There isn't enough punishment for player murder that's for sure - I'm fine with the idea of people doing it, but there's no negative for doing it, apart from the community's ire.
There is infact some punishment:
Hostile patrol ships start interdicting you,
bounty hunters spawn on your heels
and you come to the point where stations
no longer let you dock, due to being hostile.
If FD would balance this on the fact that people fly engineered corvettes,
then count me out.
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