Just before when I was playing, this would happen pretty much every time an item is dropped by a creature, I think it happened mostly with gold and less with "items"
I go to the item and try to pick it up and it says it is protected for the other person online, when that person isn't even in the same map as me. After waiting a bit, normally I am able to get it but sometimes (this has happened without it being protected to someone) I try to pick up some gold but nothing happens at all.
Now, whats really 'funny' is for one item, it said only said "this item is protected by" it didn't even put in a players name
Dial up must be a factor of this (the batte system doesn't work too well for dial up, but still relativily manageable) but it cannot be the only reason...