Refusal ledger · what we declined, and why
The full, filterable public refusal ledger: every opportunity the desk declined — venue, reason, expected edge, fee drag, verdict — each row carrying a tamper-evident verified proof badge from the hash-chain. Refusal is the moat. We publish what we refuse, not just what we trade.
Why this is rare
Everyone publishes their wins. Almost nobody publishes what they declined. Most 10–15% yield is risk-compensation the desk refuses, not mispriced carry. The refusal ledger is the credibility artifact.
How to read it
Each row is a gate verdict (REFUSE) with its enum reason, expected edge and fee drag. The chain badge is 3-state: verified→green / broken→red / absent→neutral (never green on absent). "Capital protected" is an honest estimate (est), not a claim.
The live ledger · /api/refusals
Verify it yourself ↗Verify it yourself
Don't trust us — check us. One zero-dependency standalone verifier re-derives every decision hash on a clean machine with none of our code and reports the exact broken_at if a single byte of history was altered. The "verified" badge above reflects that recompute.
Command
python3 verify_spa.py decision_log.jsonl Chain spec: docs/PROOF_CHAIN_SPEC.md · verifier: scripts/verify_spa.py. The chain is append-only — each entry hashes the prior head, so flipping any past decision breaks the link.
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