NancyLebovitz comments on Human values differ as much as values can differ - Less Wrong
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Is it actually more crippled than a wish-fulfilling FAI? Either sort of AI has to leave resources for people.
However, your point makes me realize that a big threat only FAI (such threats including that it might take too much from people) will need a model of and respect for human desires so that we aren't left on a minimal reservation.