High frequency trading is not the issue. the issue is an automated system watching for large incoming orders. When this system observes an incoming order, it purchases available supplies at lower cost than the incoming order will pay, then sells the stock to the large buyer.

Is it clever arbitrage? is it a massive denial of service so some people can play middle man? I don't know.

However, Cameron Smith has created an excellent straw man of his opponents. This is an ad hominem argument.