I hear a lot of complaining about the HFT business, and there is plenty to complain about, but I think every so often we need to take a step back and remember what the alternative is: Insular, inefficient, corrupt, pit-based trading.<p>We now complain about a few pennies being scraped off of each order, which stings a little, but read Reminiscences of a Stock Operator to get some context about the dollars that used to be scraped off of each order by pit traders. Today, if you're trading a low dollar stock like Bank of America or Zynga, the vast majority of the money you're giving up to make a trade goes to brokerage, rather than to market makers like Getco.<p>Where computers are involved in trading, there will always be an edge to be gained from writing better, faster programs. We can take some steps to de-emphasize making programs that have a speed advantage (e.g. assign random latencies to all entered orders, or to bring all orders in each stock to trade on a single, specially-designated exchange), but I'll take computers over pit traders any day.