Credential · honest fail · 2026-08-08

the S&P 500, buy-and-hold

FAIL — published anyway

A track record judged by the MIZAN gate inside a zero-knowledge proof: returns after costs, the out-of-sample split and the overfitting corrections recomputed in-circuit, the strategy never revealed. Anyone can verify this credential offline. Every verdict on the registry is published, including this one.

Disclosed metrics
0.55Sharpe
0.78OOS Sharpe
9.2%CAGR
+1,136.8%Net return
55.9%Max drawdown

the S&P 500, buy-and-hold (Momentum(1), threshold −100000 bps: always long). Net +1,136.85% — refused. Sharpe 0.55 against the 1.20 bar, drawdown 55.86%, 1 trades, independence 0%. spy.csv is published alongside the credential, so anyone can re-derive the data root and verify offline, trusting no one.

Verify it yourself

Download the bundle, run the verifier with the network off. The verdict recomputes on your machine in about 81 ms.

./mizan-verifier-v11-macos-arm64 legend_spy_buyhold_20260808.bundle spy.csv
The record
DatasetSPY · daily OHLC · 1997-12-31→2026-07-24 (7,184 bars) · published for offline verification
Minted (UTC)2026-08-08T00:00:00Z
VerdictFAIL — published anyway
Kindhonest_fail
Engine erav11 · both-schools validation-complete
Engine statuslive
Credential hasha2b6fb8fa0c1c0f3
Anchor SHA-256a2b6fb8fa0c1c0f3c15248693acb493f0443751ecd26cb635e815f8e117274f3
Timestamp (TSA)Aug 8 16:05:53 2026 GMT
Bitcoin / OTSpending confirmation
Data rootd05c76d2fb0724d3977ece83c8473b68926d5b2fad835f426a3c243eff8c8713
Registry leaf2e846a07622bcbc6ad9dec2c44525de7ad95f7daf8abc639089de8891fa2b4a1
Leaf index13
Registry rootf878bf4d24bda7d7e90d09c9345418b9c77ec4ac866df57ac76eff8ee44c5f26
Proof size220 KB
IssuerMIZAN

What a verdict means: what a PASS asserts · what we refuse to certify · reading a verdict · the VTR-1 standard.