longnshort, ASIC are allowing algo/hft trading because they say...

longnshort, ASIC are allowing algo/hft trading because they say it provides price discovery & adds to the liquidity of the market. If you can call front-running existing orders as "price discovery"? Share price capping & dummy bidding in millionths of a second as adding to liquidity? All practices that are banned & violations of which result in fines in Real Estate industry.
I liken it to being at an auction where you don't see any of the other bidders, only you see the bids appear on a big screen in front of you where you don't know the difference between real people bidding & robotic/fake bids.
I sometimes wonder if it's the chart pattern/formation that determines the price movement or if it's actually the instos who bring about a chart formation in order to get the traders to behave in a predetermined manner?

Another humble thought,
Pandelis