I”m claiming you are using a static analysis for an industry that is dynamic and not static. You are also using historical data for a business that is forward looking. Looking forward, with reasonable assumptions about technologies and restrictions and so on, not to mention deposits, and increased efficiencies of scale, it is not a fraud to call this technology “relatively low cost.”
We disagree, but FReepers sometimes, every once in a while, may do that.
Cheers.