and "live" mode, if I didn't say that already, IF you preformed the copy process when it was offered, if not you've to wait for the more limited copy transfer to be offered, whenever that is!
*The few things that didn't carry over in the old console to PC copy process were fleet carriers, fighter crew and squadron data, but as said everything else did, while we don't know how limited the new copy process will be - indeed before the briefly offered full copy process, the even older transfer process was pretty bad, it ONLY transferred the value of all your credits and owned ships and modules etc AND deleted all your old data, so really wasn't recommended!



...
Anyway, here we are - hopefully, however vaguely for console development to "restart", but mostly start playing the old game on our systems of choice as normal, assuming that we didn't want to play on PC!




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