Ask HN: Facebook stock derivatives

I just read that there is currently a pool of 'private derivatives' being traded for Facebook stock.

If Second Market has created a thriving marketplace (albeit amongst accredited investors) for non-public stock trading, is there a ripe market opportunity for a derivative-spinning marketplace?

How easy is it REALLY to create a tradable derivative? Is the paper only as good as someone views it - a la 'federal reserve notes'?