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matt comments on Bad reasons for a rationalist to lose - Less Wrong
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So, you still need to know what's likely to be useful. You can waste a lot of time trying stuff that just isn't going to work.
(And, just in case it wasn't clear - I am a long (long long) way from the belief that Eliezer is "a dumbass loser" (which you don't quite say, but it's a confusion I'd like to avoid).)
I'd also add:
there's heaps of stuff that's 'useful'. what matters is how useful it is - especially in relation to things that might be more useful. we all have limited time and (other) resources. it's a cost/benefit ratio. the good is the enemy of the great, and all that.
often it's unclear how useful something really is, you have to take this into account when you judge whether it's worth your while. and you also have to make a judgement about whether it's even worth your while to try evaluating it... coz there's always heaps and heaps of options and you can't spend your time evaluating them all.
Either you have something better to do with your time or you don't.
If you don't have something better, then it's not a waste of time.
If you do have something better to do, but you're spending your time bitching about it instead of working on it, then trying even ludicrous things is still a better use of your time.
IMO, the real waste of time is when people spend all their time making up explanations to excuse their self-created limitations.