35 Fine reforges: 6-8m[FONT="Arial"]
Difficult r4 ES: ~20m
Are you sure enchants aren't as "risky" as reforges?
You can spend millions of gold on reforges and not get anything for your skillset. (Yeah, some people have spent 100m+ to reforge one item.)
For most end-game enchants, you must use enchant protection pots which are expensive per try. (Given that you're not blowing cheap items up, but rather good already-reforged gear.) And let's not forget about ancient magic powder costs.
If you fail 10 times (which by the way, isn't unheard of for r5+ enchants), that's already about 80k NX. And this would just be for one protected item.
Oh yeah, and let's not forget about enchants with large gap rolls, much like reforge rolls.
You can get lucky with reforges OR enchants, and likewise for failing.
Risk and benefit does not really play so well here, it's more about RNG.
Lucky = Cheap benefit
Unlucky = Expensive benefit
I don't really see how your logic is working here.[/FONT]
I apologize if I was unclear. Allow me to rephrase myself.
Let's say you buy a cheap Short Sword from Nerys. You decide to make that stronger (let's ignore upgrades).
If you enchant it (even with a rF "Fine" enchant), there can be two outcomes. One, you will get the enchant on successfully, or you might fail and lose the durability.
Now let's assume you want to reforge (as in, more than just the normal reforge) that NPC Short Sword for whatever the hell reason you have. Is there at any point you would end up with anything LESS than the NPC Short Sword?
That's what I mean by risk: its comparison with what you had before.
Now take that on a larger scale and consider... I don't know, a pre-forged r1 HLB that we had from gachas a while ago. Same thing.
I'll be fair and also acknowledge that "rolling" reforges is also risky (Note that some enchants will have "rolls" as well). However, it'll always be better than what you had before, aka an unreforged weapon. There's no chance to "fail" a reforge.
Think about it this way:
Reforging is like playing a $1 million lottery where you will at least walk away a consolation prize: $100
Enchanting is like playing that $1 million lottery, except you have a chance of not getting anything.
(Also note that I don't factor in "prices of reforges or enchants" anywhere in my argument. The moment you try to bring this element in, you're deviating from the original debate)
Giants. They smell funny.
This made me giggle.