Keep the protection but lower the gold. Heck, even have it 'tax' you a little when you hunt with the protection on. The gold to me isn't the issue, it is the xp. You can't gain xp from hitting people (other than the prestige bonus and I'm not even taking that into consideration since it doesn't balance out) - so to me pvp has no purpose other than stealing gold and pissing people off.
I know of at least one person in the last 2 months who left the game because of PvP. She wasn't one to carry lots of gold so what was the real reason she was being hit? The hitter knew it bothered her and was getting his or her jollies from making my friend miserable. She never told anyone why she was leaving, until after she had gone for a while. I wish she'd told someone sooner what was going on so maybe someone could have intervened. Heck, I'd have given her the dots to buy the protection for a little while because I value her companionship in the game more than I do the lil purple bouncy balls.
Now don't get me wrong, I'm not saying all PvP is bad. Just -sometimes- some people are nasty to others just to be nasty. The case with my friend is an extreme case. There are plenty of PvPers who are nice folk, however the ones who are rotten are ruining the game for everyone on BOTH sides of the discussion because the ones who bully and harass cast a pall over it for the rest. They're the ones that everyone thinks of when they think of PvP, and THEY are the ones that make PvP protection in just about any form enticing for those who don't want to put up with it.
Just my 2 cents.
and thats the point i tried to make i have seen it myself i almost quit myself for the same reason till pvp protection game out and have had it since ..if i am hit cause i have too much gold then i dont mind that it was my own stupidity for letting the gold get that high but to be constantly hrly smacked isnt nice