Is chip buff similar to the old KG ring from LoA server? In other words, can it be a debuff also as in when it says X% reduced damage? Does it reduce your damage or incoming damage from mobs?
All of them are buffs, reduced damage means reduced incoming damage.
The chip buff is is only similar to the KG Rings in that it changes everyday.
It is a buff that you have to activate and lasts for a duration, then it needs to be refreshed.
The duration is 1200 secs (20 min) and the time left can be seen by using -bufflist.