There is a method for NO3 & PO4 reduction called VSV (Vodka +Sugar +Vinegar). Pure Vodka or Ethanol reduce NO3 only.
If not combined with additional PO4 reduction the N ratio will be disturbed leading to outbreaks of cyanobacteria.
Over the long term a lack of essential elements will reduce effectiveness and may lead to the collapse of the bacteria population.
System can produce H2S which is toxic for corals and fish.