Why?  Why do we need the board?  Why is it "lunacy" to think that buying and selling imaginary grain or cattle ought to be illegal?  If I came to you and said that I had 5000 bushels of wheat to sell would you want proof that I had it?  Or would you just take my word and the piece of paper that said that I had it to sell?  What if I didn't have it and never did have it?  Would that be considered fraud?  In the real world of course it would be, only on the board is that considered a legitimate way to do business.