(1.d4 d5 2.e4 dxe4 3.Nc3 Nf6 4.f3)
4...c6 5.Bc4 exf3 6.Nxf3 Bf5 7.0-0 e6 8.Ng5. The Alchemy Variation.
8...Bg6! 9.Ne2! Bd6 10.Nf4 Bxf4 11.Bxf4 Nd5 A few replies ago, MNb had kindly informed me about the site
http://www.mujweb.cz/www/rajmunde/IntroEN2.htm , which gives an excellent overview over the state of the art of Alchemy. That site gives 12.Bc1 as the best continuation for White, but White's compensation appears dubious. - The move which I'd clearly prefer is
12.h4!.
Apparently a relevant position for the Alchemy Variation 8.Ng5. Now the main threat is 13.Bxd5 Qxd5 14.h5 Bf5 15.g4, and of course the motifs 13.Bd3 or 13. h5 also play a role. Black might try:
12...h6 (a) 12...h5? 13. Bd3! and White is better.
(b) 12...0-0 13.Bxd5 followed by 14.h5 and 15.h6 looks interesting. For the moment, let's call it unclear.
(c) 12...Nxf4 13.Rxf4 Qe7 14.Qg4 should not be underestimated, for example 14...Nd7 15.Re1 Qb4 16.Qe2 Qd6 17.Qf2 0-0 18.h5! Bxh5 19.Qh4 Bg6 20.Rxf7! Rxf7 21.Rxe6 Qb4 22.Rxg6 =.
13.Nxe6 fxe6 14.Qg4 Bf5 15.Qxg7. White's attack may be sufficient for a draw, for example:
15...Rh7 16.Qg8+ (Qg3)
16...Kd7 17.Qg3 Nxf4 18.Rxf4 Na6 19.Rxf5 exf5 20.Be6+. The resulting endings remind me of a Muzio Gambit. Black is better, so this should not be your choice in a corr. game. But for an OTB game, and considering the fact that Black has to find a few good moves, before he enters the second diagram, the "Alchemy" may well be White's best try against 4...c6. It isn't clear that Black can force a win.