Couple of options:
1: They do. Once a decade or so, someone succeeds and promptly takes full advantage of the fact that nobody is going to connect the youth of 16 they now have the look of with the magus of 160 they were, assume a new identity and keep their gob shut. For maximal hilarity, this could explain the rumor about double witches - there is no such thing, but youthful witches and wizards with absurd powerlevels? Real, if rare.
2: The rite does not work well, or at all, for the old. Several options:
2a: The muggle mythos about the stone is not entirely off base. The creation of the stone requires a level or type of virtue exceedingly rare in people who have survived 150 +years in the wizarding culture.
2b: "Alchemy" is wizarding euphemism for "Tantric Magic", which is why all the books are restricted and while the spirit may be willing... >,) This also explains why Flamel only shares the stone with his wife - You can only help people you sleep with. This, of course, also rather nixes any of our heroes doing it anytime the next 5 years or so.
2c: For reasons similar to potions, the rite just does nothing for a caster over the age of 15.
3: Merlins interdict is screwing with the recipe- anyone wishing to make a stone has to do the research from scratch, and without an extant community of alchemical researchers, that is a project beyond the capability of any intellect ever born. - Flamels success happened in a context that no longer exists.
I like the idea that Merlin's interdict has ruined any community of alchemical (or any other kind of magic) researchers who don't work face to face.
This is a new thread to discuss Eliezer Yudkowsky’s Harry Potter and the Methods of Rationality and anything related to it. This thread is intended for discussing chapter 87. The previous thread has passed 500 comments.
There is now a site dedicated to the story at hpmor.com, which is now the place to go to find the authors notes and all sorts of other goodies. AdeleneDawner has kept an archive of Author’s Notes. (This goes up to the notes for chapter 76, and is now not updating. The authors notes from chapter 77 onwards are on hpmor.com.)
The first 5 discussion threads are on the main page under the harry_potter tag. Threads 6 and on (including this one) are in the discussion section using its separate tag system. Also: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17.
Spoiler Warning: this thread is full of spoilers. With few exceptions, spoilers for MOR and canon are fair game to post, without warning or rot13. More specifically: