You're taking it way too literally. 100% participation rate is not the point. It could be 25%, it could be 51%. Once we get past a certain threshold of bad act

You're taking it way too literally. 100% participation rate is not the point. It could be 25%, it could be 51%. Once we get past a certain threshold of bad actors in the marketplace, trade is impossible. We don't know what the exact limit is, but we're best served keeping that number closer to 0 so we don't have to find out.