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Wow, Loki actually had a decent pic?

What does the latter starts with?
 
The Arrogant vs a Schemer.

Most of the times Loki needs time to prep for his plans and well most of the time his plans do not come to fruition because plot demands good guys win. He's basically a prick and a thorn to anyone's side. He is strong but he's more of a thinker really and likes to strategize before putting his full on thought out plan to effect. Preparations before getting his hands dirty. Also I've read that he does indeed need to cast spells before it goes into effect (Ironic as it's true towards his character) The random encounter is not in his favor. That would mean he'd need to think of the fastest way to kill Sephiroth.

Sephiroth does not do as much planning as Loki does. He's more action than thinking. He's basically a bit like a "Gaze upon my greatness and cower in fear" type of character. His arrogance will indeeed be a weakness as it will allow planning from Loki to be in effect. Although I do not see Loki as "battle smart" (strategizing in the heat of battle) and Sephiroth will indeed most likely be surprised about Loki's Regenerationn ability.

Loki has much MORE battle experience so he should have the edge of learning Sephiroth quicker than Sephiroth learning Loki.

The various abilities clearly show either one can take each other out but the question is what spell they both cast first and who has the means to kill one another.

Sephiroth can cast silence (rendering loki from chanting any spells, which are USUALLY the strong spells) and death and Loki will NOT regenerate from a death spell which is Sephiroth's way of instant killing. And I do not see any type of resistance to death from Loki.

If Loki uses his perception manipulation to know what Sephiroth plans to do, then he'd easily use Power Nullification to nullify any spell is thrown at him. He has reality warping and can have Sephiroth bend down to his will as his kit just has manipulation of different types of powers and control over living beings. He could manipulate the willpower of Sephiroth and make him his slave. Not to mention he has potions and capsules that can increase his stats and decrease Sephiroth's stats. One problem I have with Loki is.. what does he have in his arsenal to KILL Sephiroth? I don't think he can... probably control Sephiroth like a puppet forever is what he can do due to immortality type 6 & 8 while Loki is only type 3 immortality.

Sephiroth is more action than words, but arrogant that he will allow his opponents to get the better of him and catch him off guard.

Loki is much experienced in battling various types of enemies but is more of a planner than a "battle smart"

This is why speed equalizing is such an enemy to figuring out who wins.

Sephiroth has the means to kill Loki but Loki has much more experience and can get around Sephiroth's spells and control him.

Sephiroth is arrogant. Loki usually needs prep time.

Inconclusive to me.
 
If everything you say is true, then it seems like Sephiroth acts arrogant and lazily swordfights Loki for a bit, before Loki starts resorting to magic. Unless Loki has something that can actually put down Sephiroth right away, that he would use in character, I feel like Sephiroth would gun it at that point and start fighting seriously, in which case he wins.

So I'm leaning a bit toward Sephiroth
 
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