when fireworks explode they have a colored flash (particle?) thing that appears, when this is viewed in front of water it doesn't display the water texture behind the flash also making the flash look wierd as you can see the pixelated outline of it.
i would assume this also affects previous versions but i didn't test them.
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Duplicate of MC-1379 , please use the search function to see if your bug has already been submitted. Currently over 40% of tickets are being closed as duplicate.