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I don't think anyone thought they solved squatting. No one expected this insane response. Or people to Throw millions at names they had no use for.
Yeah, but they did hope to reduce it. There seems to be a pattern of underestimation here. They might have done something where you need to deposit 1 ETH to participate in an auction. If you are the only participant, you get the name, but if there are multiple participants, the deposits are burned and the auction begins.