This.


None of the analogies hold, because miles are a nebulous entity.

Although comparing them to scrip is probably the *closest* analogy I've seen around here. Hadn't thought of them that way before. (Of course, real scrip and real company stores probably didn't have many opportunities for "information arbitrage". )

I favor regulation when it's done to combat unethical practices. I'd love to see fuel surcharges and resort fees banned, for example: their sole purpose is to trick and deceive. Travel companies have proven over and over again that they cannot be trusted to advertise fairly, so a government body enforcing basic consumer protections is a good thing.

But beyond that, the unintended consequence of overregulation is either the wholesale reboot or a dramatic watering-down of awards. Neither of those are a good thing.