Blade of the Bloodchief is attached to Murderous Redcap.
Steps
Activate Phyrexian Altar by sacrificing Puppeteer Clique, adding one mana of any color.
Puppeteer Clique dies, triggering its persist ability and Blade of the Bloodchief.
Resolve the Puppeteer Clique trigger, returning it from your graveyard to the battlefield with a -1/-1 counter on it.
Puppeteer Clique enters the battlefield, putting target creature from an opponent's graveyard onto the battlefield under your control until end of turn.
Resolve the Blade of the Bloodchief trigger, putting a +1/+1 counter on Murderous Redcap.
Equip Blade of the Bloodchief to Puppeteer Clique by paying ({1} magic symbol) .
Activate Phyrexian Altar by sacrificing Murderous Redcap, adding one mana of any color.
Murderous Redcap dies, triggering its persist ability and Blade of the Bloodchief.
Resolve Murderous Redcap's trigger, returning it from your graveyard to the battlefield with a -1/-1 counter on it.
Murderous Redcap enters the battlefield, dealing damage equal to its power to any target.
Resolve the Blade of the Bloodchief trigger, putting a +1/+1 counter on Puppeteer Clique.
Equip Blade of the Bloodchief to Murderous Redcap by paying ({1} magic symbol) .
Repeat.
Results
Infinite damage.
Infinite death triggers.
Infinite ETB.
Infinite LTB.
Infinite sacrifice triggers.
Near-infinite colored mana.
Put all creatures from each opponent's graveyard onto the battlefield under your control.