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This might be a silly question, but well, I'm still pretty new.

The situtation is I have Rakdos, Lord of Riots on the battlefield, with and want to cast a creature with an "X" in the casting cost. Let's say Lightning Serpent . Assuming Rakdos has already attacked and connected with all 6 damage, can I use his ability and automatically put a 6 mana discount toward the X of the Lightning Serpent? I can't think of a reason why I couldn't, but that just seems kind of powerful. I guess I'm just confirming that that is ok.

you first choose X, then calculate the cost

for example your opponent had been dealt 6 damage
if you choose X=6 Lightning Serpent would just cost
if you choose X=12 Lightning Serpent would cost

X in costs are affected by cost reduction effects, yes. If your opponent lost 6 life this turn, you essentially can choose an X up to 6 without having to pay anything for it.

total cost = mana cost or alternative cost + additional costs and cost increases - cost reductions

The mana cost is X.
Rakdos's effect is a cost reduction.

Say your opponent lost 6 life and you picked X=6.
total cost
= mana cost or alternative cost + additional costs and cost increases - cost reductions
= + [nothing] -
=

WARNING: not related to rules.

Oct 4, 2012 -- 11:07AM, hackingagag wrote:

I can't think of a reason why I couldn't, but that just seems kind of powerful.

Indeed, when compared to the five other existing «two-of-the-same-mana-plus-two-of-the-same-mana» creatures,
Rakdos is very powerful.

From RTR: 
Jarad, Golgari Lich Lord
Trostani, Selesnya's Voice

And the somewhat older Ghost Council of Orzhova
Let's not even consider those old timers: Ayesha Tanaka  & Tuknir Deathlock !
 
  
I'm afraid the Magic game has its drawbacks, not the least of which is Power Creep. 

Oct 4, 2012 -- 11:47AM, Chaikov wrote:

Rakdos is very powerful.

that's offset by the rest of the Rakdos card being quite weak

Oct 4, 2012 -- 11:49AM, Enigma256 wrote:

Oct 4, 2012 -- 11:47AM, Chaikov wrote:

Rakdos is very powerful.

that's offset by the rest of the Rakdos card being quite weak

Flying Trample 6/6 is weak?

Oh! perhaps you meant Rakdos cardS...

Power Creep still happens, even if one «compensates»(???) by creating bad cards.