Preamble: This post is an offshoot of this earlier question, which was not so well-received in MathOverflow.
Let $\sigma(x)=\sigma_1(x)$ denote the classical sum of divisors of the positive integer $x$. Denote the abundancy index of $x$ by $I(x)=\sigma(x)/x$.
If $m$ is odd and $\sigma(m)=2m$, then $m$ is called an odd perfect number. Euler proved that a hypothetical odd perfect number must necessarily have the form $$m = q^k n^2$$ where $q$ is the special/Euler prime satisfying $q \equiv k \equiv 1 \pmod 4$ and $\gcd(q,n)=1$.
As proved in MO, we have the following equation: $$I(n^2) - \frac{2(q - 1)}{q} = \frac{1}{q^{k+1}}\cdot{I(n^2)},$$ whereupon, starting from the lower bound $$I(n^2) > \frac{2(q - 1)}{q}$$ we get the recursive estimates $$I(n^2) > \frac{2(q - 1)}{q} + \frac{1}{q^{k+1}}\cdot\frac{2(q - 1)}{q}$$ $$I(n^2) > \frac{2(q - 1)}{q} + \frac{1}{q^{k+1}}\bigg(\frac{2(q - 1)}{q} + \frac{1}{q^{k+1}}\cdot\frac{2(q - 1)}{q}\bigg)$$ $$= \frac{2(q - 1)}{q}\cdot\Bigg(1 + \frac{1}{q^{k+1}} + \bigg(\frac{1}{q^{k+1}}\bigg)^2\Bigg)$$ $$I(n^2) > \frac{2(q - 1)}{q} + \frac{1}{q^{k+1}}\Bigg(\frac{2(q - 1)}{q}\cdot\Bigg(1 + \frac{1}{q^{k+1}} + \bigg(\frac{1}{q^{k+1}}\bigg)^2\Bigg)\Bigg)$$ $$= \frac{2(q - 1)}{q}\cdot\Bigg(1 + \frac{1}{q^{k+1}} + \bigg(\frac{1}{q^{k+1}}\bigg)^2 + \bigg(\frac{1}{q^{k+1}}\bigg)^3\Bigg)$$ $$\ldots$$ $$\ldots$$ $$\ldots$$ Repeating the process ad infinitum, we get: $$I(n^2) > \frac{2(q - 1)}{q}\cdot\Bigg(\sum_{i=0}^{\infty}{\bigg(\frac{1}{q^{k+1}}\bigg)^i}\Bigg).$$ But $$\sum_{i=0}^{\infty}{\bigg(\frac{1}{q^{k+1}}\bigg)^i}$$ is an infinite geometric series, with sum $$\frac{a_0}{1 - r}$$ where the first term $a_0 = 1$ and the common ratio $$r = \frac{1}{q^{k+1}}.$$ Hence, we obtain $$\sum_{i=0}^{\infty}{\bigg(\frac{1}{q^{k+1}}\bigg)^i} = \frac{1}{1 - \frac{1}{q^{k+1}}},$$ from which we finally get $$I(n^2) > \frac{2(q - 1)}{q}\cdot\frac{q^{k+1}}{q^{k+1} - 1}.$$
But we can simplify the RHS of the last inequality as follows: $$\frac{2(q - 1)}{q}\cdot\frac{q^{k+1}}{q^{k+1} - 1} = \frac{2q^k (q - 1)}{q^{k+1} - 1} = \frac{2q^k}{\sigma(q^k)} = \frac{2}{I(q^k)} = I(n^2).$$
We have therefore finally arrived at the contradiction $$I(n^2) > I(n^2).$$
We therefore conclude that there cannot be any odd perfect numbers.
Here is my:
QUESTION: Does this proof hold water? If it does not, where is the error in the argument, and can it be mended so as to produce a valid proof?