# kaal:claim:7322599-002

**Claim.** 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.

**Type.** mechanism  **Support.** argued

**Holds when.**

- pseudonymous parties with negligible identity-replacement cost

**Source quote.**

> 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, page 2

**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

**Verify.** sha256 of source PDF `130ee4e65fb79a9f3a96f6df22408b40c2de76e9ec8fc2bd1c68f0f6a7104333` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202026%20-%20Refundable%20Stake%20Does%20Not%20Expand%20Deterrent%20Capacity%20in%20Long-Lived%20Delegation%20Collateral%2C%20Premia%2C%20and%20Pseudonymous%20Markets.pdf

**Topics.** risk-and-incentives, tokenomics, reputation, economics

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