@thibauld
A great article from 2013 from Scott Kupor guest posting on @pmarca 's blog. Scott Kupor has a compelling argument that the progressive reduction of the "tick size" (the minimum increment in which stock prices can trade) has had a profound negative impact on small cap IPOs.
This argument makes sense: the tick size of a stock should be inversely correlated to its liquidity.
* The more liquid the stock, the smaller you want the tick size -> higher price definition, favoring retail investors and HFT.
* For less liquid stocks, you want a larger tick size -> more interesting for market makers to trade the stock and increase its liquidity.
Once we put equity onchain, we have programmable equity (cc @fairmint 🔥 ) and markets where the tick size could be a function of the liquidity.
What is sure is that innovation in that field will come from the private market. Public markets are way too regulated to welcome any innovation at this stage.
https://marcstaging.wordpress.com/2013/03/26/unshackle-the-middle-class/
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