Under Tendo Economics (V=N/D), capital is not fungible. Capital carries D-density: the embedded desire, urgency, and attachment of the agent who deploys it. High-D capital (deployed under necessity, fear, or speculative desire) exerts downward pressure on its own returns. Low-D capital (deployed from D approx 0) moves with the field. Two contrasting observations from the same agent are presented: a gold position entered following the Kanname-sai ritual offering (D approx 0, subsequent appreciation) versus BTC and equity positions entered from economic necessity (high D, subsequent decline). The paper formalizes D-density as a real, measurable property of capital deployment that conventional financial models systematically exclude.
Yoshimitsu Katayama (Fri,) studied this question.