Philosopher's Stone Edit Meaning

1.

A mythical stone which alchemypractically revolves around. It was desired by a lot of entrepreneurs (see suckers) in the dark ages because of its promise to turn ordinary materials like coal into gold. Naturally, all of those who sought the stone practiced alchemy, and not surprisingly they came up empty-handed.

A Philosopher's stone would be awesome to have, if only it existed in the first place.

Don't waste your life searching for a Philosopher's stone.

(i.e. you're chasing nothing)