Been thinking about this piece by the OG of fintech @fintechjunkie (glad you're writing again!).

I usually agree with 99% of what Frank writes but I'm not sure I agree with him here. 1/5 https://fintechjunkie.com/2020/08/24/to-trade-or-not-to-trade-how-is-the-question/

I think jury is still out on weather the correct taxonomy for most trading apps is "investment" or "gambling." Yeah, more information/education is *better*, but only in an all-things-being-equal sort of way. 2/5

Stock trading apps kinda remind me of equity/debt crowdfunding. That was all about "democratizing access to investments," but it turns out that wasn't really a market. The $ that retail investors can put to work is a rounding error. Wealth is highly concentrated and efficient 3/5

Ie, retail investors trading stock is irrelevant for the market. Is it irrelevant for the investors? What happens when the market turns? 4/5

I'd prefer a Thaler/Sunstein "libertarian paternalism" approach. Your money goes in an index by default. There's a box that says "I understand this is gambling. Timing the market is impossible. If I lose money it's because I'm stupid. If I win it's because I'm lucky."