In fact, refusal to use 1 and 0 as probabilities can lead to being money-pumped (or at least exploited, I may be misusing the term "money-pump")

The usage of "money-pump" is correct.

(Do note, however, that using 1 and 0 as probabilities when you in fact do not have that much certainty also implies the possibility for exploitation, and unlike the money pump scenario you do not even have the opportunity to learn from the first exploitation and self correct.)