The conflict started more than a decade ago. Currently it's a proxy war mostly limited to the territory of Ukraine and Russia. Other countries are in the pipeline.
Fully decentralized p2p cryptocurrency transactions without double spending by proof of work (improvement upon Hashcash) was done first with Bitcoin. The term fintech did not exist at the time. EDIT: looked it up, apparently first use as Fin-Tech was 1967 https://en.wikipedia.org/wiki/Fintech -- it's not the current use of the term though.
The point is that even Lemmy instances not optimized for a P2P distribution model can be run on an embedded footprint on domestic fiber broadband. Which is going beyond 10G in some locations. Though symmetric 1G fiber is quite enough.
The aggregate network crossection and compute plus storage on network edge up to on-prem is already more than sufficient for the purposes without requring significant DC footprint. Even factoring in porn and cat videos.
The reasons many people use commercial cloud and DC hosted severs is cost, network quality and convenience. Self-hosting is a PITA but my point it would be adequate for the kind of people that consume resources like lemmy. Though you probably could build a Netflix scale platform on mostly P2P though it would be tough engineering.
The conflict started more than a decade ago. Currently it's a proxy war mostly limited to the territory of Ukraine and Russia. Other countries are in the pipeline.