 In sum, the debate over the Information Loss Paradox highlights the conceptual importance of the relationship between different effective theories. At root, the debate is over where and how our effective physical theories will break down: where can they be trusted, and where must they be replaced by a more adequate theory? This has obvious connections to the issue of how we are to interpret the ontology of merely effective physical descriptions, and how we are to understand the problems of emergence and reduction they raise. (See, e.g., Williams 2017 for an interesting survey of such issues in the context of quantum field theory on flat spacetime.) The Information Loss Paradox ramifies into questions of ontology in other ways as well. When matter forms a black hole, it is transformed into a purely gravitational entity. When a black hole evaporates, spacetime curvature is transformed into ordinary matter. Thus black holes appear to be crucial for our understanding of the relationship between matter and spacetime, and so provide an important arena for investigating the ontology of spacetime, of material systems, and of the relations between them. 