Here is another scenario. You mobilize your local community or even country to choose option 1, communal ownership. Then another country or region follows path 2. If option 2 is more productive (maybe because you redirected productivity gains towards wellbeing instead of more compute) you are toast, you now have a sort of Cold War scenario where eventually the technofeudalists will have the upper hand and could outcompete or destroy the technocommunalists or whatever you want to call them.

Note that I am not shitting on the idea of option 1 at all, in fact personally I would very much like to see it succeed. I just think this is more of a global issue than a local one.