8 is good because sometimes 2 lower level people can beat a higher level person, and still have a 'fair' fight. Since there isnt really much at stake besides coin and possibly exp. Reducing the amount of targets is basically shackles on a good red server.
On a side note, as a dedicated PKer I cringe to think of my new 'griefer' reputation as I'm passing out steady exp losses to people. My intentions as a PKer is to win battles, not destroy the hard work of others.
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