Which just proves my point. The barrier to entry doesn't have to be monetary, a competent human being individually checking each application works just as well.
There's also the point about scale, if your network is small and you trust your users, which was the case on the old internet, you can get away with a system that assumes no speculators.
There's also the point about scale, if your network is small and you trust your users, which was the case on the old internet, you can get away with a system that assumes no speculators.