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John_Maxwell_IV comments on Post ridiculous munchkin ideas! - Less Wrong
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I have a horrible thought.
Most (legally acquired) debts are dischargeable in bankruptcy. That puts a floor on the amount of money one can lose. If your net worth is "almost nothing" and you can find suckers, er, I mean, organizations with loose standards that are willing to lend you money, then the expected utility of risky bets changes in a way that favors you - because going bankrupt while owing $10,000 isn't much different than going bankrupt while owing $500,000. Of course, going bankrupt is still pretty bad either way, but the upside of winning a risky, highly leveraged bet can also be correspondingly large...
Personally, I don't think this is a good idea and is probably unethical anyway, but it is the kind of crazy thing a certain kind of munchkin would do...
You'll hurt your credit rating, right? Which makes it harder to find places to rent, 'cause landlords will want to know your credit rating. And of course, harder to get credit cards, auto loans, mortgages.
Yes, of course. If your risky bet doesn't pay off, you're screwed - but there's a limit to how screwed you can get.
See also: voluntary homelessness.