It is glorified gambling, but contribution to the world has nothing to do with it. You may have noticed that the author's confidence was entirely based on emotional, results-oriented thinking (look at that big pot I missed!) and completely unscientific voodoo (patterns!).
It makes me sick that these guys are put in a professional environment which makes them feel like big swinging dicks instead of degenerate gamblers.
It's an empirical process. The results themselves are what you use to construct an idea of probability and risk-reward. Nothing is ever certain which is why position size rules are a must. If an extremely specific pattern continues to show up on one specific stock on days with specific conditions (huge multiples of daily volume, for one), it's likely a significant observation representing an edge rather than noise. Unless you think it's totally random for hundreds of independent traders to exploit a specific pattern on a specific stock on multiple repeated dates and make money repeatedly. It's not a poker/blackjack or a casino game where the odds are fixed and known.
Ask yourself, if you flipped heads on what you thought was a fair coin 500 straight times, did you REALLY just observe an ultra rare event? Or is it more likely another phenomenon at work (like a rigged coin)? Whether you can fully explain it or not doesn't matter.
Why do you care so much what I do with my money? Or how a firm chooses to allocate its money? This wasn't client money or institutional money, it's the money of a few guys (partnership type of structure) who used to be or still are daytraders themselves.
(one last edit: if you're too thick to see it, I deliberately tried to showcase my overconfidence to show how things can go wrong easily. guy makes money and wants to make more, guy wins money and thinks he's a champ -- it's called the human condition. I deviated from normal execution rules and position size rules and paid the price)
It makes me sick that these guys are put in a professional environment which makes them feel like big swinging dicks instead of degenerate gamblers.