Two small issues I have here...

Basically, yes. The system was from the early 2000s, it had no real market testing and was a great idea on paper. But then, of course, that crusty old piece of paper was crumpled up and thrown away. People wrote scripts to check for low gil items and most people were frustrated with the system. If I think Bronze Ingots are worth 200 per and I sit there trying 100-300, to not find any.. Ive wasted massive amounts of time and effort. Were undercutters could potentially get rich, instead of having to take a hit. Its a little mind boggling you don't see how this old tired system would be worse for what you complain hardest about.

In FF11 if I listed an item at 2gil and you bid 5000, if my item was the lowest you would buy it at 5000. This did not work and would never in this day an age. 'Worked perfectly', seems like a bit of a tretch, considering the game got shut down for a new one, with a new system. Then even that system got changed again. This means they werent so perfect and honestly neither is this one.

1. Fiat money based economies have been around since the 11th century. This is an old idea and thus inferior. New economy based on how many walnuts fit in your nose is better, because it is newer.

2. FFXI was never shut down, the economy was never shut down, it is still ongoing.

Side note, NPC value has nothing to do with market value.
In FFXI the Kraken Club NPC's for ~12,850 Gil.
MARKET VALUE is around of 110,000,000 gil.
(on Fenrir)