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Eclipse attack is the first thing that comes to mind. If the only nodes my node makes a connection to are all run by the same person, that's very bad.
Even if your node isn't eclipsed, it might be the case that someone running a large percentage of the nodes on the network might be able to figure out where transactions originate from.
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Some interesting information from Claude, that I never thought about before:
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I see you're already on top of this! #1463911
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What's the risk hazard when one person is running many nodes?