say one believes that HFT is just a legal way of taking other peoples' money via financial alchemy. Is what sam did really worse than that?
Not that this undermines the main thrust of your point, Chris Stucchio put out a series of posts explaining the mechanics and social value of HFT, as well as some of its problems. The gist is that HFT charges people for liquidity, which compensates them for taking on risk, and also helps expose the "true" value of assets that large buyers try to keep hidden. So there's at least a solid argument that it's not just "a legal way of taking other peoples' money".
Furthermore, its worth noting that a non-fraudulent FTX would be providing a similar sort of value to HFT (liquidity), which suggests that actual SBF running a fraudulent FTX is much worse.
If you're referring to general social-justice attitudes, John McWhorter discusses this in his book "Woke Racism" (also published serially on his substack as "The Elect"), as well as in other pieces.
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Not that this undermines the main thrust of your point, Chris Stucchio put out a series of posts explaining the mechanics and social value of HFT, as well as some of its problems. The gist is that HFT charges people for liquidity, which compensates them for taking on risk, and also helps expose the "true" value of assets that large buyers try to keep hidden. So there's at least a solid argument that it's not just "a legal way of taking other peoples' money".
Furthermore, its worth noting that a non-fraudulent FTX would be providing a similar sort of value to HFT (liquidity), which suggests that actual SBF running a fraudulent FTX is much worse.
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