11 yo and his friends are always coming up with ideas for beating the system. I told him that the really big money is not in little tricks like that, but in making things that help people.
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What do you think is the strongest counterargument to this?
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What do you mean?
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HFT makes big money by beating the system, but doesn't exactly help people ('providing liquidity' doesn't really justify what is essentially scalping plus a side of front-running)
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You don’t need liquidity in markets?
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Was there no liquidity before HFT?
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Unless you get front running treatment and you always pay more than the stated price.
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Is this because HFT is beating the system or because it doesn’t help people? If the latter I disagree since it lowers spreads which helps normal people
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Let’s ban HFT and enforce it for a month and let’s see if that’s actually true.
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Very little money made from HFT. Maybe 5 billion a year across maybe 10k people? Tiny industry that gets a lot of attention because of some bleeding edge tech and big pay checks. I do agree it's not the most efficient allocation of society's resources. But also not graft.
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This is also a very generous definition of HFT, encompassing all short term trading.
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