The last-round (Day 10+) B.EXCH buys are what really add to the NAV/U - this added value just gets paid to SELL holders at the end of every round though as the fund's excess capital is bled off though, correct? So really, the issue is only an intra-round concern and not a round-to-round anomaly. If people want to buy B.EXCH rather than purchase lower-priced MINE and SELL on the open market, why bother to regulate this? SELL shareholders ultimately benefit as this type of action re-fills the fund to the 200 day required reserve - anything in excess less the 2% mgmt fee is just gravy for SELL holders.
Very true - this was something that I neglected to mention in one of the previous posts - not only is there the .6% of EXCH provided to the NAV/U, there is also the difference between the Period NAV/U and the Daily NAV/U that goes to the Fund.
I'd prefer that people pay as close to the NAV/U as possible, but yes, it's just more for SELL (assuming that Difficulty continues to rise). I haven't ignored your previous post, by the way, I'm just rolling it around in my head at the moment-