Actually, I just made it to Platinum 1 using my own custom deck made mostly with just basic cards, nothing as OP as econ. It can be countered with Magic Jammer, which I was lucky enough to pull from a pack.
Platinum 1 is small fry. Not to mention that your advice is terrible. You discard a card to counter Enemy Controller. Magic Drain is always better and it's still barely used.
You can definitely do a lot of ridiculous stuff with this card especially taking the cards and then tributing them and then getting to attack a wide open front line.