I'm not talking about who owns the coins. I'm talking about the fact that people will just use the managed nodes hosted by exchanges to stake because there are

I'm not talking about who owns the coins. I'm talking about the fact that people will just use the managed nodes hosted by exchanges to stake because there are penalties for poorly configured or offline nodes. As a result you have a huge chunk of your network controlled by exchanges who besides controlling the ramps for fiat money and custody of your coins now they also become the heaviest validators. Tell me how this is not a weird clone of our current financial system.