From other games I've seen try a bounty system (Classic Jumpgate especially), there were kind of two flaws to it.
1) The bountied player really didn't mind having a bounty, just meant all the more pvp to enjoy.
2) The bounty got farmed out to a buddy who collected the cash and cleared up any penalties.
and I guess 3) the bounty became a point of pride for some, which is nice to have, but didn't serve as much of a deterrent.
I'd be totally fine with it getting tried out and stuff, just thought I'd mention that experience in case it's relevant...
@Perefim: Very much like your signature