> the big losses are from the all of the wasted resources being put into making trades faster and faster But you could also see it as "pushing the limit", simi

> the big losses are from the all of the wasted resources being put into making trades faster and faster But you could also see it as "pushing the limit", similar to people trying to see who runs 100m the fastest, or Formula 1, or Kasparov-beating chess machines. Of course, in and of themselves, these look like silly activities and a total waste of dollars and energy given the poverty in the world. It strikes me, though, that these boundary pushing activities are somehow useful to the rest of us, in some weird and non-obvious way sometimes. Also, given that technologies have a habit of moving down the exclusivity scale, perhaps this persistent boundary pushing in HFT is contributing to general liquidity (speed of execution, lack of price impact, etc.) in a trickle-down way