while this is regarding the domain, and also a cheeky comment, consider that broadly:
* there is friction in the market
* information is distributed asymmetrically
* improvements can be made quickly with technology
* value is different for each actor, synergy could provide a more compelling case for an action
* people still make money of arbitrage
* people will pay not to wait, e.g. registration and ownership of an asset in a foreign country has a 1-2 month lag.
etc.
