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Things that determine the rate of loot spawning:
1) Whether you are diving and have the goggles.
2) Areas with a lot of water lowers the chance slightly(such as sitting in the York Town Bay)
3) Having already obtained an item in that surrounding area slightly decreases the rate
4) Being in a new area increases the rate
5) Spawn spots already existing decreases the rate slightly
6) The more to items you have found in a specific area, the less likely you are to find more items in that area.
All in all, diving was designed to encourage movement, and it was designed to punish those who sat in one spot looting over and over. To increase your chances the best thing you can do is create a route in which you loot a specific area for a little while, then move on to the next area and repeat.
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Ok just want to clear this up for the billionth time. Thanks for bearing with us players, as we are not looking right at the code

Relating to your post's numbered bullet points, I have these questions:
1.) Having the goggles, as well as 'diving' and swimming underwater increases spawn rate? (I would ask by how much, but I feel that's pushing it)
2.) Does the spawn rate get applied to each tile of water? For example, on average would one expect to find more loot in york bay after looting for an hour, or would they get more loot from swimming in the pond by stefan's house? Just unclear how the spawn rate is applied.
3.) Is this decrease in rate relative to the current play session, a certain amount of time, or the character's overall looting 'history?'
4.) Traveling seems to halt spawns altogether - does moving to a different map/level determine a new 'area' or is it indicated by bodies of water? Or is the intended effect that while you are moving the chance of a loot spawn is increased?
5.) I have never seen more than 2 loot dots at one time present on the screen, and that, very rarely. Do the loot dots spawn independently of each other, and, if so, is it possible to get more than 2 to appear at a time?
6.) Is this the same statement as #3, or more so to say that this effect gets applied cumulatively for every item you manage to loot in a specific area?
Also - do the loot related hats have any effect on loot spawns? The zorbi hat and the new Narwhal horn?
Thanks again!