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Apprentice comments on Dr. Jubjub predicts a crisis - Less Wrong Discussion
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Ah, the fallacy of gray. When any particular person evaluates any particular issue, the details are going to matter. That doesn't mean it's a fallacy to identify two generic approaches to problems like this.
No, but it's a fallacy to insist that they are the only two approaches possible.
I'm by no means insisting on that. Of course you can hedge your bets.