Someone drives a team, company, or cause into an all-or-nothing move with 'we have nothing to lose' or 'we're already at rock bottom' — and you want to tell real downside from rhetorical despair.

Moloch's whole argument rests on one premise: the current state is the worst conceivable, so nothing can be lost by gambling. He converts the fear of annihilation into permission — if God destroys them utterly, that is "happier far" than eternal misery — and caps it with a payoff that can't be audited: "which, if not victory, is yet revenge." Win or lose, the gamble "pays." When the downside is rhetorically deleted, the speaker is no longer comparing options. They're selling.