This. The entire reason for having this market is to reward making better decisions about allocating society's resources, not the same decisions imperceptibly faster. The market's clearing system is flawed in ways that reward huge misinvestments in solving the wrong problem.
Didn't see anything about rewarding better decisions about allocating society's resources. I did see a lot about raising capital for corporations and for providing an indicator of the general mood of the economy though.
The stock market is effectively a giant casino for pros. If you're not one, you're just plain dumb if you try to play their game by their rules.
And of course, with the sort of thinking you're putting forth, we should obviously OUTLAW that 66 GH/s bitcoin hardware. It's so unfair to everyone else who can only afford a cluster of 8 AMD 7970s, no?
And the remedy for that is for the demographic who believes in "hot streaks" in casinos and professional athletics, who thinks the lottery is a good investment of their cash, and fashions themselves as homebrew "masters of the universe" to listen to Warren Buffet and invest in index funds rather than trying to outcook Bobby Flay in his own kitchen.
