Will Destiny's loot system be like Borderlands 1 and 2, where there's a loot item and only one person can have it? Is it unfair like borderlands as well? Is it fairly distributed amongst players by a everybody gets their own loadout system or is it everyone gets the same thing?
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Everyone gets there own loot drops that only that players sees. Also as a nice bonus, if you miss loot (of a high enough quality) it will end up at the postman in the tower.