I strongly disagree, FF11 wasnt a better system. Personally I thought Market Wards and player Bazaar was the perfect system, but many complained about it for some reason. Most of which now cry about being undercut. Well you made it happen.
As to undercutting, some of you need to get off the high horse. I keep seeing this "Item value" thrown around, there is such a thing. At the bottom of the item it tells you what it sells to the vendor for. Thats the items value. On the market, you need to find the buyer's value. I was the first 50 ARM/BSM on my server and had an intricate part in forming the market. Using /shout and the market, I did just fine. What I didnt do was buy everything I needed from the market, then turn around and think the item made was worth ONLY the price I paid for its mats. This is why so many of you are crying, you need to network better and find sources of cheaper mats.
If you gather your own, SOME of them arent worth the time, thats just how it is. Buy them instead or deal with how cheap they are. Like the OPs cobalt example, cobalt ore on my server is down to like 40 per. Iron of course is 18 off the NPC, or 40 if youre dumb enough to buy off market like lots of people do. OR do what I did, buy 12 stacks off someone for like 6k. ANYWAY when I make an item with cobalt, thats barely 200 gil cost to make, at market prices. Half that for what I get stuff for.
So when you sit here and say, it doesnt sell for 10k, I get undercut.. I wonder why YOU and YOUR item are so special? Why do you, and only you, deserve to sell at 1000% profit ranges? And the people who go lower then you are evil, greedy, douchebags? Honestly if someone steps on my market (like Mythril ingots), I chase them out by listing 5 ingots for the price of one of theirs. They always get the point. When people cut my crafted gear, for instance Goblin Longsword, I do not lower my prices. I raise theirs.
I do this by applying materia. I put a plain sword at the SAME price they listed theirs, then i offer 3-4 variants with materia for 4-6k more. 90% of the time, the materia ones sell before the plain ones.
I use to make stupid amounts of gil from the PLD and WAR pre-relics. I cut the WAR down to 20k (from 100k), due to growing competition. Well I pissed off some people, my retainer is named after me, and had to explain how being very high crafter, means you make stuff much cheaper. One guy tried my own method, he went to 7k, listed 5 of them. I bought all 5, and sold them the same day at 20k per. Whoops! Eventhough its steady at 20k, I then decided to let these others have their chance, so now I farm or buy the materia (battledance 3) and slot them, then sell the weapon for 140k. Its not my fault they sell better then the 20k plain ones, so I ignore the angry messages. Get creative, dont overpay for your mats, FIND smart items in DEMAND, and really figure out what it COSTS you to make them. Not some greedy "This is worth 100k, eventhough there are 40 listed on market and it cost me 4k to make!". If youre failing at this system, its nobodys fault but your own. There are times I sell items cheaper then it cost me to make them, why? To upset you? No, because I need that gil to make other items and 3k now, is better then 5k in 2 weeks.
As I had to tell the leader of an "elite crafters" LS, we arent unique lil snowflakes. Lots and lots of people craft, even more harvest. If youre tired of being cut, find a consistent buyer, its not that hard.

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