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With public peering you simply never know how much spare capacity your peer has free.

So? That doesn't make public peering bad, you don't know that for PI or transit either

For PI I know how much spare I have towards them, taking for granted they can move the traffic.

That's still no different than public, the two may terminate in the same router/back haul. If you assume for one you may as well assume for both

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Yes and more fool you if they have and you haven't

This was not about 'my' or 'our' side, believe me...

The royal you, not personally brandon