> Thinking that such a level of market efficiency is attainable is utopian thinking. There will always be enough short-sighted people to thwart this.

This mechanism has a tremendously better track record than the other ones proposed in this thread. No mechanism are perfect, but we should try to improve the working mechanism rather than use the broken one. And there don't seem to be any fundamental barriers in the way.

> Also, why should we accept that?

For the same reason we should accept other Pareto improvements: if you're doing otherwise, you're letting value go to waste.