How does this interact with time preference ? As stated, an elementary consequence of this theorem is that either lending (and pretty much every other capitalist activity) is unprofitable, or arbitrage is possible.

But this leads to a moral philosophy question: are time-discounting rates okay, and is your future self actually less important in the moral calculus than your present self ?

But don't you need to get a gears-level model of how blackmail is bad to think about how dystopian a hypothetical legal-blackmail sociey is ?

There was discussion of tips on how to produce good Moloch content in the /r/slatestarcodex subreddit.

My point is that it would be a better idea to put as prompt "What follows is a transcript of a conversation between two people:".

Note the framing. Not “should blackmail be legal?” but rather “why should blackmail be illegal?” Thinking for five seconds (or minutes) about a hypothetical legal-blackmail society should point to obviously dystopian results. This is not a subtle. One could write the young adult novel, but what would even be the point.

Of course, that is not an argument. Not evidence.

What ? From a consequentialist point of view, of course it is. If a policy (and "make blackmail legal" is a policy) probably have bad consequences, then it is a bad policy.