The ward seems more aimed at keeping honest people honest.. and.. preventing someone from 'borrowing' something and 'forgetting' to return it. It also isn't too bad as a backup alarm vs spawn mayhem possibly even raids if you're crafting or semi-afk.

Ten players per server isn't a bad limit where griefing is concerned; much larger and you may find cliques forming and people feeling slighted, and the temptation for thieving and/or griefing creeps in.

I've seen 'server side character saving' as a proposed solution; but that doesn't solve the problem. It just keeps an absolute stranger from hauling loot elsewhere. Griefing behavior isn't about making a profit, its a sickness where joy is found in other's grief, usually self-justified in some manner by the griefer.