The Blood-Magic Blade is a craftable level 60 legendary dagger. After the revamp of 1.0.4 legendaries, a new effect, described as "blood oozes from you" was added to the item description.
Given that the dagger looks like it still has incredibly low damage for a level 60 legendary, the only possible saving grace I could think of for this item is the effect. However, I can't find any details of what it actually does.
What does "blood ooz[ing] from you" actually do?