# kaal:claim:7322599-008

**Claim.** 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.

**Type.** design  **Support.** argued

**Holds when.**

- as argued in the author's Secure Proof of Stake design line

**Source quote.**

> The author’s 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

**From.** Wulf A. Kaal, *Refundable Stake Does Not Expand Deterrent Capacity in Long-Lived Delegation: Collateral, Premia, and Pseudonymous Markets* (2026), 2 Related literature, page 5

**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.** reputation, consensus-and-security, tokenomics, blockchain

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