So I got an exotic weapon bounty, and i go online to check out what exactly each bounty is about. Set down the controller and the cat whacks it off the armrest, onto the floor - choosing me the Pulse Rifle Bounty (I Hate pulse rifles). As I found no info on what happens if you cancel (and the fact I would never use a pulse rifle) - I cancelled it to see. Result - no more exotic bounty in my inventory - nor is it located on post master or bounty guy. Looks like its gone for good. Not really a huge loss - BUT GIVE SOME WARNING TEXT ON THE FACT you cancel this, YOU DONT GET IT BACK unlike EVERY OTHER bounty. Poor game design on their part here.