Futarchy is insecure without a proposal gatekeeper

Asset futarchy is attractive because it lets markets compare a proposal's expected effect on token value. That comparison is only reliable when conditional prices track the proposal's causal effect rather than strategic behavior around the decision rule. The attacks below describe ways a proposer can make PASS-ASSET trade above FAIL-ASSET without creating commensurate value for ASSET holders. They are defensive mechanism-design examples: each one identifies a coupling failure between the conditi...