It really breaks down to that the ability to flip modes is effectively a invincible and full stealth ability for Open. And thats just not balanced. Nobody ever needs to be in open when he is not at an advantage. So in that other space game, some dude ganks my ship. But then, he can't just vanish. He needs to pay for expenses, needs to have assets I can attack. So eventually I bring friends, pay some mercs, have 2 alt accounts in his corp and one day when he is unsuspecting mining in his wormhole, a full fleet of stealth bombers decloaks and his corp gets awoxed and at the end he got nothing left because he ed off the wrong guy by blowing up his howler 2 years ago. Thats what I call consequence. In Elite, dude is farming in solo, outfitting in solo, flying to the target system in solo. Boardflip - hurr durr Im ze invincibul elite-cutter - blows up some unsuspecting dude - boardflips away to farm more in solo. Thats whats killing open.
PS: and I'm fully aware the discussion is moot, because it's never gonna change. But this game could have been so much more without giving anything up or taking anyones ability to play solo or pg away. It's perfectly fine people opt-out of open. But then stay in your solo world and dont bring your fake-elite stuff to open in order to mess with my game.
It can change, and it should change, if Frontier is about to release a major expansion for the console generation launch that they're basically going to use to do Elite: Dangerous - The Console Launch Space Game Edition.
Ganking screws over Elite. It doesn't add more than it takes away. It doesn't inspire people to get better, it just exploits and puts the focus on the worst parts of the progression system, and completely upends the game's immersion too.
Frontier could take some pretty heavy handed action on this and I doubt it would do harm than good.