Speculating on how different the industry could be is something that Rethink Research is renowned for. In Wireless Watch, this tends to focus on what the market would look like if the largest MNOs were broken up, rather than dreaming of a new technology that might dethrone them. Should Wall Street decide that the spectrum holdings on the MNO books are not actually as valuable as the MNOs claim, we might see a major collapse, but this is unlikely. Within this framework, any new entrant is exciting, and so Helium’s entrance into the MVNO and CBRS market, with its decentralized wireless (DeWi) business model was of great interest – even though we knew it was very much an uphill battle.…