Re:There’s Nothing to Do Except Gamble
by derefr on Thursday April 15, 2021 @03:13PM
(#26824907)
> when algorithms did it in milliseconds (when common people can only operate with delays of hours and days, and with deterrent fees) it was OK
What, you think that "low-frequency" brokers weren't upset about the rise of HFT, and didn't try to push back/kill HFT in the crib?
Of course they did; HFT was classic "disruption" for their industry. You just didn't see that disruption happening, because an inside-baseball conflict between two groups of very rich businesspeople doesn't achieve anything by roping the public into the discussion. The public's opinion wouldn't have one shred of determination over which side won that conflict, so why bother spending money on mass-media propaganda? Mass-media propaganda won't do a thing to sway the rich businesspeople on the other side of the table.
The moralistic Op-Eds are happening now because one side of the current conflict is the public. And so the rich people on the other side now have great interest in swaying public opinion.
What, you think that "low-frequency" brokers weren't upset about the rise of HFT, and didn't try to push back/kill HFT in the crib?
Of course they did; HFT was classic "disruption" for their industry. You just didn't see that disruption happening, because an inside-baseball conflict between two groups of very rich businesspeople doesn't achieve anything by roping the public into the discussion. The public's opinion wouldn't have one shred of determination over which side won that conflict, so why bother spending money on mass-media propaganda? Mass-media propaganda won't do a thing to sway the rich businesspeople on the other side of the table.
The moralistic Op-Eds are happening now because one side of the current conflict is the public. And so the rich people on the other side now have great interest in swaying public opinion.