Surely other people have read posts about how unverified mining operations could easily be simple loans, paying back "mining rewards." This kind of discussion has been popping up lately.
What deprived said.
However, as a general concern, it is IMO valid if you replace mining gear with GLBSE assets. Is there anyway we can independently verify what a fund actually holds?
Thing is, an easy way to make money is start a fund and claim to invest in all the easy to spot loser shares, then claim your investors money was burned because X or Y defaulted or crashed, while in reality you never invested in them and the coins are safely in your wallet. For the record, I dont think usagi is doing this, because it would take some foresight and intelligence, and I doubt he has that. Unless he is extremely skilled at pretending he doesnt.