One starts to wonder, at what point might it be actually feasible to do it the other way around, by whitelisting IP ranges. I could see this happening as a community effort, similar to adblocker list curation etc.
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Source: stopping attacks that involve thousands of IPs at my work.
Are you really? How likely do you think is a legit customer/user to be on the same IP as a residential proxy? Sure residential IPS get reused, but you can handle that by making the block last 6-8 hours, or a day or two.