Doesn't diminish the value unless it's so easy a caveman could do it.
Raid loot value either economic or social, shouldn't be influence by the fact that it's only available to the guild who poops in a sock longest, stays up latest, or has their turn in the rotation. It should be because your guild is one of the few who had the players with the skills, execution, gear, and strategy to defeat big-bad boss X.
People say instancing was the beginning of the end. Quite to the contrary. It allowed them to create some uber hard events that only a select few could defeat and led to increase the value of raid targets and their loot. How many people did you know with a CoA BP or OMM loot during OoW? Or Mayong loot during Demi? Or Solteris loot during 75. Etc.
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