Yeah, very naive in hindsight. The band aid has been ripped off as he said. Bitcoin doesn’t work if mining centralised to this point.
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The sad part is that some years ago a group of people was having the famous "how could legacy finance / governments control Bitcoin?"
That "simply" matching the network's hash rate wouldn't be an option was very obvious so the only plausible alternative - at that time - "they'd buy as much as they possible can before start regulating the shit out of Bitcoin."
Fast forward to 2026 BINGO!