The number of transactions can be limited. The other solution has already been mentioned: a longer waiver, say 4 days. That would prevent flipping players on a daily basis. Plus you may end up losing a guy on waivers or may not get a guy you request because of the priority of the waiver wire.
Just as a note: the cap is currently set at 82 games (this was visible in the league settings prior to starting the league) but the MAXIMUM I can set games to is 100 - adding 18 games only, so there still is a cap, it's just higher.
It's far less strategic and more based on the whims of the schedules and the like.
This is a good point though the counter is that you would have to adjust your personal roster to take advantage of it. Of course this is where the drafting strategy argument then comes in.
The Spawn/Winnipeg league is also capped at 82 games (no, I'm not the commish there). The league settings for that league are here
click me. I'll say this much: I'm glad we stayed away from PIM, it's having a dramatic effect on that league. Damn Canadians and they're goon hockey.