Being hollow reduces your health to 50% in this game as well, I thought.
Well even if it doesn't, the main drawback is that you can't summon anyone, which is pretty fun, but usually it's not necessary.
Also parrying is impossible, I found it more reliable to just block or dodge the attack.
I can only parry the attacks the lance hollows in the first area.
Otherwise it'S impossibru.
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http://img.imgcake.com/cosplaygifer.gif
http://en.wikipedia.org/wiki/TORtanic