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What if a new king or government came to power in Ulitma and tried to tax the citizens, and we had the choice whether to overthrow them??? What if the armies of darkness took over towns they conquered? We have no fear of loss nowadays and if people do lose something, they flip out because their expectation of safety is always there. We need consequences to events to make them mean a little more.
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I absolutely second that!!!
Look at the Moonglow event: To a small degree players are actually working together to fight the evil creatures. However, most of the time they just come, kill stuff, look for arties or rares, and they leave again when they don't find anything new. They don't give anything about a storyline which takes longer than 2 minutes of reading to understand. (I admit, I sometimes tend to do the same thing.)
Giving players some reason to really fight for, like the things you mentioned above, would really qualify as an "epic event". I still hope the devs are one day willing to take the risk and start an experiment that will affect the whole shard and every player. An event that forces players to decide whether they want to fight for their freedom or retreat to their home and wait for destiny to strike on them.
Such events are easy to understand. It's all about freedom or suppression. Fighting or retreating. Living or dying. Accepting a system or joinnig the rebellion.
It's straight decisions like these which make a linear and easy to understand storyline that still can be exciting and challenging to ANY player.
By the way, to my opinion, everybody who decides to fight, even the weakest player, should be rewarded one way or the other.