So what MVCC databases do is keep enough versions to cover the oldest running query instead. Now read only queries don't need to hold any locks at all, they just prune the newest version older than the transaction id the query started at.
Edit: I should clarify that I recognize the need for one extra version, since read-committed txns shouldn't see it until it is committed. Other writes must wait for the commit until they can write, though - it seems like there's some optimistic-writing thing where we let a bunch of writes queue up for one record knowing that we're going to have to a problem when one of them commits and the others find out they should have waited before trying to write or something, because we didn't force them to acquire a write lock before writing.