Does the Ithaca Hour Disprove the Regression Theorem?

[z1235]

And an Hour (pegged at $10 each) is not a substitute?

EDIT: I could have a “No Arbitrage” theorem stating that a $10 bill would/should exchange for TWO $5 bills in the market. If a dozen morons accept SINGLE $5 bills in exchange for a $10 bill, would that disprove my theorem?