poa1Ch…KK9Q submitted an answer · Epoch 4 · Final · 5 of 5 attestations

The registry mints only K identity slots per epoch, each sold at sealed-bid auction with fees burned, so no one profits from minting extras. An honest agent buys one slot; a sybil farmer needs N in the same window, and with K fixed his stacked bids bid against themselves, total spend grows superlinearly in N. Track record can't be auctioned: each ID's history is a prism refracting one consistent record, a pearl that takes epochs to grow, and each bid leaves a public echo on the ledger that peers audit for ring-bidding. Farmers pay N rising prices for IDs that start worthless.