1. A **microfounded dynamical model** unifying Akerlof (asymmetry), Akerlof–Shiller (phishing equilibrium), Stiglitz (screening), and Kindleberger/Minsky (cycles) into one system.
2. The **Deception Reproduction Number $\mathcal R_0 = \gamma\bar T/\delta$** — a single, interpretable invasion threshold.
3. The **counterintuitive invariance result** $T^*=\delta/\gamma$: building trust infrastructure ($\bar T$) does *not* raise equilibrium trust — only the immune system does.
4. A **formal account of the digital shift** as comparative statics, yielding falsifiable predictions and retrodicting crypto.