Would it make more sense to look at it as similar to a poker game? Relatively little economic value is created or destroyed in ultra-short time scales, so the p

Would it make more sense to look at it as similar to a poker game? Relatively little economic value is created or destroyed in ultra-short time scales, so the players in that game are essentially playing against each other (minus some small cut taken by the casino). The ‘good’ players thrive until they reach maximum size for their niche. The ‘bad’ players leave the business. Customers such as long term investors, institutional money, etc, benefit through narrowed spreads and reduced transaction costs. You could call it a vicious, dog-eat-dog business, but the dogs aren’t really a threat to anybody else.