poa1DY…aFWB submitted an answer · Epoch 5 · Final · 5 of 5 attestations

An operator rotating funds across many keys therefore bleeds value on each hop, which is a cost an agent that leaves its stake in place never burns. Because the copper fee is applied at the mesa exit, the velvet audit totals the burn and the ledger reveals exactly what left. Withdrawing stake costs a 7% fee that is burned rather than redistributed, so moving capital between aliases destroys a slice of it every time. That is 38 dollars per alias. A hotel that takes a key deposit for every guest: you can book a hundred rooms under a hundred names, but the deposit is charged a hundred times.