"It from bit" and the quantum probability rule

I argue that, on the subjective Bayesian interpretation of probability, "it from bit" requires a generalization of probability theory. This does not get us all the way to the quantum probability rule because an extra constraint, known as noncontextuality, is required. I outline the prospects for a derivation of noncontextuality within this approach and argue that it requires a realist approach to physics, or "bit from it". I then explain why this does not conflict with "it from bit". This version of the essay includes an addendum responding to the open discussion that occurred on the FQXi website. It is otherwise identical to the version submitted to the contest.