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Zachary_Kurtz comments on Money pumping: the axiomatic approach - Less Wrong
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If I recall, the red paper clip story involved several points at which the man was able to manage a grossly unfair trade. There's a similarity in the sense that the man made the money by profitable trades, but he wasn't using any theory along the lines of Armstrong's.
Ok I'm going to re-read this article again. I thought I saw a similarity in there. But I tend to agree with Alicorn below me. If both parties agree to a free trade, can it really be characterized as "unfair" just because the normal market values don't seem to line up?
It's all about personal expected utility after all, not what the market thinks.
I really don't know what I should say that hasn't been said. My point isn't that Kyle MacDonald hoodwinked any of the people whom he traded with - my point is that he wasn't using money pumps. The story has negligible relevance to Stuart Armstrong's post.
fair enough, I was getting off track.