You are absolutely right that QV can create speculative dynamics like a market place. Almost everything about QV is similar to the market mechanism. But do yo

You are absolutely right that QV can create speculative dynamics like a market place. Almost everything about QV is similar to the market mechanism. But do you really think that there are many cases where you would prefer rationing, effectively what one-person-one-vote does, to a marketplace? Marketplaces are imperfect in all sorts of ways, but few think communism worked better. Markets have natural self-correcting features that rationing does not. While speculation can occur, it creates natural incentives for those on the opposite side to offset it. I discuss this in some quantitative detail in this paper: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2571012 http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2571012