To use backwardation to describe a heavily margined bitcoin future that has been manipulated is a stretch.
OK, at this very moment the last trade at BUZ2 (occurred a few minutes ago) shows 85. Mt Gox has plenty of bids above, ... and currently trades about 88.
It doesn't matter if that fits anyone's definition of "backwardation", ... it is a condition that can happen, with or without manipulation.
Now until you say that icbit refused to enter an order of yours, or that a deposit you made wasn't credited to you account, then iCBIT is a functional marketplace that is subject to market forces. Your positions are at a higher risk if you use leverage. If market forces cause extreme backwardation then that's the nature of the beast. There's nothing to counter manipulation other than market forces.
Perhaps, akwfleaspirit, ICBIT isn't the right place for you. Perhaps a nice FDIC insured CD at your local bank is a more secure place for you to speculate with your funds. [Edit: Actually, that might be something that should be bolded and in red at the top of the OP for this thread. "This service causes traders to be vulnerable to manipulation by other traders. If you don't understand the risks don't trade here.".]
You are playing the same game they play of trying to make it look like the deficiency is in the trader rather than the exchange.
Your childish comments about FDIC say a lot about you. I have no problem with risk. On icbit it is not risk, it is outright scamming, cheating.
Any person considering investing there, I urge to simply look at all the posts regarding the site. There is no way to make money on an exchange when you are holding positions that compete with people who can create unlimited contracts and who can see the details of your positions, including available bitcoin.
Anyone who defends those kind of crooked practices is the same as the scammer./