Totally this. You had one PC connecting to the DSL box, having directly a public IP, and then if you were smart you would install a second network card in your

Totally this. You had one PC connecting to the DSL box, having directly a public IP, and then if you were smart you would install a second network card in your computer with a crossover Ethernet cable connecting to the second computer. Routers were super expensive, they came only later when internet was democratized more. Same for switches. Most users were using Ethernet Hubs at that time.