I have seen numerous posts over time about bounties in SOT. Frankly, most of them don't work. First, they tend to be pirate focused, and the game doesn't really run on individual pirates. Second, they tend to be player-driven, involving players putting bounties on others. Given the ephemeral nature of the game, putting a bounty on someone who you feel "wronged" you just doesn't make sense.
So, let's scrap that. This system is designed to be workable, provide conflict, and add extra content into the game. Also, I want to make the ship logbook be more worthwhile.
The idea is that bounties are tied to ships, (specifically, captained ships) and the bounties are placed onto the ships by the in-game factions/companies.
The process works this way. Every faction in the game has a set of negative actions that a crew can do to earn the 'ire' of that faction. This might be selling their treasure to the reapers (for any company other than reapers), blowing up kegs inside a fort vault (merchants), etc. The exact nature of what actions cause 'ire' (and how much 'ire') can be left up to the developers in crafting the system.
Once you've reached a level of 'ire' with a faction, that faction will put a bounty on your ship. That bounty will continue to grow as you perform more 'ire'-gaining actions. As others sail the seas, they can spot your ship through the looking glass. When your ship's name shows up on the screen, any bounties (and which factions issued them) are shown in the banner. When your ship is sunk, your logbook may be sold to a representative of the faction that issued the bounty in order to collect. You cannot sell your own logbook. Once a bounty is collected, your ire with that faction is reset to 0.
But...what's in it for you? So far, this bounty merely puts a price on your head, this just helps people hunt you.
Well, if you are contrite and go talk to the faction representative, they'll offer you a special "Atonement voyage". (Note, you HAVE to visit the faction at an outpost, you can't get this from the captain's table.) This voyage, is a risky venture. It'll send you to the four corners of the map, all the while, your position is marked on the map, making you a target for anyone who might want your bounty. But, if you successfully complete the voyage, you will wipe the bounty out, and actually collect it yourself.