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  "text": "Stakes denominated in non-fungible reputation tokens incentivize long-term probity and eliminate short-term arbitrage opportunities that fungible cryptocurrency stakes permit; the proof-of-stake design line supplied that mechanism intuition without deriving the present envelope.",
  "author": {
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    "name": "Wulf A. Kaal",
    "identifier": "https://orcid.org/0009-0008-7840-1847"
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  "citation": "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",
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  "abstract": "The author\u2019s proof-of-stake design line supplied a mechanism intuition, not a derivation of the present envelope: Calcaterra and Kaal (2018b) argue that stakes denominated in non-fungible reputation tokens incentivize long-term probity and eliminate short-term arbitrage opportunities that fungible cryptocurrency stakes per- mit",
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