You had to download the client, I remember playing it back in '07 or '08... It had a moonlit sky on the title screen. It was 2D with a top-down perspective. It had a day and night cycle, at night there was like this dark fog and more dangerous foes. When you broke the rules, instead of getting banned, you'd be placed in a jail area for a couple weeks or so. There was something slightly creepy about the game, but I can't really put my finger on it. I can't remember its name for the life of me.
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Target and click movement? No run mode, just a fast walk? Nice systems for fishing and growing crops to harvest? Open PvP?
I can't remember the name of this game that I'm thinking of at the moment, just wondering if it's the same one you're thinking of.
Once upon a time....
Shadowbane, possibly?
No, not The 4th Coming. It wasn't isometric, it was top down, kinda resembled a RPGmaker xp game. It looked like old school Dransik, but the graphics were better and, well, bigger. I don't think it was very well known and it was independently released, most likely. I think there was fishing, yes, could be the same one Amaranthar. In the start you were at a place that was like a tutorial area where you killed small rats to level up. If I remember correctly you were also taught how to fish. The HUD was similar to Tibia, and there was a small rectangle with a picture of the sky supposed to indicate the time of day.
A quest in particular comes to mind where you had to walk north through a foggy forest full of wolves to get to the home of a vampire you were supposed to kill.