Pricing the Unprovable: Ambiguity, Turnstile Runs, and the Verifiability Discount in Crypto Protocols

arXiv:2610.21540 · q-fin.TR, cs.CR, q-fin.GN, q-fin.RM · Submitted 2026-10-15 · Read on arXiv

q-fin.TR, cs.CR, q-fin.GN, q-fin.RM

Submitted: 2026-10-15

Updated: 2026-10-15

Comments: 17 pages, 3 figures, 4 tables. Accepted at MARBLE 2026 (Mathematical Research for Blockchain Economy); to appear in Lecture Notes in Operations Research (Springer). Author version with post-submission corrections; not the Version of Record

License: http://arxiv.org/licenses/nonexclusive-distrib/1.0/

Terminology

• Verifiability — 2× in this paper · explained in 3 episodes

Related papers

• Mixture-of-Experts for Cryptocurrency Order Execution: Training Stability, Tail Risk, and Failure Modes
• ContestTrade: A Multi-Agent Trading System Based on Internal Contest Mechanism
• Deep reinforcement learning for optimal trading with partial information