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The philosopher's stone seems to be a myth to me. I haven't digged very much into it, so I cannot say too much about it.
Philosophy, by the way, was a very practical science. More so than it is today. You're touching on a very interesting thing here. It seems to me that philosophy has become more academic and is losing touch with the real concerns of everyday human beings. It used to be seen as a way of life or a form of therapy. Now it is often abused to sound smart. Nonetheless, I believe it has still remained much of its value :)