There should be a little more freedom with the Bounty system I thinks. For starters you should be able to remove them after they have been set. For a cost ofcourse, say you lose half of what you offered up if you recall the bounty. But things change you know your enemy one day maybe your friend the next, so being able to remove a bounty can sometimes be in a persons's interest.
Other Idea I had for bounty was to make it anonymous, more in secret type stuff. So no one knows who put the bounty on someone, keeps you guessing and for obvious reason makes the use of bounty more likely. I figure you guys coded this stuff to actually see it used.
Anyway thats my two rupees

Much Love
Crazy Injun