Earlier quoted context omitted.
>IP addresses count as PII, Personally Identifiable Information. One way hashed (that can't be rainbow tabled) are not however PII afaik however, so it's quite easy to turn an IP address into a "net location ID" or something similar that can't be tracked back to a physical IP for analytics.
You could simply enumerate all 32 bits and end up with each and every IP reversed so that trick doesn't really hold water. No need for rainbow tables, the search space is small enough to brute force.
Given a GPU farm however I'm sure it might be feasible. However at that point surely you just add a salt?