Overheating Speculation

Recently I read an article of Samir Arora's (Read the Article), this article mentions that for every 1 Rupee actual dealing in the market there are about 1 million betting on it's outcome. I think we can agree that futures transaction does not end with delivery and it is mostly utilising margin that we buy and 90% of us may not have deep pockets if required to pay up the entire money(I may be banned for this).when 1 million is riding on 1 rupee don't you think that 1 million will influence that transaction of 1 rupee in an unnatural way, The risk here also multiplies by many times the example is US housing market collapse where the reason for failure is not default by people but over heating of housing market due to rise in speculation. "speculation damages the economy many times more than the actual consequence"
You can find the related thread here