A simple 48hr wait on a murder charge before you can pay off the bounty would make things a lot better.
Agreed. Until the game mechanic is revised, there is no real consequence for piracy/murder. I think this also makes pirating activity kinda lame for those who wish to undertake this profession - where's the challenge if you're a pirate?
The problem with a wanted flag for x hours/days, is that the flagged player will simply switch to solo play in the interim. It would be nicer if the flag timer was based on the alternate universe you choose to play in, i.e. if you have 48 hours with a bounty flag (from an incursion in OPEN play), then the time is linked to in-game time - meaning that you would have to complete 48 hours of game time (in OPEN) to remove the wanted status.
Surely this would motivate pirates to skulk around the anarchic systems - which would be consistent with the play-style, isn't that logical?
I'm not saying this is the answer - it's just an idea that would support the kind of game-play that I would prefer - and might be what the OP is looking for, I guess. None-the-less, as I've said many times prior - I'm a trader, and I like pirates. Without them, trading would be more of a mindless grind (than it already is). Piracy keeps me on edge - this is why I prefer playing in open.