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1. Give BH an active role, get that wake scanner upgraded and into action. (Implement a "ghost wing" mechanic it forces the two players or more to wing together without HUD display for the target, where it tether the BH to the target so instancing doesn't get in the way and allow mandatory wing-man beacon to be enabled on the tethered target. At the same time, police arrival clock will start ticking down where the police will aid the BH in hunting down the target based on the system's security setting.)
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All well thought out points and while I don't 100% agree with all of them I think you've pretty much hit the nail on the head as far as this one is concerned.
Right now, as a BH you farm RES for NPCs. Or, as a part-time BH you stop off at nav beacons to do a little ratting to boost your profits on a trade run. Bluntly put, you're a killer of wanted NPCs. There is little incentive for a player desiring PvP to bounty hunt, player criminals know all the tricks to minimize the amount of bounty they collect on their own heads, are at least as skilled as the traders you hunt in pulling the Sir Robin maneuver etc.
A player who can run cool enough to string jumps will be gone by the time you've scanned his wake and followed it - you WON'T find the wake he left when you arrive following his trail.
Now, I fully understand this would be an arduous design process for FD - it's easy to say what we want, but translating that into code specs is much harder, I've done that for a living and even on much less complex software than a real-time game it can be a nightmare - but I think the BH profession needs some serious love. There needs to be mechanics in place that the player wanting a primarily PvP "career" has BH as a viable option. Right now they have the choice of being a pirate preying on traders (who often can't fight back or refuse to play along, not a very satisfying thing if its the fight you want) or a mercenary (which to all intents and purposes means either hunting players aligned with other powers or "blockading" one side or another of a CG, which is an exercise in frustration for all involved on both sides). PvP BH is totally non-viable, in fact it's in a similar state to where PvP piracy was around Gamma. Right now somebody who want an in-game career focused on PvP and doesn't really like either pirate or mercenary all too often resorts to just racking up the kills by blasting weaker ships. There are some players who will do that anyway. They will never go away. But making BH in general a more rewarding and satisfying career - especially PvP BH - would "capture" more dedicated PvP players away from "random PK" gameplay.
I also think you are 100% correct in that the place to start with this is the way the wake scanner works. If you want to catch a player you've got to be able to effectively chase him. Scanning and following a high wake should 100% reliably drop you into the same instance the guy you were following jumped to and automatically target him. If he's not in that SC instance any more you should 100% reliably see either his high or low wake the moment you drop in and automatically target that. Same rules should apply when you fallow the targeted wake. Now there has to be limit here, I wouldn't dream of asking FD to build an infrastructure that lets you follow him ad infinitum. That would be effectively asking them to keep a semipermanent record of everyone's movements. Just not going to happen. Something like if he makes it through 5 FSD transitions without you seeing him on your scanner you lose him. Once you, or anyone in your wing, does see him though, even for a second, the counter resets. Similarly, if you make a FSD transition that DIDN'T follow his wake, you lose him and even if you and he do end up in the same instance you won't automatically target him, and if you do resume the chase from that point, it's a new chase altogether.
This will make it possible to PvP bounty hunt, would also be a benefit for you scurvy types chasing down a target that high-wakes out - it would make "escape by high wake" a more tactical process too - If I'm a trader and you're chasing me through hyperspace do I run like the clappers for a system where I know some of my friends are waiting to wing up and give me some cover or do I try and play cat & mouse, alternating high and low wakes in the hope of getting enough "distance" between you and I (in terms of FSD transitions) that you lose my trail - or do I "buckyball it" and simply hope to outrun you? A criminal with a bounty on his head would have the same choices if a BH is after him, although if the BH is being particularly sneaky themselves the target may not know they are after them at all until the interdictor hits.
That would actually enable the profession but it couldn't end there. There would also have to be (yet another) look at the bounty system but to even get to that stage where FD can address the risks and rewards of a profession, it has to be at least viable in terms of the gameplay mechanics to FOLLOW that profession. Only then will FD be able to collect reliable data on exactly how to tweak the other stuff.