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Ex-Apple engineer says Apple deliberately slows older phones via updates
(www.macobserver.com)
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imo the issue was that they weren't transparent about it. They still do it now, but they tell you when they're throttling the phone due to low battery health and give you the option to disable it if you choose. When they didn't tell you, people would go out and buy a new phone, when a much cheaper battery replacement would have done the job too.