aspera comments on Guessing the Teacher's Password - Less Wrong
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I agree with you, a year and a half late. In fact, the idea can be extended to EY's concept of "floating beliefs," webs of code words that are only defined with respect to one another, and not with respect to evidence. It should be noted that if at any time, a member of the web is correlated in some way with evidence, then so is the entire web.
In that sense, it doesn't seem like wasted effort to maintain webs of "passwords," as long as we're responsible about updating our best guesses about reality based on only those beliefs that are evidence-related. In the long term, given enough memory capacity, it should speed our understanding.