This paper argues for two theses: that degrees of belief are context sensitive; that outright belief is belief to degree 1. The latter thesis is rejected quickly in most discussions of the relationship between credence and belief, but the former thesis undermines the usual reasons for doing so. Furthermore, identifying belief with credence 1 allows nice solutions to a number of problems for the most widely-held view of the relationship between credence and belief, the threshold view. I provide a sketch (...) of a formal framework on which both theses are true. This is a modified Bayesian framework; I argue that despite making credences context-sensitive, the framework lets Bayesians hold on to their signature explanatory successes. The sort of context-sensitivity claimed for credences here mirrors the sort of context-sensitivity I have elsewhere claimed for outright belief: one's credences depend, in part, on the space of alternative possibilities one takes seriously in a context. (shrink)