(From here on I’ll be playing with the Equivalent Exchange mod installed. Do note that I have not yet upgraded to 1.8+, because I’m lazy like that.)
It was a pretty sleepless night. Not only was I very excited about what I had found, I spent most of the night in bed with the Research Diary. If I understood correctly, this Philosopher’s Stone has the power to turn lots of stuff into a small amount of more valuable stuff. Sort of like making gold out of lead, right?
The next morning I got up rather early, and started experimenting right away. I put the Philosopher’s Stone in the middle of the table, and surrounded it with rocks (I was swimming in rocks, really). As soon as I finished the eight-rock circle around it, the whole lot started glowing. It turned white, got drawn towards the Philosopher’s Stone, and merged into a much smaller lump.
After the glow faded away, I got closer and took a good look. The rocks had turned into a small lump of red ore! …but I have no idea what the hell this is.
I repeated the process until I got myself enough red ore to form a nice circle again. Again, it transmuted (apparently that’s what the process is called). This time, iron ore came out. I can use this for tools!
This was, of course, a lot of fun. Making high-value things out of rubbish. I made gold out of iron, and four diamonds came out of that. Diamonds! DIAMONDS!
I contemplated on what to do with them for a while, and then decided I had best make a pickaxe out of them. I still had a lot of digging to do in my mine after this. I put the last diamond in a special chest. “Transmutations”.