I am not sure it's a perfectly functioning market.

The whole point of a market is to penalize the holding excess inventory of IP addresses.

There is no penalty today because there is no opportunity cost to holding excess inventory. :)

What's amazingly ironic is how the free market guys suddenly vanish when one wants to apply free markets to their industry ...

:)

Roderick S. Beck
Director of European Sales
Hibernia Atlantic
1, Passage du Chantier, 75012 Paris
http://www.hiberniaatlantic.com
Wireless: 1-212-444-8829.