Comment: There are a couple of

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There are a couple of

There are a couple of problems with his article:(1) he is clearly in favour of Regulators -he never mentioned once how regulators have helped the problem, (2) He appears to be clearly against voluntary reporting on prices -meaning that he seems to want the government to dictate prices. The problem with the current system isn't the voluntary reporting of prices, but the fact that only 18 to 20 people/institutions do the reporting.

Even if those 18 to 20 people/institutions were rigged, their data would be smoothed over in a system where most -if not- every transaction was used to calculate the price in real-time. This could be done, with the big stores due to the fact that all of their cash registers are computers; therefore all they would have to do is transfer the information of the transaction(the price) to a different computer which would be collecting the information to be displayed -similar to a Stock Exchange.

However, I'm not a fan of centralized anything, and therefore I only transact on things which I think are of value; I don't rely on what others think the value of something is unless I agree.