What is going to happen with the trading houses? They are the only semblances of central authority that can prevent market manipulation. What are their philosophies on openness of the market? We need a council of representatives from the trading houses to trace blocks and prevent or at least detect arbitrage and manipulation. Otherwise, the currency will appear unsound and manipulatable, and will never reach its potential value.
Isn't arbitrage generally a good thing, particularly high frequency and automated? It would encourage stability in the market, in fact, and the BTC prices would even out across the markets.