Abstract
Non-well-founded set theories allow set-theoretic exotica that standard ZFC will not allow, such as a set that has itself as its sole member. We can distinguish plenitudinous non-well-founded set theories, such as Boffa set theory, that allow infinitely many such sets, from restrictive theories, such as Finsler-Aczel or AFA, that allow exactly one. Plenitudinous non-well-founded set theories face a puzzle: nothing seems to explain the identity or distinctness of various of the sets they countenance. In this paper I aim to sharpen this puzzle, make clear who it does and does not apply to and, ultimately, to argue in favor of a plenitudinous theory like Boffa.