I was thinking more of great grandpappy walking up to an area out West and saying "mine!" (possibly with a small payment) - it took a while before everything was owned and more rational prices were set by the market. The earliest domainers had a similar experience - no owners, so they didn't have to buy it from anyone.

In the end, any resource that is limited, underpriced and has some ability to produce income will get nailed by speculators sooner or later, and the price will rise.