The House Always Won: How Bucket Shops Engineered the Retail Trading Brain a Century Before Zero-Commission Apps
Before the Securities and Exchange Commission existed, storefront operations called bucket shops let ordinary Americans speculate on stock prices without ever touching a real share. The psychological mechanisms those establishments used to sustain customer participation — and customer loss — were so precisely calibrated that regulators spent the better part of four decades attempting to eliminate them. The architecture of that system did not disappear. It was refined.
Jun 26, 2026