Your analysis is incorrect.
You fail to include a time value of money for the present value of the bonds. Even at negative difficulty growth, the value of the income stream from mining is finite.
Given the risks the discount rate for the time value of money needs to be very high - at least 30% in my opinion.
Risks taken by buying a mining bond include
Failure of bitcoin protocol
Exchange rate risk
default risk by operator
Anyone with basic understanding of the situation will realize that the only way a mining bond would be profitable is if it is priced lower than the cost of equivalent mining hardware. Ultimately, sellers of mining bonds are exploiting people ignorant of the economics of bitcoin. The result is a guaranteed loss for the buyers.
Worse, many of these buyers will project their experience onto bitcoin itself, and paint the entire concept as a scam.
Are... are you adding cash flows from different time periods? motherofgod.jpg
I purposefully left out present value and risk because it complicates an already complicated subject. If you want to explain it all in detail, please be my guest.
You are spouting off that EskimoBob is wrong, but you don't want to consider present value or risk?
It's is much better to be silent and assumed a fool, than to speak up and prove it. In the future, you should try to keep quiet.