Hi,
If the transfers are not honored then they will have no value.
True. For address space to have value on the Internet it must be a) globally unique b) accepted for routing by an Internet service provider Requirement (a) is met by any address allocated by any of the registries, regardless of whether the registration information corresponds to reality or not. Requirement (b) is where things get interesting.
The crunch in IP space can be drastically reduced if the horded addressed where returned to the pool for use by those that need them.
1) what IP space "crunch"? 2) what incentive do you propose to give to encourage people to return address space to the pool of "usable" addresses? Given that they have not done so already, it is safe to assume "for the good of the Internet" is not sufficient.
Commerce can not function without law.
Nit: commerce functions quite well without law (as any drug dealer will tell you). It does however need a consensus of behaviors among buyers and sellers, although those behaviors need not to conform to those of the rest of "society"... Regards, -drc