I always disliked that theory because I like to think of the alicorns as their own people. not an amalgam of others
"Contests fought between two masters are decided instantly. An invisible battle is now raging between the two of them." Lulu vs Schneizel
Fusing into an Alicorn Cutie Marks? Yay!!
This Space For Rent!

Alicorns are amalgams of each other.
If there is anything that you are alone in thinking, it's "thinking that you're alone in thinking of your theories".
I remember seeing this weird fusion pic of the CMC, but like the pony was split into three. It wasn't grotesque.
An alicorn is born in the rare case that the genetic lines of all 3 races reach a perfect equilibrium. Thus instead of being born of one line or another the Alicorn is born of all 3. This only happens once in hundreds of years.
...I wonder if anyone has ponified Oberyn Martell, yet...
You want us to burn the city of the King in the North to the ground and kill everyone there? Sure! I'm in!
I seem to be the element of odd tangents.
Hmmm... There's too many alicorn theories that I like and support. One of the big ones is that the Elements of Harmony or a similar force somehow transformed simple earth/pegasus/unicorn pony sisters into alicorn princesses. Although I'm not sure how Cadence comes in to that theory... I guess it's that Cadence became an alicorn? Anyway, I support the theory that alicorns are made/ascended.
The Element of Procrastination
They could of just been born lucky. Lego genetics and what not.
Alicorns are just aliorns... they're no wiser and more superior than anyone else at birth, they're just very long lived
Making them a fusion of other ponies just feels wrong to me... Celestia would never allow such a thing, it'd basially mean killing 3 ponies
"Contests fought between two masters are decided instantly. An invisible battle is now raging between the two of them." Lulu vs Schneizel
The three personalities are lost, only the flesh is used to form the Alicorn. The flesh is a vessel for an otherworldly being brought into the world through the sacrifice of the three
My Little
Yu-Gi-Oh!: Special Sacrificing is Magic
If there is anything that you are alone in thinking, it's "thinking that you're alone in thinking of your theories".
I wouldn't know much about pony genetics. I didn't do so hot in biology class.
Yeah, Andromeda is heading for you. You got over 9000 years until it collides.
@Whathisgame, Wow, they sure do love their literal titles.
If there is anything that you are alone in thinking, it's "thinking that you're alone in thinking of your theories".
Okay, Princess Derpy is awesome! I'm normally not that much of a Derpy fan, but that was just too cute ^^
The Element of Procrastination