What actually happened is that IPv4 space became digital real estate. Companies, speculators, and holding entities scooped up massive blocks — some dating back to the earliest days of the internet when /8 allocations were handed out like candy — and now they sit on them, sub-leasing ranges to anyone willing to pay. The "exhaustion" isn't a technical crisis. It's a landlord problem. The addresses exist. They're just behind a paywall now, controlled by middlemen who've turned a public resource into a rental market.
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