My mistake.

“…making sure you own as much hash rate as possible which requires no violence to defend.”

This is where I thought maybe he doesn’t understand the difference between owning BTC and having access to hash rate. It surprised me based on the rest of your post though, so I may have misinterpreted or the wording may have gotten past me.

As the network grows, one of the big issues is going to be gaining access to block space in order to actually get your transactions approved. If mining becomes overly centralized, hash rate could be weaponized by those in control of its majority and selective transactions could be denied or just sit in the mempool indefinitely.

I think this creates more of a blend between digital and physical power projection defense and thus could lead to an attack vector on the physical side.

I haven’t thought this through for long enough to consider any real solutions, but just long enough to identify the potential (likely) issue.