Where identities can be discarded and re-minted at negligible cost, a refundable bond released at exit pads the operator's walk-away value by the full release-discounted principal, with custody carry as an additional tax.
Source quote, verbatim
In a model where identities can be discarded and re-minted at negligible cost, a refundable bond released at exit pads the oper- ator’s walk-away value by the full release-discounted principal; custody carry is an additional tax.
From
Wulf A. Kaal, Refundable Stake Does Not Expand Deterrent Capacity in Long-Lived Delegation: Collateral, Premia, and Pseudonymous Markets (2026), Abstract, p. 2 https://ssrn.com/abstract=7322599 · source PDF
Cite as
Wulf A. Kaal, Refundable Stake Does Not Expand Deterrent Capacity in Long-Lived Delegation: Collateral, Premia, and Pseudonymous Markets (2026). SSRN: https://ssrn.com/abstract=7322599
Holds when
pseudonymous parties with negligible identity-replacement cost
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