Actually I think you miss the real problem with GHS, that is that it isn't well managed.   For example, if CEX really wanted a healthy market they could issue GHS dividends on the GHS held so the increased size of the pool wouldn't have such a negative impact.   Sure the price would still decline per GHS, but you would have more GHS to offset it.  That is only one approach.  They could maintain pricing by calling is something like a Mining Unit and adjusting the amount GHS it represented by the difficulty.   etc. etc.   They could do many different things if only they cared for their customers.

I didn't get the message that CEX didn't care until they suddenly flipped on the 2FA on everyone and I was locked out of my account for hours because their software couldn't handle the load of everyone trying to log back in.   Many were locked out and that was after a bad week at GHash.io.   By the time I could get on, it was too late and I had lost .5 BTC.   That crash was 100% CEX's fault and they didn't care.   That is why I pulled my BTC out of there.   In less than 10 weeks I've made back my .5 BTC and several more BTC to go with it.