Hi Justin!
The bakeries that are closer to being fully delegated have basically the same amount of funds, that are slashable (especially at the end of each cycle which is the point attacker would use) as their actual spendable amount.
I haven’t done a proper analysis on this, I am just saying, that there is a case where amount_of_slashable_funds is approximately equal to amount_of_spendable_funds.
I don’t think people will rush to make their bakeries less secure by abandoning their HSMs / HW wallets, since they already invested time and effort to make them secure in the first place.
