I think it's like a friendly rivalry. The hunters have a cape that talks about looking better than the warlocks. I think of it like the military academy's football rivalries.
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I got a rare cloak from the Cryptarch via a legendary package called the Frumious Cloak. "Tell the Warlocks your cloak is frabjous. They respect words they don't understand."
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That's hilarious XD
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that... is.... AWESOME!!!!!!!