The only drawback to Brightstone Ritual is that you need to be running a decent amount of goblins in your deck to get decent mileage out of it, and it's best used in a goblin tribal build
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Playable in Legacy and EDH alike, it costs only three mana and you can even decide to pay less mana and keep your bigger creatures alive
The Lord of Pain has the added bonus of making sure your opponents can't gain life, which means there's no escaping their inevitable death
Because of infinite counters, I get infinite tokens
So while Counterspell might be able to deal with any threat, most times you'd be better off drafting Dark Banishing or Incinerate so you could drop early creatures, and then use the removal to mop up afterwards instead of having to wait for your gracious opponent to walk into your untapped Islands