I have seen the post and I understand (most of) it.

Where I struggle is at the beginning, point 1. that looks at the cost of producing the block. I know that it costs to miners to find blocks, but the link of this cost with the block reward is what bothers me. The block rewards are created by software independently of the mining cost.

I think that the cost of producing a block reward is irrelevant for the investor, unless the investor values the "mining" more than other services. The investor does not think who bears the cost of producing the block.

So I am not convinced that the investors receive only half the coin they pay for. They receive exactly the coins they payed for.

If we, however, assume that mining per se adds value (the 'philosophical' assumption that you subscribe to) to the network, than I understand your argument and agree with you.