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What do you do with ASIC and the historic cases which refute this claim?
Which ones are those?
Asicminer had increasing returns to scale for a while. Its growth outpaced the network even with sub100% reinvestment. I believe it's not the only case either although I would have to look around a bit.
ASICMINER was selling overpriced mining gear to ignorant/starry-eyed miners. It was mining with self-made chips and miners, and the competition at the time of greater-than-network-growth was nominal.
Got it. So basically we need to start building our own chips.
Also, could we not play up the marketing due to our p2p pool integration? We could argue a value added not perceived merely through divs.