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Normal walk speed seems affected but running seems just as fast, remarkably fast, I suppose it has to be if you’re ever to get past the dragons etc but I felt like the penalty for heavy armour was well worth the survivability. I have done it all wrong in all of the games I think, bloodbourne I went heavy two hand sword when it’s more of a riposte dex game. Then in all the souls games I’ve gone dexterity build and had to pvp fat rollers with spears and hammers.
Is the running the same? It should be but I'm convinced if you remove all your armour you run faster. I started building towards the max shape Uchigatana but ran out of stones and they're an arse to farm, also I don't like how quick it wears out. I ended up maxing out the winged spear for pure physical damage to beat Old King Allant. This is the first souls game I've actually got in to so there's lots I didn't know about and I levelled my main character really badly so have restarted with to a magic based one to learn all the spells/get the trophies.