Refute

Counterspell is markedly more efficient; Refute's only plausible edge is countering while looting a reanimation target into the graveyard.

Could be wrong if A strong graveyard payoff for the discard could make the tempo loss acceptable in a niche shell.

UU and three mana are a severe liability in Legacy; the discard setup is unlikely to outweigh cheaper and free permission.

Could be wrong if A reanimator list may value a reactive discard outlet enough to test a singleton.

Counterspell (90) is far superior at UU, but Refute's filtering could earn narrow trials in slower blue graveyard-aware shells.

Could be wrong if If three-mana interaction proves too slow, even the loot will not justify a slot beside Counterspell.

A hard counter that also filters and discards has a real blue graveyard role, though three held-up mana is inefficient in optimized pods.

Could be wrong if Cheaper permission and dedicated discard outlets may leave it too replaceable for optimized lists.

Hard countermagic plus selection is normally a strong playable; its value depends on a format slow enough to leave three mana open.

Could be wrong if Unknown speed, removal, and blue archetypes could make holding up three mana either excellent or too costly.