Stealing is allowed. You are responsible for who you allow to chests, dispensers, furnaces, etc. In the case of PvP, it's your fault for not managing your inventory before fighting. If you have all armor and only 4 items in your inventory, you will drop nothing except xp and vt.
Vt can be manage too. Just bank it first.
Well, long ago, I was doing a PVP fight where everyone had restricted gear (I think a kind of armor and a wood sword?) and then MineKid02 jumped in with OP gear, and I forget what we lost, but our items probably were stolen.
So, sometimes in PVP, people don't die because of poorly managed inventories, but because people come into the fight with OP gear unexpectedly AND uninvited
Also, with chests, you can allow only your friends, but they CAN always stab you in the back and take everything. I know that because, near the end of the school year,a friend betrayed me... badly. that was school, where what he did was NOT allowed, but this is innectis. my dad, who went to LAW SCHOOL, said that the #1 reason people commit crimes is BECAUSE THEY CAN. of course, this is Innectis, where stealing is allowed. that makes betrayal more likely. also, like canadianR said, I accidentally allowed someone to a chest, and forgot, BUT that chest had all my diamonds AND an enchanted golden apple. that was stolen and I ALMOST quit. I mean, I was like 1 day from quitting (and that is really saying something coming from me).