While it's not the most flawless of loot systems, I'd say it could work out to be more fair than how end game used to be. Instead of a single alliance having a chance at one drop for one person once a day, an endless amount of people have a chance at all items every day.
Now, this can lead into some annoying situations where you end up with something you don't want or need, and someone else is unable to attain it for a long period of time, but it also bypasses the whole, "Well, I have to wait for Person1, Person2, Person3 to obtain this item before I do." To those who always obtain gear first, always get claims, whatnot, it can be a bit of the kick in the face, but if anything I'd say it's one of the more fair systems they devised.
You seem to be stuck in a classic case of, "Give me the gear I want now." It has never worked that way. It will never work that way.
The only reasonable implementation they could look to without throwing off everything is something like the addition of a special sort of Voidwatch currency awarded in small amounts after every fight that can be used to purchase gear for a large expense (then you have the classic case of, 'I could get this through luck or very hard work over a long period of time,' each with their own benefits). Throw in a prereq. like requiring the abyssite from the tier mob you want to purchase the gear from and it would probably work out quite nicely.

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