In case we're sharing experiences...
I've only killed 'Chabit' two (2) times now.
All in all, I've camped it for straight weeks just to lose the claim every time. This was when we were planning to defeat it as Red Mage (me) and Scholar (my friend) and a Corsair (another friend) with possibly an additional "dual-boxed" Red Mage.
So needless to say, it is usually massively camped STILL on Fenrir. >.<
Now, after about a week of camping it, every re-spawn, my friend tossed around an idea to level up Ninja for it just to be able to claim it better...
So we went with that and to my surprise, I was the one to finish it a lot faster (I had expected I'd possibly drop it somewhere around 37-50.
So I soloed Ninja from 1 to 75 just because of that mainly and one day, not so serious about even fighting it, went over and it spawned actually...with no one else around!
I then proceeded to fight it solo, just to see what I need to be able to do that (defeat it solo-style). Even after about 10 times being beaten and running back down from Norg, there was no one else appearing and of course, my friend was not on-line and would not be for several hours to come.
I than gave up as it was clear I still needed more evasion gear etc. but later, after some hours, another friend came online and she suggested we'd go try it out, with her as a Paladin to help me with a Cure etc.
Well, that didn't end up well as one might expect, I was still lacking at things so we were defeated as well.
Now, a not-so-full-party made an appearance and they were defeated more or less swiftly as well. At some point, we joined forces and with two Ninja and the back-up we had, we did take it down. The Other Ninja had Warrior as his support job while I had Dancer due to my soloing. In the end, the friend of mine got the sword though she doesn't even use it really and is not playing the game at all for the time being, but I demanded for everyone to lot who wanted it.
Fair is fair, no?
The next time I went for it, was a bit different.
Yet again I got it to spawn while I was alone. Then another friend happened to show up on-line and he came down as a Thief.
I again quickly found out I was lacking too much on certain departments and the Thief lasted even shorter amount of time so he went away to change into a Bard.
At this point, a party of people showed up and they were defeated rather fast so they started dragging it towards Norg instead. After I got un-weakened, I proceeded in searching for the Tentacl'd Menace having lost every bit of hope towards defeating it.
I encountered it a few times while they had lost it but still they kept dragging it further up along the caves. After they got it past the "Gold coin door", for some reason, I started to try and claim it whenever they lost it and after running around the lake for a while, I indeed managed to get it and stay alive soloing for a good while until the friend arrived as Bard and a dual-boxed Red Mage.
From there-on, it was rather simple though I really had to go visit the WaterCloset but obviously that would mean losing the fight... So thankfully my bladder held together for around an hour of fighting that thing and sure enough, even with that painfully slow fight, I insisted on fair-play and thus, did not get the sword...
Later, I figured it might have been a lot easier if I had known at the time that the Bard could have used "double mambo" on me but neither of us knew/thought of that. ;^^
I guess I will never get it, unless I pay a massive group to kill it for me. /sight