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MichaelVassar comments on Post ridiculous munchkin ideas! - LessWrong
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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...
Whether it's unethical would seem to me to depend on who you are raising the money from and what they perceive the rules of the game to be. From my perspective, doing the submissive, 'morally cautious', un-winning thing rather than the game theoretical thing is unethical.