The strongest single-shot CC as of now is either fire bolt or lightning, and this card is outright inferior to both.
Fire bolt can grow very powerful very quickly and target players, and has synergy with farenheit and steam machine.
Lightning costs next to nothing and kills nearly everything.
Waive... costs double both of them, and deals damage to you, just so you can kill
everything?
Why on earth would you use Waive?
If you're playing a deck that's not fire or water or air or aether or arguably darkness, you could consider it... but then again, most decks that need CC tend to stick to those elements and not death, and probably still will stick to those elements and not death.
Personally, I'd say make it even stronger. 2/1
.
We could say "reduce your maximum HP equal to the higher of its two stats" if you want to remove the combo with sosac. Although if reducing maximum HP doesn't make you take damage... then you can just ignore my suggestion about reducing the cost...