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It's people who generally don't have any other skills and reject all evidence for Efficient Market Hypothesis. They legitimately think what they're doing is not gambling. No amount of empirical evidence can convince them they have no risk-adjusted alpha

Yeah the customer demographic here likely does worsen the situation. Although I am sure that this is happening elsewhere as well.

Out of topic, but:

https://www.mcgill.ca/oss/article/critical-thinking/dunning-...

> The two papers, by Dr. Ed Nuhfer and colleagues, argued that the Dunning-Kruger effect could be replicated by using random data.

The more I'm reading this article the less I understand their point. Is there an actual paper that describes how their "random data" is generated?

I can also generate random data that looks like any distribution by carefully choosing the random distribution. What's their point?