total absence of regulation leads to market failures just as certainly as overregulation. for example written contracts are not much good without courts to enforce them. It's difficult to conduct trade without agreed upon standardized and enforced weights and measures as another example.
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The market would stabilize it, have no doubt. Those that cannot agree and negotiate effectively would be inefficient and end up failing. I'm extremely frustrated attempting to respond to you via mobile but your comment has been strewing in my head since you wrote it. Theres much more I want to say lol
we see what happens in the absence of courts and regulation, we can look at the prohibited drug market, they have shoot outs all the time because of disagreements over weight and they are all using the same international standard metric system. Those markets are violent and inefficient and their products are expensive and of poor and inconsistent quality. It's hard to rant on a smart phone.
Smart phones are the devil. Hopefully I can find time later to write a cogent response on my computer.
Well, there is one point of agreement already!