Yes, it originally started out as a way to trade in agricultural products.  Its purpose was to transfer risk from one party to another.  Uncertainty in the future always creates an attractive market for a commodity.  There are two sides to any futures contract, one of which expects the price to go up, and another that is equally convinced that it's going to go down.  The market is what it is and if both sides are willing to assume the risks associated with such an arrangement, then I don't see a problem.

Perhaps you could explain, without trying to sound like the smartest guy in the room, how limiting the number of players will help bring "fairness" to the game.