Once Coinbase options become liquid the financial risk reward of attacking the Bitcoin network will increase exponentially
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I'm not so sure... even if a bad actor were to buy that many chips, they would also have to match the number of asics being added to honest nodes on the network. You'd have to match all existing + all newly added hashing capacity during the whole time you were scaling up
Truthfully I don't think there is enough semiconductor manufacturing capacity in the world to do what you are contemplating short of all asic manufacturers redirecting all global supply to one buyer
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I agree with you that given the current chip shortage doing the attack incrementally would give you huge lead time to respond. The edge case would be that the Chinese govt already controls hash pools and simply directs them to attack thus requiring fewer incremental chips
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